In October 2017, the International Swaps and Derivatives Association, Inc. (ISDA) initiated a discussion with its members and the industry on the feasibility of a common domain model (ISDA CDM) that would aim to deliver a standardized model for the post-execution trade lifecycle. The resulting ISDA CDM version 1.0 Design Definition Document provided a blueprint of the ISDA CDM framework, thereby introducing market participants to the model’s underlying concepts. The ISDA CDM version 1.0 defines a consistent event and product model for financial products, focusing on post-trade activities and ultimately aims to establish processing standards and data that can be … Continue Reading
On April 27, 2017, the Autorité des marchés financiers (AMF) announced the creation of the Fintech Lab: a think tank equipped with exploration tools aimed at exploring the current and potential applications of new technologies by entities regulated by the AMF (e.g. financial cooperatives and other deposit-taking institutions, insurers, and market infrastructures such as stock exchanges) or in connection with activities regulated by the AMF (e.g. the business of trading in securities or advising in relation to trading in securities) and studying new technologies.… Continue Reading
The Ontario Securities Commission (OSC) has issued a press release advising stakeholders that Ontario securities law may apply to any use of distributed ledger technologies (DLT), such as blockchain, as part of financial products or service offerings.
The OSC emphasized that it is keen to support the innovative potential of DLT because, among other things, DLT has the potential to increase transparency and efficiencies in the capital markets. However, because of DLT’s novelty, the OSC encourages business to speak to the OSC about securities law and investor protection requirements that may apply.
The OSC has cautioned that “[p]roducts or other … Continue Reading
On the heels of its OSC Launch Pad initiative, the Ontario Securities Commission (OSC) has announced another first – an agreement with the Australian Securities and Investments Commission (ASIC), under which innovative fintech companies in Ontario and Australia will be able to draw upon support from the combined resources of the OSC and ASIC as such companies seek to operate in the others’ market. One of the purposes of the arrangement is to help innovative fintech companies reduce regulatory uncertainty and time to market.
To qualify for the support offered by the agreement, innovative businesses will need to meet the … Continue Reading
As previously announced, the OSC has opened the OSC LaunchPad which consists of a dedicated team within the securities regulator to support Fintech businesses wishing to navigate securities law requirements.
The OSC LaunchPad will offer tailored support which can include time-limited exemptive relief to allow testing of innovative products and services.
In order to be eligible to receive support from the OSC LaunchPad, a business must meet certain criteria, including:
- Being a new or early-stage Fintech business that has not yet started operations or is applying to the OSC for exemptive relief.
- Having a new, innovative or significantly different
OSC chair Maureen Jensen has announced that the OSC plans to launch an innovation hub for fintech entities. “OSC Launchpad” will be the first fintech hub for a Canadian securities regulator.
Securities regulation in Canada impacts a number of fintech business models (including companies offering online advising, peer-to-peer lending, crowdfunding platforms and angel investor organizations). The OSC had also previously issued a notice on peer-to-peer lending, inviting those operating in this sector to discuss with OSC Staff and reminding prospective marketplace lenders that certain prospectus and registration requirements may be applicable to them, depending on their business model.
OSC Launchpad … Continue Reading