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OSC joins regulator network to support financial innovation

In a bid to improve the information-sharing among financial regulators, the Ontario Securities Commission has collaborated with 11 other players and related organizations from across the globe to create the Global Finance Innovation Network (GFIN).

The members of the network include Autorité des marchés financiers (AMF), Central Bank of Bahrain (CBB), Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS), and OSC.

In a statement, OSC LaunchPad deputy director Pat Chaukos said the network builds on the regulator’s existing collaborations with international partners to support innovation.

“It furthers our commitment to enhancing the regulatory experience for emerging businesses that offer novel products and services to investors,” Chaukos said.

The network calls for interested parties to comment on its proposed mission statement, functions and key focus areas. GFIN will be accepting comments until October 14, 2018. A consultation paper can be found in this link.

“The desired outcome of this initiative is a global financial services system that better serves broader society through harnessing new technology to provide an overall improved level of service and experience, and integrity. It is also to create a new framework for cooperation between financial services regulators, which complements the work of other standard-setting organisations who are assessing financial innovation,” GFIN said.