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|FOR IMMEDIATE RELEASE
October 29, 2020
OSC Publishes Charter for Innovation Office
Office aimed at being a catalyst in innovative regulation that promotes confidence and economic growth
TORONTO - The Ontario Securities Commission today published a Charter that sets out the vision, role and strategic objectives of its Office of Economic Growth & Innovation (Innovation Office), a new branch of the Commission focused on supporting economic growth and innovation in Ontario’s capital markets.
“The OSC has a role to play in creating conditions that attract capital, talent and new ideas to Ontario’s capital markets,” said Grant Vingoe, Acting Chair and Chief Executive Officer of the OSC. “This role takes on added importance in Ontario’s pandemic recovery, and with the support of our government, we have moved quickly to establish a dedicated Innovation Office, announce its leadership and publish our plans to build a stronger innovation ecosystem and fuel Ontario’s long-term economic growth.”
The Charter outlines several initiatives the Office will lead over the coming year in support of its overarching objectives to accelerate innovation, bolster capital formation and further progress on reducing regulatory burden. To promote innovation and capital formation, the Office will implement an experimental testing framework for novel ideas and start-ups that will include an Ontario sandbox. The Office will also implement interactive ways to engage with stakeholders and will publish research and position papers on how to affect change and support innovative processes in capital markets. In addition, the Office will test and implement methods to reduce regulatory barriers, encourage greater accessibility to data that will assist businesses in providing new products and services, and consider how regulatory technology (“regtech”) can benefit market participants and the OSC.
The initial areas of focus outlined in the Charter will evolve through further research and stakeholder engagement. The Innovation Office welcomes continued feedback from all parties with an interest in building a diverse and resilient economy that attracts new ideas, talent and capital from around the world. Anyone seeking to share feedback or ideas with the Office should contact OSCinnovation@osc.gov.on.ca.
Launched in the spring of 2020, the Office continues to build its team and will be fully operational by March 2021.
The Office originates from the Ontario Government’s five-point capital markets plan, which supports the Government’s mandate of lowering business costs, promoting Ontario internationally, attracting skilled workers and creating further confidence in the capital markets and financial services.The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.
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