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Among the pledges in the charter is the implementation of a “regulatory sandbox” that will allow novel ideas and startups to be tested while free from the rules and regulations that apply to other businesses under the purview of the regulator.
An existing regulatory testing ground for innovation, OSC Launchpad, will be broadened to test new forms of capital formation including crowdfunding and angel investment networks.
The charter also pledges to modernize regulation and reduce regulatory burdens, in consultation with market participants. The regulator will look into ways to lower access and trading costs, and consider “whether existing rules require modification or have outlived their usefulness.”
The charter says the vision of the new OSC branch, which is to be fully operational by March 2021, is to recognize “the role of innovation as a powerful driver of competition and consumer choice, and the critical role it will play in Ontario’s pandemic recovery and long-term growth.”
It includes a pledge to “be progressive and take calculated risks” in support of that vision and to foster a culture that “encourages experimentation, embraces failures as necessary learning steps and allows for a quick pivot to the next idea.”
In June, the OSC announced that Pat Chaukos, who led Launchpad from its inception as a pilot project, would lead the new Office of Economic Growth and Innovation.
Doug Steiner, whose background is in Canadian financial services with a focus on innovation and entrepreneurship, was brought on as the Office’s executive advisor for innovation.
Financial Post
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