The British Columbia Securities Commission (BCSC) is seeking input from interested stakeholders through two new advisory groups.
Last week, the BCSC held the first meeting of its Corporate Finance Stakeholder Forum, which will help ensure that the Commission’s regulation of issuers is efficient and effective. The BCSC also announced that it is seeking applications from the financial technology community to join the Fintech Advisory Forum.
“We work to keep the investment markets fair and honest, in a cost-effective manner,” said Brenda Leong, the Chair and CEO of the BCSC. “Smart regulation depends on good intelligence, and the best way to get that is by engaging with the people and businesses affected by our rules.”
The 25 volunteer members of the Corporate Finance Stakeholder Forum is advising Corporate Finance staff on policy initiatives, investment market trends and other emerging issues affecting reporting and non-reporting issuers, including investment funds. At its first meeting January 22, members discussed the proposal by the Canadian Securities Administrators (CSA) for a “notice equals delivery” system, as well as other proposals for reducing regulatory burden for public companies.
Members of the Corporate Finance Stakeholder Forum, led by senior staff of the BCSC’s Corporate Finance Division, represent all areas of the B.C. securities market, including issuer executives, investors and investor advocates, underwriters, legal and accounting advisers, academics, and other securities market participants and stakeholders.
As the Corporate Finance Stakeholder Forum gets underway, the BCSC is also seeking applications from the financial technology community to join the Fintech Advisory Forum. The Fintech Advisory Forum’s members will advise BCSC staff about fintech trends and developments, including opportunities and risks, and provide input on fintech issues in the securities industry and securities law issues affecting fintech. They will serve two-year renewable terms as volunteers, meeting on an ad-hoc basis with additional consultations by phone or email.
The Fintech Advisory Forum will be led by the BCSC’s Fintech & Innovation Team (FIT), formerly known as the Tech Team. Established in 2017, the FIT has responded to hundreds of fintech-related inquiries and has facilitated the authorization of innovative business models, including security token dealers, crypto investment funds and client onboarding processes that use artificial intelligence. The FIT has also worked with other regulators in Canada and globally to adapt securities regulations to business models based on new technology.
