Continuing its efforts to foster innovation in Canada, the Competition Bureau says it will issue a report on fintech regulation this fall, and plans to publish a white paper on issues related to big data in the year ahead.
Those plans are outlined in the independent law enforcement agency’s draft 2017-18 Annual Plan: Competition is Key published for comment on Tuesday.
“This annual plan sets out the ways we intend to help create the conditions for innovation over the coming year, whether by promoting fair competition and confidence in the digital economy, advocating for pro‑competition regulations in the financial services sector, examining the growing use of big data or tackling online deceptive marketing practices,” the draft report says.
In particular, the Bureau says that it plans to engage with policymakers to foster a “pro‑competitive regulatory approach” to the fintech sector, and to address emerging issues such as big data.
Over the past year, the Bureau has been studying the fintech market in Canada. In the year ahead, it says that it will complete that research and publish a report for public consultation in the fall of 2017.
“The study will explore the competitive impact of financial technologies, barriers to entry, and whether or not regulatory reform is needed to promote greater competition and maintain consumer confidence in this sector,” the draft plan says.
The fall report will also provide financial‑sector regulators and other authorities with recommendations for ensuring that, “regulation does not unnecessarily impede innovation and competition in a sector that has the potential to benefit both consumers and businesses.”
Read: Fintech rules
The Bureau is also planning to consult on and publish a white paper at explores issues related to big data from a competition perspective.
“With the expansion of digital technologies, the amount of consumer data available has exponentially increased. This has led to massive data sets that can be analyzed to identity patterns and trends that inform decision‑making,” the draft report says.
“In 2017‑18, we will publish a white paper exploring issues related to big data, from a competition perspective, and articulate the Bureau’s approach to big data in enforcement matters.”
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