Rise of fintech includes many future risks, FSB says

The Ontario Securities Commission (OSC) announced Tuesday it is seeking applications for membership on its newly established fintech advisory committee (FAC).

Last week, the OSC announced the creation of a fintech innovation hub/regulatory sandbox, known as LaunchPad, and also signalled that it was planning to create a fintech advisory committee.

See: Innovation hub in a sandbox

Members will be selected, the OSC says, based on whether they have direct business experience in one or more of the following:

> digital platforms (e.g. crowdfunding portals, online advisers);
> cryptocurrency or distributed ledger technology (e.g. blockchain);
> venture capital, financial services and/or securities, with a focus on the fintech or technology sector;
> data science and/or AI (artificial intelligence); or
> fintech or technology entrepreneurship.

The new committee will provide advice to the staff of the new OSC LaunchPad team “on developments in the fintech space and the unique challenges faced by start-ups in the securities industry,” the OSC says in a news release.

The FAC will meet quarterly, with additional meetings if necessary. It will be chaired by Pat Chaukos, chief of OSC LaunchPad, and will consist of up to 10 members.

Applications are due by Nov. 30.

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