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The Ontario Securities Commission (OSC) has announced that Doug Steiner will serve as executive advisor, innovation, in the regulator’s new Office of Economic Growth and Innovation.

Steiner, whose appointment is effective June 22, will work in collaboration with Pat Chaukos, who was named director of the new office in April.

In his new role, Steiner will advise the OSC on “opportunities to support innovation in Ontario’s capital markets, and on ways the OSC can use innovative applications and technology in its regulation and operations,” according to a release.

Steiner brings an “extensive career in Canadian financial services” to the OSC, having started, run and sold several businesses and provided advisory services to companies in the finance, media and technology sectors.

The OSC’s Office of Economic Growth and Innovation is focused on “accelerating innovation, bolstering capital formation and reducing regulatory burden in Ontario’s capital markets,” the release said.

Before being appointed director of the new office, Chaukos led OSC LaunchPad, which the OSC said was the “first dedicated team by a securities regulator in Canada to help innovative businesses navigate securities law requirements and accelerate time-to-market.”

The OSC said the Office of Economic Growth would “expand the work of OSC LaunchPad through deeper engagement with businesses and support for a strong Ontario innovation ecosystem.”

The regulator added that building the new office up to its full capacity will “take some time” due to the Covid-19 pandemic. The core components of the team will be built once the OSC resumes normal business operations.