Amid a growing emphasis on innovation in the financial sector, three Canadian securities regulators are calling on companies with global aspirations to test novel products and services across international borders.
The Ontario Securities Commission (OSC), Alberta Securities Commission (ASC) and Autorité des marchés financiers (AMF) are participating in an initiative to enable cross-border experimentation led by the Global Financial Innovation Network (GFIN).
The initiative, which involves 23 regulators around the world, will allow businesses to apply to test products, services and business models across borders through a single application window.
“Eligible firms will be able to simultaneously test and scale innovative products or services in multiple jurisdictions, while also gaining insights into how their business might operate in these markets,” the regulators said in a release.
Applications are due by Dec. 31.
Separately, the OSC published a charter for its new Innovation Office, which focuses on supporting economic growth, industry innovation, and reducing regulatory burdens.
Among other things, the charter includes plans for an Ontario sandbox, enhancing industry access to data and eliminating regulatory barriers.
The Innovation Office, which has its roots in a provincial government budget pledge, is to be fully operational by March 2021.
“The OSC has a role to play in creating conditions that attract capital, talent and new ideas to Ontario’s capital markets,” said Grant Vingoe, acting chair and CEO of the OSC, in a release.
“This role takes on added importance in Ontario’s pandemic recovery, and with the support of our government, we have moved quickly to establish a dedicated Innovation Office, announce its leadership and publish our plans to build a stronger innovation ecosystem and fuel Ontario’s long-term economic growth,” he added.