Government of Ontario Issues Financial Services Report Following Red Tape Challenge: Implications for Fintechs

By | snIP/ITs | August 11, 2017
By Ana Badour Ana Badour On August 9, 2017, the Government of Ontario released its report on financial services following the Red Tape Challenge.  This report contains a number of recommendations and action items relating to Fintech: New flexible, innovative provincial financial services regulator – As previously announced, the Government of Ontario is proceeding with its plans to establish a new financial services regulator, the Financial Services Regulatory Authority of Ontario (“FSRA”), which is intended to be a “new, flexible and innovative financial services and pension regulator”, and which will replace existing provincial financial services regulators, including the Financial Services Commission of Ontario (“FSCO”). View Full Post
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Bank of Canada Releases Fintech Discussion Paper

By | snIP/ITs | August 10, 2017
In July 2017, the Bank of Canada released a discussion paper outlining a framework for the assessment of risks and opportunities for central banks in connection with Fintech. This paper also more generally explores potential implications of Fintech for central banks, given their mandate over monetary policy, the design and distribution of currency and/or financial stability. View Full Post
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De-Risking in Financial Services: Perspectives and Implications

By | snIP/ITs | August 1, 2017
The context of de-risking: In the past decade, the financial services sector across the globe has experienced increased regulatory scrutiny, particularly in the areas of financial crimes, anti-money laundering (AML) and anti-terrorist financing (ATF) regulation. Financial institutions have generally reacted to the new regulatory environment by bolstering their compliance and risk management divisions with increased budgets and headcounts. View Full Post
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Financial Stability Board Issues Report On Fintech Credit Platforms

By | snIP/ITs | July 21, 2017
On 22 May 2017, the Financial Stability Board (FSB)[1] and the Committee on the Global Financial System (CGFS)[2] released a report entitled “FinTech credit: Market Structure, Business Models and Financial Stability Implications” (the “Report”).  The Report aims to provide an accurate picture of the extent and nature of Fintech credit activity by analysing the functioning of Fintech credit markets, including the size, growth, and nature of such activities, and the benefits and risks of Fintech credit platforms. View Full Post
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European Banking Authority Responds to European Commission Public Consultation On Fintech: Potential Takeaways for Canada

By | snIP/ITs | June 30, 2017
In March 2017, the European Commission issued a public consultation document on Fintech.  The goal of the European Commission (EC) document is to further the objective of a digital single market within Europe.  This will be done by supporting the development of digital infrastructure,  improving access to goods and services, and ensuring rules foster technological development. View Full Post
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Canadian Securities Administrators Fintech Initiatives: Regulatory Sandbox and Co-Operation

By | snIP/ITs | February 24, 2017
On February 23, 2017, the Canadian Securities Administrators (CSA) announced the launch of a regulatory sandbox. A regulatory sandbox aims at supporting Fintech businesses by allowing them to apply to the regulator to benefit from a more tailored approach to regulation that balances the need to facilitate the use of innovative products, services and applications all across Canada with appropriate investor protection. View Full Post
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Canadian Securities Administrators Fintech Initiatives: Regulatory Sandbox and Co-Operation

On February 23, 2017, the Canadian Securities Administrators (CSA) announced the launch of a regulatory sandbox. A regulatory sandbox aims at supporting Fintech businesses by allowing them to apply to the regulator to benefit from a more tailored approach to regulation that balances the need to facilitate the use of innovative products, services and applications all across Canada with appropriate investor protection. View Full Post
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