OSC releases TestLab report 18 May 2023Canada Reporter: Lucy Carter
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The Ontario Securities Commission (OSC) has published its first report on its regulatory testing environment, OSC TestLab.
The report outlines steps that the OSC Innovation office intends to take to facilitate RegTech innovation in the region, such as enhancing collaboration between market participants.
Group testing for TestLab began in November 2021, with a number of businesses invited to experiment with new regulatory solutions.
In 2022, between June and December, seven businesses including Broadridge Investor Communications Corporation, TMX Group and Morningstar Research tested RegTech solutions on the platform. More than 100 testers were involved in the programme, allowing the OSC to “determine opportunities and obstacles for RegTech innovation in Ontario”, it says.
Following the report’s publication, the OSC has invited stakeholders to provide opinions on capital markets testing support in Ontario and the potential for machine-readable securities regulation.
Grant Vingoe, OSC CEO, says: “The OSC is committed to promoting innovation and driving progress in our capital markets. Historically, regulators have used a top-down approach to regulation. Today, the OSC is modernising its method by engaging with collaborative networks to determine what can be done better, together.”
Pat Chaukos, director of the OSC Innovation Office, adds:“The first test has ended, but OSC TestLab is just getting started. Our goal is to champion beneficial innovation in our capital markets, but we can’t do it alone. We strongly encourage everyone interested in exploring and trying new solutions to participate in future tests.”
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