Regulatory technology (RegTech) and supervisory technology (SupTech) help with more than just compliance.
Enabling RegTech and adopting SupTech
They’re changing how we manage risk and uphold integrity in our capital markets. RegTech can help regulated entities satisfy their regulatory requirements, while SupTech can support regulators like the OSC in carrying out their regulatory functions.
As seen in our TestLab 2022 Report, RegTech can support registrants and their clients through improved information sharing, more accessible product information, and more meaningful advisor-client relationships. We’re committed to fostering an environment where RegTech can flourish and firms can meet regulatory requirements more efficiently.
SupTech can enhance supervisory capabilities, ensuring that Ontario’s approach to regulation is as dynamic and forward-thinking as our capital markets. We actively engage with global regulatory counterparts to exchange leading practices and champion the adoption of RegTech and SupTech solutions.
We aim to foster innovation and adoption of emerging RegTech and SupTech that benefits Ontario’s capital markets to maximize benefits for market participants and streamline internal OSC processes.
Fostering RegTech and SupTech innovation and adoption through GFIN
The Global Financial Innovation Network (GFIN) is an international network of financial regulators and related organizations dedicated to supporting financial innovation in the best interests of consumers. It has over 70 members globally, including the OSC.
GFIN seeks to provide a more efficient way for innovative firms to interact with regulators and helps them navigate between countries as they look to scale new ideas. The network aims to create a new framework for cooperation between regulators on innovation-related topics.
Through the GFIN RegTech Ecosystem Special Unit, GFIN SupTech Special Unit and GFIN Regulatory Reporting Special Unit, we collaborate with other regulators internationally to identify leading practices and promote the adoption of RegTech and SupTech solutions that can benefit capital market participants and regulators.
Learn more about the work of these workstreams:
We also participate in the GFIN Cross Border Testing program that provides a forum for firms to test across multiple jurisdictions.