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FAIR Canada Comments on BCSC Consultation regarding Fintech Regulation

FAIR Canada has provided comments to the British Columbia Securities Commission (BCSC) regarding its consultation on fintech regulation. FAIR Canada’s submission included:

  • comments on possible changes to the start-up crowdfunding exemption;
  • comments on the use of third parties to perform essential functions of online advisers or robo-advisors, as well as other developments such as permitting portfolios with complex investments; and
  • comments on the regulation of cryptocurrencies from the investor perspective.

 

FAIR Canada believes that fintech presents potential benefits and opportunities for consumers but may also present risks to investor protection that should be examined and addressed.

FAIR Canada urges the BCSC to give serious consideration to its previous recommendations on crowdfunding and the implementation of any changes in a way that affords the highest level of investor protection possible. With respect to cryptocurrencies, FAIR Canada notes that despite their increasing popularity, they remain extremely speculative, high-risk investments that are not suitable for most people, and can also be vehicles for individuals to carry out fraud and manipulation.

To read FAIR Canada’s submission, please click here.

April 04, 2018