OSC Approves Canada’s First Peer Lending Platform
Sep 28, 2016
On September 28, 2016, the Ontario Securities Commission (OSC) granted Vault Circle Inc. regulatory approval to participate in marketplace lending, which may signal a shift in the treatment of peer lending platforms throughout Canada.
In July 2016, the OSC published OSC Staff Notice 33-747 Annual Summary Report for Dealers, Advisers and Investment Fund Managers. The report describes initiatives undertaken by the OSC’s Compliance and Registrant Regulation Branch in the 2015-2016 fiscal year, including registration and compliance activities, policy initiatives and new programs.
In recognition of increased interest in crowdfunding portals and peer-to-peer lending platforms, this year’s report specifically addresses the OSC’s expectations in these areas.
Review a summary and the Staff Notice.