Oscar A Jofre Jr. Ontario
Balancing the interest of the investing public and companies is a major challenge for
regulators but we need regulations to protect both of them. Regulators across Canada are
under extreme public pressure to bring more regulations and to be vigilant on enforcement.
Companies need to see this as positive and embrace it.
I strongly believe that companies need to look at how they are doing things and CHANGE!
There are ways to make regulations simpler, just like 40 years ago when software accounting
systems were introduced. Regulators and Associations need to EDUCATE companies that
tools exist and they must embrace them so they can follow all the regulations.
Embrace, Change, Adapt and Execute. Follow these four steps and regulations will no longer
be a barrier for anyone but rather a part of doing business. Recently I have been working
with US group of companies who need to comply with FINRA.
Here is the attitude in the US: Regulations are needed and they are not going away. We need
tools to make our lives easier and ensure checks and balances.
Here is an example: CrowdFunding, people keep bringing examples of how open the US is,
in fact the crowdfunding space is significantly more regulated than what is been proposed
in Canada. The DIFFERENCE is INNOVATORS help industry move forward. BoardSuite is
part of the “CrowdFunding Infrastructure Platform Alliance” that is providing the A-Z for the
back office functions of FINRA dealers, and FINRA dealers with online portals. We will be
announcing the Canadian version of The Infrastructure Platform that will help all EMDs.
Rob Kinley, Saskatchewan
Regulations and compliance aimed at protecting and providing confidence to
investors in the exempt marketplace is key to its growth. However, we need
to be mindful to not create a system that is so complex and onerous so as
to stunt the industry and opportunities to investors that we seek to protect.