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From the May 2, 2022 Ontario Securities Commission e-newsletter:
New governance structure takes effect at OSC
The Ontario Securities Commission’s structural and governance changes resulting from the proclamation of the Securities Commission Act, 2021, by the Government of Ontario took effect on Friday, April 29, 2022.
As previously announced, the government selected Grant Vingoe as the first dedicated Chief Executive Officer of the OSC, Heather Zordel as non-Executive Chair of the OSC’s Board of Directors, and Tim Moseley as Chief Adjudicator of the Capital Markets Tribunal, an independent adjudicative division of the OSC.
OSC publishes 2022-2023 Statement of Priorities
The OSC has issued its 2022-2023 Statement of Priorities (SoP), detailing the four strategic goals and 23 priority areas on which the Commission will focus its resources and actions this fiscal year, as well as the expected outcomes. The SoP is included in the OSC’s Business Plan for the Fiscal Years Ending 2023-2025.
In response to its publication, OSC CEO Grant Vingoe said, “our 2022-2023 priorities reflect a strong focus on initiatives that promote confidence in Ontario’s changing capital markets and that strive to make our regulatory framework responsive to financial innovation, and the needs of investors and market participants. In all our work, delivering strong investor protection remains a top priority.”
OSC selects businesses for TestLab, new capital markets testing environment
The OSC has announced that innovative solutions put forward by seven businesses will be part of its new capital markets testing environment, OSC TestLab. This initiative allows businesses to test solutions that can help Ontario registrants and contribute to better investor outcomes.
The businesses will test solutions that include product comparison, client onboarding, portfolio analytics and assessment tools that leverage behavioural science, artificial intelligence and automation.
More details about the tests, including how to participate as a registrant or investor, is available at oscinnovation.ca/TestLab/spring2022 or visit the Innovation Office website.
Canadian securities regulators publish annual activities report on oversight of the SRO and investor protection funds
The CSA has published CSA Staff Notice 25-303 2021 CSA Annual Activities Report on the Oversight of the Self-Regulatory Organizations (SROs) and Investor Protection Funds (IPFs).
The report summarizes CSA oversight of the SROs and IPFs during the 2021 calendar year. The SROs are the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), and the IPFs are the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation.
Subscribe to OSC’s dedicated investor warnings and alerts email list
At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors.
A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued.
https://www.osc.ca/en/investors/investor-warnings-and-alerts
Canadian securities regulators seek comment on the implementation of an access equals delivery model for non-investment fund reporting issuers
The CSA has published proposed amendments to implement an access equals delivery model for prospectuses generally, annual financial statements, interim financial reports and related management’s discussion & analysis (MD&A) for non-investment fund reporting issuers.
Comments should be submitted in writing by July 6, 2022.
Canadian financial regulators propose total cost reporting for investment funds and segregated funds
The CSA and the Canadian Council of Insurance Regulators (CCIR) have published proposals that would enhance total cost reporting for investment funds and segregated funds. These proposed changes aim to improve the transparency of total fees and costs paid by mutual fund investors and segregated fund holders.
Stakeholders are invited to provide comments in writing on or before July 27, 2022.
