On June 25, the Ontario Securities Commission (OSC) published its Statement of Priorities setting out four strategic goals for the coming year and the priority initiatives to support them.
1 - OSC’s key priorities relating to its goal of promoting confidence in Ontario’s capital markets among participants and investors include:
Implementation of client focused reforms to address conflicts of interest, investment suitability and clarity on products and services
Finalization of policy proposals restricting the use of mutual fund deferred sales charges and limiting sales practices that are harmful to investors
Improving retail investor experience and protection, contributing among others, to investor education and literacy and protecting older and vulnerable investors from exploitation
Continuing to expand systemic risk oversight, including by improving the quality of derivatives trade reporting and enhancing data analytics
Bringing timely and impactful enforcement actions, including new tools to increase use of data and analytics to support decision making and strengthen detection of harmful conduct
2 - OSC’s key priorities relating to its goal to reduce regulatory burden include the following actions:
Increasing transparency around processes
Providing greater clarity and flexibility on fulfilling regulatory requirements
Improving timelines for certain filings
Reducing duplication of requirements and improving communication
3 – OSC’s key priorities relating to its goal to facilitate financial innovation include:
Developing and Implementing multi-year plan for the Office of Economic Growth and Innovation, supporting accelerating innovation in financial services
Engaging with Fintech and Support Innovation in Capital Markets to modernize regulation for the benefit of Ontario businesses
4 – OSC’s key priorities relating to its goal to strengthen its organizational foundation, include:
Continuing to support the redevelopment of the CSA national systems (SEDAR)
Modernizing its technology platform
Ensuring competitiveness and clear service standards
Improving efficiency and regulatory responsiveness through internal innovation to enhance service
Taking into account the impact of the COVID-19 pandemic and potential recommendation from the Capital Markets Modernization Task Force (operational since February 2020), the OSC anticipates to adjust and realign priorities where necessary.
The 2020-2021 Statement of Priorities can be found here: https://www.osc.gov.on.ca/en/SecuritiesLaw_sn_20200625_11-789_sop-end-2021.htm