changes-ahead-announcement

OSC is proceeding with four enforcement initiatives that were originally proposed in OSC Staff Notice 15-704 Request for Comments on Proposed Enforcement Initiatives, published on October 21, 2011.

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This includes:

1.        A new program to facilitate the settlement of appropriate enforcement cases in circumstances where the respondent does not make formal admissions respecting its misconduct (sometimes referred to as no-contest settlements);

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2.        A new program for explicit no-enforcement action agreements;

3.        A clarified process for self-reporting under staff’s credit for cooperation program; and

4.        Enhanced public disclosure by staff of credit granted to persons for their cooperation during enforcement investigations.

Information about the new enforcement initiatives, including eligibility criteria, is set out in OSC Staff Notice 15-702.

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“The four initiatives will potentially allow us to resolve enforcement matters more quickly and issue more protective orders earlier,” says Tom Atkinson, OSC Director of Enforcement. “When heightened accountability from respondents is paramount, we will continue to seek admissions as part of any proposed settlement agreement.”

OSC is considering the approval of proposed settlement agreements where a respondent does not make formal admissions respecting its misconduct.

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The new initiatives do not affect any of the Commission Rules of Procedure, including those dealing with the consideration and approval of settlement agreements by OSC hearing panels.

Further, staff is continuing to consider the introduction of a whistleblower program under which monetary incentives would be paid to persons who provide OSC with actionable information.

Originally published on Advisor.ca

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