OSC launches registrant outreach program

To promote stronger compliance practices and enhance investor protection, the Ontario Securities Commission (OSC) is strengthening its communication with registrants through a newly launched Registrant Outreach program.

The program, featuring a dedicated web page and educational seminars, facilitates a more interactive dialogue with Ontario registrants and will provide them with easy to access compliance-related information in one convenient location.

Outreach Program Initiatives

Dedicated web page The program features a dedicated web page for registrants, which has been designed to enhance awareness of topical compliance issues. Registrants are encouraged to check the web on a regular basis for updates on regulatory issues impacting Ontario registrants.

Educational Seminars Beginning in September, the OSC will host a series of targeted seminars to provide registrants with practical knowledge on compliance related matters. The seminars will feature topics including how to get through an OSC compliance review and understanding KYC (know your client) and suitability obligations. Interested registrants can find the seminar calendar and course descriptions on the registrant outreach web page.

Registrant Community Registrants are also encouraged to join the OSC’s Registrant Outreach Community to receive regular email updates on OSC policies impacting registrants, as well as the latest publications and guidance on the OSC’s expectations regarding compliance.

Quick Facts

• The OSC oversees approximately 1,300 firms and 66,000 individuals in Ontario.
• The Registrant Outreach program is led by the Compliance and Registrant Regulation branch, which regulates firms and individuals in the business of advising or trading in securities or commodity futures, and firms that manage investment funds in Ontario.
• The OSC conducts compliance reviews of advisers, exempt market dealers, scholarship plan dealers and investment fund managers throughout the year to monitor their compliance with Ontario securities law.
• Using a risk assessment model, the OSC conducts on-site and desk reviews of firms.
• Firms may also be reviewed as part of a “sweep” on a particular topic of interest or issue identified by the OSC.

Key policy initiatives impacting registrants

• Cost disclosure, performance reporting and client statements
• Potential best interest standard for dealers and advisers
• Review of prospectus exemptions

Additional Resources

• 2012 Annual Survey Report for Dealers, Advisors and Investment Fund Managers
• Portfolio Managers and Exempt Market Dealers suitability sweep
• New initiatives: Enhanced transparency of communications with registrants

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.