OSC to host long-awaited policy hearing

By Staff | May 7, 2013 | Last updated on May 7, 2013
1 min read

The OSC is holding a public policy hearing to receive oral submissions from those who submitted written comments in response to proposed enforcement initiatives introduced in October 2011.

Though the comment period had been slated to end in December 2011, it had been extended to January 16, 2012 to allow for more feedback.

Read: OSC moves to speed settlements

The initiatives proposed are designed to help speed the enforcement process. The OSC proposed there be:

  • A new program for explicit no-enforcement action agreement, under which a party would explicitly not be subject to OSC enforcement action in exchange for self-reporting matters that may involve breaches of Ontario securities law, or of activities that would be considered contrary to the public interest, and for cooperating in an investigation.
  • A new no-contest settlement program, under which a protective order could be made in the absence of a specific admission by the respondent of a breach of the Securities Act.
  • A clarified process for self-reporting under the OSC’s credit for cooperation program, which would ensure all parties are informed on how best to self-report and come forward with information.
  • Enhanced public disclosure of credit granted for cooperation so all parties may seriously consider self-reporting.

The policy hearing will occur on June 17, 2013, commencing at 10:00 a.m. at the offices of the commission in Toronto, Ontario.

It’s anticipated the oral submissions will supplement the written comments previously submitted, rather than duplicate them.

Read the comment letters submitted in 2011.

Advisor.ca staff


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