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The Canadian Securities Administrators and self-regulatory
organizations (SROs) are focusing to a greater extent than ever
before on compliance by registrants with securities legislation.
Given the concentration of securities registrant firms based in
Ontario, the OSC has been front and centre in shaping the "new
normal" for registrants. The OSC now sends regular email
blasts to Chief Compliance Officers and Ultimate Designated Persons
to remind registrants of their compliance obligations or to inform
registrants of new initiatives of the OSC's Compliance and
Registrant Regulation Branch (C &RR Branch). These email blasts
are in addition to the published staff notices.
A recent email blast outlined the OSC's concerns about
inadequate compliance systems and CCOs not adequately performing
their responsibilities. This email can be seen as a shot across the
bow, with a clear message that the OSC will take regulatory action
against firms when considered appropriate. The OSC has little
patience for registrants who do not demonstrate appropriate
compliance culture, particularly where staff come across
deficiencies in areas that have been highlighted for years as areas
of concern.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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