On June 28, 2012, the Ontario Securities Commission ("OSC") issued a notice to the effect that when OSC staff recommends that the Director refuse, amend, or suspend an individual either already registered or seeking registration under the Securities Act (Ontario) (the "Act"), or when OSC staff recommends imposing terms and conditions on an individual's registration, the staff will send a letter providing written notice of its recommendation and brief reasons for it (the "Letter of Brief Reasons") not only to the individual registrant but also to the registrant's sponsoring firm. In the staff's view, providing registered firms with the Letter of Brief Reasons will promote the accuracy and completeness of information provided in respect of individuals they sponsor.
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