Deliver Strong Investor Protection. The OSC
will (i) study the impacts of imposing a "best interest duty
to investors" on investment dealers and advisors; (ii) look at
how compensation models affect investment advisor behaviour and
whether or not to place a cap on embedded fees; and (iii) introduce
new disclosure requirements for mutual funds and ETFs.
Deliver Responsive Regulation. To ensure the
OSC is delivering responsive regulation, it intends to (i) examine
how technology has and will continue to affect the market and, in
particular, the order protection rule; (ii) respond to stakeholders
greater access to the exempt market; (iii) examine ways to improve
transparency in the market for fixed income securities; (iv)
develop and propose rules requiring disclosure regarding the number
women on boards and in executive management; and (v) review
feedback regarding proxy voting infrastructure and publish a report
of its findings by December 2014.
Deliver Effective Enforcement and Compliance.
The OSC will focus its enforcement efforts on cases involving
fraud, manipulation and other serious securities related
misconduct. Policy proposals may include no-enforcement action
agreements, no-contest settlements and a credit for co-operation
program with enhanced public disclosure of the credit granted for
co-operating with the OSC.
Support and Promote Financial Stability. The
OSC will work with international partners to develop and implement
a strengthened regulatory regime for over-the-counter derivatives,
and will partner with the Ontario, British Columbia and federal
governments in the creation of a Co-Operative Capital Markets
Run a Modern, Accountable and Efficient
Organization. The OSC will look for ways to reduce the
regulatory burden on market participants and ensure that its
adjudicative processes are timely and transparent.
The OSC encourages interested parties to make written
submissions on its draft Statement of Priorities by June 1,
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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