Importantly, the OSC intends make significant progress in the
regulation of derivatives-related matters in 2015-2016. For
example, it intends to publish for comment a national instrument
which would regulate the registration of derivatives dealers.
The OSC also intends to develop rules for the clearing of OTC
derivatives and a notice that outlines recommendations for the
implementation of segregation and portability (other than for OTC
Some other notable goals for the OSC are as follows:
Completing a disclosure review in connection with the
representation of women on boards and publishing the results of
that disclosure review by the end of this financial year;
Developing and publishing rules to foster capital-raising in
Ontario, including rules with respect to an offering memorandum
prospectus exemption, a crowdfunding prospectus exemption, a
modernized prospectus exempt rights offering framework and new
reporting requirements for prospectus exempt financings;
Publishing final changes to update the order protection rule
Developing a regulatory plan, with IIROC, that addresses
certain key issues identified in its fixed income review; and
Continuing to monitor developments with respect to say-on-pay
in Canada and determining whether it is necessary to incorporate
say-on-pay in securities regulation.
In response to a comment on the OSC’s draft Statement of
Priorities from stakeholders, the OSC confirmed that environmental,
social and governance disclosure in Canada is not included as a
priority because companies already have an obligation to disclose
material environmental and governance issues.
More broadly, the OSC cited the following as overarching
regulatory goals: (i) delivering strong investor protection; (ii)
delivering responsive regulation; (iii) delivering effective
compliance and enforcement; (iv) promoting financial stability and
mitigating systemic risk through effective oversight and
supervision of capital markets and key infrastructure entities; and
(v) being an innovative, accountable and efficient organization and
For further information, please consult OSC Notice 11-772 -
Notice of Statement of Priorities for the Financial Year to End
March 31, 2016.
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