Advance Best Interest Standard – The OSC will
recommend and conduct consultations on regulatory provisions to
create a "best interest" standard for advisors. This
standard is controversial for some industry participants but the
OSC is committed to it. The OSC will also continue to focus
on advisor compensation practices and identify those that are
inconsistent with a "best interest" standard.
Compensation Arrangements in Mutual Funds – The
OSC will regulate embedded commissions and other types of
compensation practices and develop regulatory proposals to address
conflicts of interest created by investment fund compensation
Increased Oversight of Exempt Market – The OSC
will increase oversight of market participants who rely on recently
expanded capital raising exemptions in Ontario (e.g. the
crowdfunding exemption, offering memorandum exemption and the
modernized prospectus-exempt rights offering regime), by creating a
risk-based supervision program for registrants, issuers and portals
using the new exemptions. The OSC will use its 2016 Risk Assessment
Questionnaire (RAQ) to gather information on the use of the new
exemptions. The OSC also aims to publish a report on exempt market
status based on data collected.
Investor Protection for Seniors – The OSC will
improve outreach and education for senior and vulnerable investors
by responding to issues identified through targeted research,
seminars and roundtables. The OSC Investor Office will use the
information gathered to develop solutions designed to reach at-risk
investor groups, specifically, seniors, millennials and new
Compliance & Enforcement Priorities
Effective Inspections, Supervision and Oversight
– The OSC will conduct targeted compliance reviews of
high-risk and new registrants, including online advice and portal
Enforcement Against Fraud and Other Serious Violations
– The OSC plans in the Spring of 2016 to implement its
Whistleblower Program and establish a staff to supervise it.
OTC Derivatives Priorities
Continue Development and Implementation of OTC Derivatives
Regulation – The OSC will develop and implement a
regulatory program for effective oversight and supervision of the
OTC derivatives market.
Enhance Oversight of Systemic Risk – The OSC will
continue to work with domestic and international regulators in
order to remain informed of emerging and systemic risks.
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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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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