Canada: OSC Continues Ongoing Efforts To Reduce Regulatory Burden

Last Updated: February 4 2019
Article by Chris Sunstrum

The Ontario Securities Commission (OSC) recently published OSC Staff Notice 11-784 – Burden Reduction (the "Staff Notice") seeking input on ways to reduce unnecessary regulatory burden in Ontario's capital markets, and announcing a related roundtable discussion to be held on March 27, 2019. The Staff Notice is the latest in a series of initiatives by Canadian securities regulators to reduce the burden of the Canadian securities regulatory regime on participants in Canada's capital markets.


Canadian Securities Administrators (CSA), including the OSC, have a statutory mandate to protect investors from unfair, improper and fraudulent practices while fostering fair and efficient capital markets. Since 2017, the CSA have been exploring ways to reduce the regulatory burden on market participants without compromising investor protection or the efficiency of Canada's capital markets. The goal of this initiative is to ensure regulatory requirements and associated compliance are proportional to the regulatory objectives sought to be realized, and that they reflect current market conditions, investor demographics, and the state of technological innovation and globalization. For more information, see our April 20, 2017 Update, Canadian Securities Regulators Considering How To Reduce Regulatory Burden on Canadian Public Companies.

Based on extensive feedback from stakeholders, the CSA initiated the following six policy projects focused on reducing the regulatory burden for reporting issuers (other than investment funds):

  • developing an alternative prospectus offering model with more concise and focused disclosure than under the current short form prospectus regime;
  • establishing a comprehensive framework for "at-the-market" offerings (thereby eliminating the need for exemptive relief in connection with such offerings);
  • revisiting the scope of historical financial statements relating to an issuer's "primary business" that must be included in an IPO prospectus;
  • removing or modifying the requirement to file a business acquisition report in connection with "significant acquisitions";
  • attempting to streamline and/or consolidate various continuous disclosure requirements; and
  • enhancing electronic delivery of documents.

For further details on these policy projects, see our March 29, 2018 Update, Canadian Securities Regulators Announce Upcoming Policy Projects Aimed to Reduce Regulatory Burden on Canadian Public Companies.

In May 2018, CSA announced a companion initiative to reduce regulatory burden for investment fund issuers specifically. See CSA Staff Notice 81-392.

Finally, in November 2018, the OSC, in collaboration with the Ontario Ministry of Finance, formed a "Burden Reduction Task Force" with a mandate to enhance competitiveness for Ontario businesses, including considering ways to reduce regulatory burdens while protecting investors and the integrity of Ontario's markets.

OSC Public Consultation

Recognizing the challenges in implementing harmonized national regulatory changes, the OSC is inviting comments from interested stakeholders on changes that could be made more quickly in Ontario while the CSA continue to pursue coordinated national changes. The OSC's consultation focuses on a broader range of stakeholders (including all issuers, investors, registrants and other market participants) than the CSA's initiatives, which focus primarily on reporting issuers.

While the OSC invites comments on all potential initiatives to reduce regulatory burden, it highlighted the following specific areas of focus:

  • potential operational or procedural changes in the OSC's branches and offices that could result in more efficient and cost-effective interactions between OSC staff and market participants, including by enhancing the certainty of regulatory outcomes and streamlining filings and other administrative procedures;
  • eliminating unnecessary regulatory requirements and enhancing harmonization of Ontario's securities laws with those of other Canadian jurisdictions; and
  • enhancing investors' experience participating in Ontario's capital markets, including by modernizing the information provided to investors (such as promoting the use of plain language in regulatory disclosure).

The OSC will hold a roundtable on March 27, 2019, to provide interested stakeholders with an opportunity to discuss submissions made to the OSC. Stakeholders wishing to participate are advised to submit a comment letter in response to the Staff Notice and expressly indicate a desire to participate in the roundtable. Additional details about the roundtable, including the list of participants, will be posted on the OSC's website in due course.

The OSC intends to use the feedback from this consultation process, together with input from other ongoing OSC initiatives in this area, to prepare a series of short, medium and long-term actions to reduce unnecessary regulatory burden.

The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Sign Up
Gain free access to lawyers expertise from more than 250 countries.
Email Address
Company Name
Confirm Password
Mondaq Newsalert
Select Topics
Select Regions
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions