Canada: OSC And CSA Publish Priorities For The Coming Years

Each year the Ontario Securities Commission (the "OSC") publishes its Statement of Priorities outlining its goals and priorities for the current fiscal year. The OSC recently published its 2019-2020 Statement of Priorities. Every three years the Canadian Securities Administrators (the "CSA") set out the priorities they have committed to pursue for the next three years in a business plan. This year marked the end of its previous business plan and the CSA recently published its 2019-2022 CSA Business Plan.

There is significant overlap between the priorities in the OSC's Statement of Priorities and the CSA's Business Plan, which include the following:   

  1. Enhance Advisor-Client Relationship and Registrant Conduct Rules

Both organizations are evaluating ways to enhance the advisor-client relationship and the registrant conduct rules to improve investor protection. This will involve rule changes to better align the interests of securities advisers, dealers and representatives (registrants) with the interests and outcomes of their clients. In the CSA Business Plan, the CSA highlights developing a regulatory framework to address issues of financial exploitation and cognitive impairment, particularly among older and vulnerable investors.

  1. Increase Awareness and Education

The OSC and CSA recognize the importance of improving investor awareness and education in order to enhance investor protection. Both organizations are reviewing ways to develop targeted campaigns for at-risk groups, increase collaboration with the community and other stakeholders, and expand the reach of their messaging. One example of the collaborative efforts being undertaken by the OSC is its involvement with the Ministry of Education to enhance the financial literacy curriculum.

  1. Improve Enforcement

Confidence in capital markets requires effective enforcement actions, which is why the two organizations are exploring ways to increase the deterrent impact of their enforcement actions. Some of the steps being taken under this priority include improving market analytics to strengthen detection and exploring cooperation opportunities with other agencies . For example, the OSC's Joint Serious Offences Team works in cooperation with its policing partners. As well, the OSC plans to enhance the profile of its Whistleblower Program.

  1. Reduce Regulatory Burden

The OSC has been actively taking steps to review how it can streamline regulatory requirements, which has included the creation of a Regulatory Burden Task Force in November 2018 and three roundtable discussions with stakeholders in 2019. It is no surprise that reducing the regulatory burden remains a priority for the OSC for the coming year. This priority also ties in with the Ontario government's overall goal to review and streamline regulations in Ontario. As well, the CSA has identified this as a priority area in the CSA Business Plan for the next three years. Some of the areas being reviewed by the CSA and OSC to reduce the regulatory burden include:  

  • Clarifying the historical financial information that must be included in the disclosure for an initial public offering or reverse takeover;
  • Streamlining continuous disclosure requirements for public companies in their annual and interim filings;
  • Modifying the criteria for filing a Business Acquisition Report (BAR) following a significant acquisition;
  • Reviewing the regulatory framework for at-the-market offerings with a view to eliminating the requirement to seek exemptive relief;
  • Harmonizing the prospectus and registration exemptions by adopting a start-up crowdfunding exemption as a national instrument;
  • Identifying options for enhancing the electronic delivery of documents;
  • Researching and identifying an alternative and streamlined offering regime for reporting issuers; and
  • Modernizing, streamlining, and improving the existing registration process.
  1. Respond to Technological Innovations (Fintech)

Over the past few years there have been rapid advancements in financial technology that are changing the landscape of the financial industry, particularly innovation in distributed ledger technology (including blockchain). This has challenged regulators to create an environment that supports emerging technologies while balancing investor protection. The OSC and CSA have made it a priority to evaluate how to adapt the current regulatory framework to meet the unique challenges of emerging technologies, such as blockchain and crypto-assets. Some of the initiatives under this priority are to consider a regulatory framework for crypto-asset trading platforms and to continue to leverage the OSC LaunchPad and CSA Regulatory Sandbox to support innovation.

  1. Expand Systemic Risk Oversight

Promoting financial stability and reducing systemic risk through effective market oversight is a  common priority of the OSC and CSA. This priority involves identifying areas of systemic risk and targeting initiatives to mitigate and reduce the impact of these risks. One area of particular focus has been looking at ways to build an effective framework for over-the-counter (OTC) derivatives. As well, the OSC is examining the need for companies to disclose their economic, environmental and social sustainability risks, including climate change, as part of its review of market stability issues.

To view the original article click here

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.

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
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please 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