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OSC publishes Summary Report for Dealers, Advisers and Investment Fund Managers

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The Ontario Securities Commission (OSC) published its summary report for dealers, advisers and investment fund managers, which provides information to help registrants comply with requirements under Ontario securities law.

The report discusses important matters impacting registration, outcomes from compliance reviews and key areas of focus for the OSC’s Compliance and Registrant Regulation Staff in the coming fiscal year. Additionally, this year’s report provides an update on the OSC’s registrant-specific burden reduction initiatives.

The report also outlines key policy initiatives affecting registration, including proposed amendments to Ontario’s prospectus and registration rule regarding syndicated mortgages. These proposed local amendments, together with final amendments published by the Canadian Securities Administrators, facilitate the transfer of regulatory oversight of certain syndicated mortgage investments to the OSC.

“Registrants are encouraged to use the Summary Report as a self-assessment tool to strengthen systems of compliance, internal controls and supervision,” said Debra Foubert, Director of Compliance and Registrant Regulation at the OSC. “We will continue to provide resources to help them meet their important regulatory obligations.”

As OSC staff and market participants continue working from home, compliance reviews of registrants carry on remotely through telephone and video conference.

The OSC’s Registrant Outreach program continues to hold virtual sessions, which allow individuals and firms to hear first-hand from the OSC about compliance-related matters. A recent session included Compliance Requirements for Exempt Market Dealers and COVID-19 Regulatory Impacts on Registrants. Materials from this session and past sessions are available on the OSC’s website.

OSC Staff Notice 33-751 Summary Report for Dealers, Advisers and Investment Fund Managers can be found on the OSC’s website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.

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Regulator Information

Abbreviation: OSC
Jurisdiction: Canada

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