OSC publishes updated service standards
TORONTO, Nov. 23, 2020 /CNW/ - The Ontario Securities Commission (OSC) today published an updated Service Commitment, which provides investors, registrants and market participants with added transparency on the standards and timelines they can expect when interacting with the OSC.
Following a comprehensive review of its current service standards as well as the service standards of securities regulators in leading jurisdictions, the OSC has updated its Service Commitment to encompass more processes, provide additional clarity to stakeholders, and enhance tracking and accountability.
Highlights include:
- New service standards to encompass more stakeholder interactions with the OSC – for example, registrant compliance reviews and continuous disclosure reviews.
- A commitment to stakeholders that, for novel or complex issues that require more time, the OSC will engage in regular touchpoints (minimum every two weeks).
- All service standards now include wording that improves clarity on timelines and eligibility criteria.
The updated Service Commitment originates from the Ontario Government's five-point capital markets plan, which supports the Government's mandate of lowering business costs, promoting Ontario internationally, attracting skilled workers and creating further confidence in the capital markets and financial services. The updated service standards and timelines also address recommendations made in the OSC's 2019 Reducing Regulatory Burden in Ontario's Capital Markets Report.
The OSC will report on the results of its service standards on an annual basis.
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.
Follow us on Twitter
Like us on LinkedIn
SOURCE Ontario Securities Commission
For Media Inquiries: [email protected]; For Investor and Industry Inquiries: 1-877-785-1555 (Toll Free), [email protected]
Share this article