Ontario Securities Commission publishes Summary Report for Dealers, Advisers and Investment Fund Managers

TORONTO – The Ontario Securities Commission (OSC) today published its 2023 summary report for dealers, advisers and investment fund managers, which provides information to help registrants comply with requirements under Ontario securities law.

The Compliance and Registrant Regulation Branch of the OSC is responsible for the registration and ongoing regulation of firms and individuals who are in the business of trading in, or advising on, securities or commodity futures and firms that manage investment funds in Ontario.

This annual report discusses important matters impacting registration, outcomes from compliance reviews, and areas of focus for the OSC’s Compliance and Registrant Regulation staff in the coming fiscal year.

Registrants are also being informed that the OSC has reintroduced an in-person component to compliance reviews but will continue to use electronic means for the collection of materials and other aspects of this work. In-person meetings will be conducted at various stages of the review process at either the registrants’ location or the OSC’s office.

Also, as the complexity of business models and products continues to increase, the OSC has formed a new operational team within the Compliance and Registrant Regulation Branch to focus on specialized dealer business models such as derivatives dealers and restricted dealers.

“Looking ahead, we will prioritize a review of the know-your-client, know-your-product and suitability determination requirements in our continuing effort to assess the effectiveness of the implementation of the Client Focused Reforms,” said Debra Foubert, Director of Compliance and Registrant Regulation at the OSC. “We will also conduct compliance reviews of crypto asset trading platforms, and compliance reviews of high-risk firms, following the analysis of the data collected in response to the 2022 Risk Assessment Questionnaire.”

The OSC’s Registrant Outreach program remains a priority. It continues to provide tools and programs to help registrants with their compliance obligations. One of the ways it accomplishes this is through the Registrant Outreach sessions which allow individuals and firms to hear first-hand from the OSC about compliance-related matters. Visit the Registrant Outreach webpage to access the Topical Guide for Registrants, a listing of Director’s decisions, or to obtain information about upcoming educational webinars.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, 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.ca. 

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