The Ontario Securities Commission (OSC) works closely with other Canadian securities regulators with a view to harmonizing our legislation and regulatory practices for the benefit of the Ontario and Canadian capital markets and its investors. We also work with various law enforcement agencies, sharing information and facilitating investigations across jurisdictions.
As required, we also co-ordinate our efforts with the Department of Finance Canada, the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Bank of Canada when developing regulatory responses intended to promote financial stability in areas identified by the G20 and the Financial Stability Board (FSB).
Canadian Securities Administrators (CSA)
The OSC is an active member of the Canadian Securities Administrators, which is a forum comprised of the 13 securities regulators of Canada’s provinces and territories. The CSA works to foster a nationally coordinated and modernized securities regulatory framework.
Canadian Public Accountability Board (CPAB)
Canadian Public Accountability Board is an organization that oversees public accounting firms that audit Canadian reporting issuers. CPAB promotes sustainable audit quality through proactive regulation, robust audit assessments, dialogue with domestic and international stakeholders, and practicable insights that inform capital market participants and contribute to public confidence in the integrity of financial reporting. The OSC and CPAB have an MOU in place to facilitate the exchange of information that supports collaboration on review and oversight matters.
Ombudsman for Banking Services and Investments (OBSI)
Ombudsman for Banking Services and Investments is a free and independent service for resolving banking and investment disputes between participating firms and their clients. The CSA and OBSI have an MOU in place which outlines an oversight framework for the CSA and OBSI to cooperate and communicate constructively to ensure that OBSI continues to meet the standards set by the CSA.
Policy Coordination Committee (PCC)
The CSA established the Policy Coordination Committee which oversees the CSA’s policy development initiatives, facilitates decision making and provides timely resolution on policy development matters. Its members are the chairs of eight regulators (British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick and Nova Scotia). The PCC is currently chaired by the OSC Chair.
CSA Standing and Project Committees
Through participation in CSA Committees (permanent and project committees), OSC staff work alongside CSA members on the development of policy and the delivery of regulatory programs. Standing committees include: Market Structure and Exchange Oversight, Clearing Agency Oversight, Registrant Regulation, Investment Funds, Investor Education and Enforcement. The OSC participates in various project committees dealing with specific policy initiatives, including regulatory burden reduction efforts, crypto-assets and enhanced investor confidence and protection.
Heads of Regulatory Agencies (HoA)
The Heads of Regulatory Agencies serves as a federal-provincial forum for the cooperation on financial sector issues. The HoA is chaired by the Governor of the Bank of Canada and includes the Department of Finance Canada, the Office of the Superintendent of Financial Institutions, the Québec Autorité des Marchés Financiers, the OSC, the Alberta Securities Commission, and the British Columbia Securities Commission. The OSC is also a member of the Systemic Risk Surveillance Committee which was created by the HoA to collaborate and share information on the assessment of vulnerabilities and risks to the Canadian financial system.
Self-regulatory organizations (SROs)
Self-regulatory organizations are organizations that regulate the operations and the standards of practice and business conduct of their members and their representatives. The OSC oversees the operation of two SROs:
- Investment Industry Regulatory Organization of Canada (IIROC)
- Mutual Fund Dealers Association of Canada (MFDA)
Joint Forum of Financial Market Regulators
The CSA is a member of the Joint Forum of Financial Market Regulators through which pension, securities and insurance regulators seek to coordinate, harmonize, and streamline the regulation of financial products and services in Canada.
Quasi-Criminal Serious Offences Team (QSOT)
The Quasi-Criminal Serious Offences Team is an enforcement partnership between the OSC, the RCMP Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. QSOT combines law enforcement policing skills with the OSC's expertise in forensic accounting and capital markets to investigate and prosecute serious violations of the law under Ontario’s Securities Act and Canada’s Criminal Code.
Memoranda of Understanding (MOUs)
The OSC has entered into a number of domestic Memoranda of Understanding with organizations in Ontario and other Canadian jurisdictions.