The Ontario Securities Commission (OSC) contributes to the international securities regulatory agenda by actively participating in international organizations and committees. The OSC’s international activities are focused on developing financial stability and other standards, information sharing, and co-operation on cross-border enforcement initiatives. These are key areas where collaboration with international partners is critical for protecting the interests of investors and the integrity of our markets.
The OSC actively participates in international organizations such as the International Organization of Securities Commissions (IOSCO), the North American Securities Administrators Association (NASAA) and the Council of Securities Regulators of the Americas (COSRA) to better position the OSC regarding the detection, investigation and enforcement of securities offences, development of regulatory policy, and monitoring of emerging issues. Collaboration with international partners is critical for protecting the interests of investors and the integrity of our Canadian markets.
IOSCO Board, Committees and Working Groups
The OSC is a member of the IOSCO Board, which is an executive decision-making body representing key securities regulators from the world’s developed and developing capital markets.
The OSC participates on all major IOSCO committees. Our current contributions include:
- chairing the Committee on Derivatives
- acting as Vice-Chair of the Committee on Emerging Risks
- acting as Vice-Chair of the Committee on Issuer Accounting, Audit and Disclosure
- participating on the Screening Group which reviews applications from countries seeking to become signatories to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMOU) and the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO Enhanced MMOU)
- participating on the Committee on Enforcement and the Exchange of Information which develops recommendations on securities crime prevention, enforcement and cross-border information exchange among regulations
- participating on the Committee on Regulation of Secondary Markets, the Committee on Regulation of Market Intermediaries, the Committee on Investment Management, the Committee on Retail Investors, and the Assessment Committee, which is responsible for assessing the implementation of IOSCO’s Objectives and Principles of Securities Regulation
- participating on the Sustainable Finance Task Force which is examining sustainability-related disclosures, green-washing and the increasing activity of ESG data providers and credit rating agencies regarding ESG ratings and the development of a sustainability-related assurance framework
- participating on the Financial Stability Engagement Group which engages with the Financial Stability Board (FSB) on cross-cutting issues such as money market funds, open-ended investment funds, bond liquidity and margins
- participating in initiatives to facilitate cross-border sharing of information, international cooperation, oversight of investment funds, investor protection, and the promotion of financial stability
- participating on the Board-level Fintech Taskforce which develops, oversees, delivers, and implements IOSCO’s regulatory agenda for Fintech
The OSC works with other securities regulators to share intelligence and provide assistance in investigations of alleged cross-border misconduct. The IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMOU), signed by more than 120 other securities commissions and governmental bodies, is a key instrument in advancing international co-operation on enforcement matters.
In 2018, the OSC also entered into the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (the IOSCO Enhanced MMOU). The IOSCO Enhanced MMOU expands on the forms of assistance available under the IOSCO MMOU.
Financial Sector Assessment Program (FSAP)
Established by the International Monetary Fund (IMF) and World Bank in 1999, FSAP teams conducts a thorough analysis of a country's financial sector, including banks, insurance companies, securities, and foreign exchanges. In addition, the FSAP teams analyze a country’s payments system and the regulatory oversight that governs its financial institutions and markets. Canada underwent an FSAP analysis in 2019. Canada’s Financial System Stability Assessment is available on the IMF website.
Memoranda of Understanding (MOUs)
The OSC collaborates with international securities regulators, shares information and supports enforcement-related investigations through various international Memoranda of Understanding.
Visits from foreign delegations
The OSC may host foreign delegations from government departments or regulatory agencies responsible for the regulation of financial services, markets and/or corporations.