OSC updates two registration processes identified through the Burden Reduction Initiative

Dear Registrant,

As part of the Ontario Securities Commission’s commitment to reducing burden, Compliance and Registrant Regulation Staff reviewed its processfor removal of supervision terms and conditions on an individual’s registration and is making transparent its evaluation factors, as outlined in the OSC’s Reducing Regulatory Burden in Ontario’s Capital Markets report (Initiative R-30). Removal requests will be made by an individual’s sponsoring firm through an online portal (select “Request to remove individual terms and conditions” in the drop down menu) and you will be notified of the assigned Staff within 5 business days. To support an expedited review, sponsoring firms are advised to submit certain information to Staff with the initial application to remove terms and conditions. Please see procedural guidance here.

Staff also formalized its process for reviewing applications to reactivate registration by individuals who are coming off a suspension by the MFDA as outlined in the OSC’s Reducing Regulatory Burden in Ontario’s Capital Markets report (Initiative R-23). Generally, when Staff receives applications such as these, provided certain criteria are met, Staff will apply an expedited review process that does not re-examine the facts giving rise to the MFDA’s disciplinary action, and that seeks to have the application processed within normal service standards for dealing representative applications being 5 business days of it being received by Staff. Please see procedural guidance here.

Hope you are managing these challenging times well and will benefit from these timely burden reduction initiatives.

 

Yours Truly,

Compliance and Registrant Regulation Staff