OSC Publishes Summary Report for Dealers, Advisers and Investment Fund Managers
For Immediate Release OSC
TORONTO - The Ontario Securities Commission (OSC) today published OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers, which highlights common compliance deficiencies, current issues and trends in registration, and key policy initiatives impacting registrants.
“We continue to focus our reviews on evaluating the effectiveness of firms’ compliance systems, and will take further regulatory action when we see significant deficiencies,” said Debra Foubert, Director of Compliance and Registrant Regulation at the OSC.
The report also outlines the areas that the OSC intends to cover in its compliance reviews over the coming fiscal year. Key areas of focus will include compensation practices and mutual fund sales practices, as well as reviews of initial registration applications and proposed compliance systems for firms seeking registration. OSC staff will also review high risk registrants identified through the 2018 Risk Assessment Questionnaire, a survey issued to firms every two years to gather information about registrants’ operations.
The OSC’s Registrant Outreach program continues to give registrants the opportunity to hear first-hand from the OSC about compliance-related matters. Details about upcoming outreach seminars, as well as materials from past seminars, are available on the OSC’s website.
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 www.osc.ca.