OSC updates stakeholders on burden reduction progress
For Immediate Release OSC
TORONTO – The Ontario Securities Commission (OSC) today provided a Status Update on its 107 specific actions to reduce burden for market participants doing business in Ontario’s capital markets.
To date, the OSC has completed approximately 27 per cent of the initiatives set out in Reducing Regulatory Burden in Ontario’s Capital Markets. Thirty six per cent of initiatives are on track for completion within the timelines established last year, and 37 per cent are delayed.
“Despite the challenges presented by the global pandemic, the OSC continues to move forward at an aggressive pace on the initiatives we promised that will streamline regulations without compromising investor protection,” said Grant Vingoe, Acting Chair and CEO of the OSC. “I am proud of staff’s unwavering dedication to improving regulation for our market while continuing to deliver strong investor protection and contributing to the economic recovery of our province.”
These burden reduction initiatives, first announced in November 2019, lead to enhanced service levels, less duplication and a more tailored regulatory approach for those regulated by the OSC. Investors benefit from streamlined processes and better access to the information they need to invest confidently in the capital markets.
The OSC has used this six-month Status Update to advise on the timing of several initiatives. Where target dates have been delayed, the revised dates are provided.
The report sets out the impact COVID-19 has had on burden reduction initiatives. Of the 40 delayed projects, nine (or 22.5 per cent) are delayed due to COVID-19. At this time, and consistent with the Canadian Securities Administrators announcement in April 2020, the OSC is not publishing new proposals for comment. The OSC recognizes that stakeholders are unable to fully engage in consultation activities at this time.
Reducing burden is a central component of the Ontario government’s five-point plan for creating confidence in our capital markets, which was addressed in the Government of Ontario’s Open for Business commitment in 2018.
As part of this work and the OSC’s ongoing modernization process, the OSC has established an Office of Economic Growth and Innovation (OEGI), which will play a critical role in embedding change and innovation directly into the organization. Alongside supporting burden reduction efforts, the OEGI provides a platform for ongoing feedback and dialogue with market participants.
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 http://www.osc.gov.on.ca.