Ontario Securities Commission releases its 2023 Annual Service Commitment Review

TORONTO – The Ontario Securities Commission (OSC) today published its 2023 Annual Service Commitment Review which provides investors, registrants and market participants with transparency on the standards and timelines they can expect when interacting with the OSC.

As part of this annual exercise, the OSC conducts a comprehensive review of its service standards and benchmarks against the standards of regulators in other leading jurisdictions. This year’s review also includes updates across function specific pages of the OSC website to remind stakeholders where we have service standards which they can rely on; this update is part of the OSC’s commitment to furthering transparency to stakeholders.  

The OSC reviews its Service Commitment on an annual basis, aligning with its fiscal year end.  Throughout the year, the OSC remains responsive to various factors and market conditions and may update service standards as necessary.  Performance results against these standards, including explanations where a target has not been met, are reported quarterly through the OSC website.   

For a list of changes resulting from the 2023 Annual Service Commitment review, refer to the change table here.  Notably, in response to current levels of market activity, service standards for reviewing prospectus filings and applications for exemptive relief (excluding exemption from recognition applications for market infrastructure entities) have returned to the timelines and targets prior to the service standard extensions announced on December 7, 2021.  All service standard changes will be applied effective April 1, 2023, with the exception of changes to prospectus-related standards which came into effect earlier in the year (on January 9, 2023).

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.

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