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The Ontario Securities Commission (OSC) may impose terms and conditions on a registered firm or individual at the time of registration or at any time after registration in order to address proficiency, solvency or integrity concerns.
When terms and conditions may be imposed
Terms and conditions imposed at the time of registration are generally permanent, such as in the case of a restricted dealer who is limited to specific activities.
Terms and conditions imposed after registration are generally temporary. For example, a registered firm may be required to submit monthly financial statements and capital calculations to OSC for a period of time because it did not maintain the required capital.
Temporary terms and conditions on a firm or individual may also be imposed either at the time of registration or after registration to address proficiency, solvency or integrity concerns. For example, an individual’s registration may be subject to enhanced supervision by their sponsoring firm, or the individual may be required to successfully complete an industry course.
Firms and individuals may request an opportunity to be heard before terms and conditions are imposed on their registration.
Requesting removal of supervision terms and conditions
When the OSC imposes strict or close supervision terms and conditions on an individual, a minimum duration period is usually specified. Upon completion of that time, individuals may request removal of the terms and conditions by approaching their sponsoring firm. If the individual’s sponsoring firm agrees that the supervision is no longer required, the firm may request the removal of the terms and conditions by submitting the required documentation to the OSC through it’s electronic filing portal.
If serious concerns are identified during the review, staff may request further information from the firm and individual or seek information from third parties.
For more information about this process and the required documentation, please refer to How to Remove Supervision Terms and Conditions on Individual Registration (PDF).