OSC publishes summary report
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The Ontario Securities Commission (OSC) has published its summary report for dealers, advisors, and investment fund managers, to help registrants comply with requirements under Ontario securities law.
The information for registrants that are directly regulated by the OSC, includes an overview of key findings and outcomes from compliance reviews conducted during the 2019-2020 fiscal year. It provides direct links to the key compliance reviews conducted, the guidance issued as a result of the OSC’s findings and a list of the registration categories the guidance applies to. The securities commission says registrants are encouraged to use the summary report as a self-assessment tool to strengthen systems of compliance, internal controls and supervision.
The 72-page report, OSC Staff Notice 22-751, Summary Report for Dealers, Advisers, and Investment Fund Managers, also examines the OSC’s outreach efforts, and initiatives impacting registrants, including links to the OSC’s regulatory burden reduction initiatives. The OSC says compliance review activity during the 2020-2021 fiscal year will look at the impact COVID-19 is having on registrants, complaint handling processes and marketing practices, including environmental social and governance (ESG) suitability assessments.
The report also briefly mentions the establishment of the new Office of Economic Growth and Innovation (OEGI), saying the compliance and registrant regulation branch of the OSC “will continue to work very closely with the OEGI to foster innovation and economic growth for registrants.”