OSC publishes statement of priorities for 2010-2011 fiscal year
The Ontario Securities Commission today published a request for comments regarding the draft Statement of Priorities for its fiscal year ending March 31, 2011. The document sets out the OSC's goals for the year and identifies key regulatory priorities. Specifically, the Commission has identified the following goals: (i) identifying the important issues and dealing with them in a timely way; (ii) delivering fair, vigorous and timely enforcement and compliance programs; (iii) championing investor protection, especially for retail investors; and (iv) supporting and promoting a more flexible, efficient and accountable organization.
Further, the OSC's key regulatory priorities for 2010-11 include: (i) deepening its focus on investor protection; (ii) responding to market developments (iii) addressing the adequacy of regulatory coverage; (iv) maintaining a strong and visible enforcement presence; and (v) improving the way the Commission works. Of particular interest may be the OSC's comments regarding the adequacy of regulatory coverage. On this point, the OSC identified its intention to address:
- the risks related to products and the distribution of securities in the exempt market;
- the regulatory framework for trading OTC derivatives;
- regulatory requirements applicable to non-conventional investment funds; and
- the appropriate regulation of credit rating agencies.
The OSC is accepting written submissions until February 15, 2010.
