Ontario legislative committee releases review of OSC

Posted on April 7, 2010

On March 29, 2010, the Ontario legislature's Standing Committee on Government Agencies released a report reviewing the operations of the Ontario Securities Commission (OSC). The Committee received testimony from staff and members of the OSC and various stakeholders and ultimately recommended, among other things, that:

  • In considering the OSC's response to the ABCP crisis, the Ministry of Finance review the scope of the OSC's public interest jurisdiction;
  • The  province establish a dedicated capital markets crime unit to investigate and prosecute capital market misconduct;
  • The government give priority to legislative amendments intended to strengthen regulatory enforcement;
  • In order to better protect investors, the OSC be given the power to make restitution orders; and
  • The OSC review the potential for conflict of interest between the regulatory and commercial functions of the TSX.

In response to the report's release, the OSC stated that it intends to study the Committee's recommendations carefully.

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