OSC to increase transparency in individuals' registration decisions
The Ontario Securities Commission today released a staff notice advising that, when OSC Staff recommend that the Director refuse, amend, suspend or impose terms and conditions on an individual's registration status under the Securities Act, staff will provide written notice of its recommendation and brief reasons not only to the individual registrant, but also the sponsoring firm. Historically, staff only sent sponsoring firms their recommendation and not any of the reasons underlying the recommendation.
According to the staff notice, providing the additional information to firms will assist firms in maintaining accurate and complete information, while enhancing investor protection. For more information, see OSC Staff Notice 33-737.
