A change announced today by the Ontario Securities Commission will provide investors with access to more complete information about their dealers and advisors.
The OSC will begin posting on its Web site any terms and conditions attached to the registration of individuals and firms licensed to advise or trade in securities in Ontario.
“We are making this change to allow the investing public to make a more informed decision when selecting their dealers and advisors,” said Paul Moore, vice chair of the OSC.
Terms and conditions are imposed on a case-specific basis where the OSC determines that an applicant is suitable to be licensed, but only if certain restrictions are added to the registration. For example, an individual advisor might be subject to more stringent supervisory control by his or her employer, while a firm might be required to file specific financial reports with regulators on a more frequent basis than other firms.
While a listing of all registered firms is already available on the OSC Web site, currently information on registered individuals can only be obtained by phoning the commission.
Beginning next March, the following information will be available on the OSC Web site:
- the names of every individual and firm currently registered in Ontario to advise clients or deal in securities;
- the categories in which they are registered (e.g. mutual fund dealers, investment counsel, etc.); and
- terms and conditions attached to their registration.
The registrant information will be available at www.osc.gov.on.ca beginning Mar. 29, 2002.