The Ontario Securities Commission is adopting new procedural rules that will apply to all of its hearings, starting in April.

The OSC says that the new rules are more comprehensive than the previous ones, and that they will improve the accessibility and transparency of commission proceedings by providing clearer guidance on key procedural issues.

The commission notes that it will be actively monitoring the implementation of the rules over the coming year and will be seeking further guidance through continued consultation with stakeholders and further requests for public comment on proposed rule changes.

It plans to undertake a further review of the rules in early 2010. However, prior to that review, it will publish concept proposals with respect to the rule dealing with pre-hearing conferences, and the one dealing with hearings to consider settlement agreements.

The rules are designed to, “ensure the fair and efficient resolution of proceedings before the commission in the most expeditious and cost-effective manner by providing parties with more complete and easily accessible guidance on the procedures required for the conduct of commission proceedings”, it explains.

On February 18, the OSC approved and adopted the new rules of procedure. The old rules will be repealed and replaced by the new rules, which are effective on April 1.

IE