Ontario Securities Commission Chair David Brown welcomed the Standing Committee on Finance and Economic Affairs report tabled in the Ontario Legislature yesterday. “This report highlights key issues that must be addressed in regulatory reform today,” said Brown, in a release.

“The Committee report deals with a number of important initiatives raised in the Five Year Review Committee Report,” said Brown. “Putting these recommendations in place will strengthen investor protection and confidence in the integrity of our capital markets.”

The report recommends a single securities regulator, with a separate adjudicative function. If there is no substantive progress towards the establishment of a single securities regulator over the next 12 months, the OSC will work with the government to explore separating the adjudicative function from the Commission. “We will be pleased to work in partnership with the government to fashion a solution that is in the best interests of investors and market participants,” said Brown.

Another recommendation in the report is that the government work together with the OSC to come up with a workable mechanism to allow investors to pursue restitution in a way that is timely and affordable. “Our goal is to ensure that investors have access to an effective restitution process that is easily accessible and affordable,” Brown said.