The Ontario Securities Commission has published its statement of priorities for the coming year. It reports there’s broad support for a national regulator and a review of self-regulatory organizations, but says it received mixed response to improved consumer redress and tougher enforcement.

The OSC is required to deliver its priorities to the minister by June 30. It published a draft version for comment on April 8 and reports it received 10 responses.

“There continues to be strong support for initiatives that would improve the efficiency of our markets through harmonization of regulatory requirements. Five respondents specifically expressed support for implementation of a single, national securities regulator,” it reports. “One respondent noted that harmonization initiatives should only be pursued where they are congruent with ultimately establishing a single securities regulator.”

Most of the suggestions were supportive and focused on specific action steps, which could be taken to achieve its priorities, the OSC says. Four letters expressed support for a proposed review of the role of SROs.

But the plan to support the Ontario government in establishing a workable consumer redress mechanism received a mixed response, it says. “The views presented ranged from support for the OSC developing an appropriate redress system to leaving restitution matters to the courts,” it says. “Also, some responders thought the OSC had sufficient powers to deal with the redress issue while others did not think the OSC should have powers to order restitution to investors.”

“Support for improved enforcement timelines was balanced by concerns that fairness and thoroughness might be compromised in pursuing this goal,” it says. “One respondent expressed concern about ‘vigorous’ enforcement and noted that our actions should be fair and measured relative to the conduct in question.”

The OSC also reports that two respondents suggested it examine the issues related to the differences in investment rules for mutual funds, segregated funds and other pooled funds and to seek a harmonized approach to product and intermediary regulation in this area. “In response to these comments an initiative was added to reflect our role in supporting the work of the Joint Forum of Financial Market Regulators on initiatives to achieve greater regulatory co-ordination and consistency across the financial sector,” it notes.