Through a new outreach program, the Ontario Securities Commission (OSC) is aiming to step up its communication with dealers, advisors, and other registered firms and individuals, in order to bolster compliance and enhance investor protection.
The OSC announced the launch of a new Registrant Outreach program today that aims to promote more dialogue between the regulator and the regulated, which includes approximately 1,300 firms (various sorts of dealers and fund managers) and 66,000 individuals (including advisors) in Ontario.
The new initiative includes a dedicated web page that, the OSC says, will provide registrants with easy to access compliance-related information in a single location. The commission also plans to start hosting a series of educational seminars, beginning in September, to provide insights on various compliance issues, such as navigating an OSC compliance review, and understanding know your client (KYC) and suitability obligations.
It’s also offering a new email subscription service that will provide updates on OSC policies impacting registrants, as well as its latest compliance-related publications and guidance.
The OSC says that the program’s mission “is to promote strong proactive compliance practices by registrants by opening the lines of communication between the Ontario Securities Commission and chief compliance officers, as well as other senior officers of registered portfolio managers, investment fund managers, exempt market dealers and scholarship plan dealers.”
It notes that firms and individuals with strong compliance practices foster confidence in the markets and promote increased investor protection.
“Registrants are a vital component of Ontario’s capital market and it’s important that we provide them with tailored tools and guidance to foster strong regulatory compliance, which leads to enhanced investor protection,” said Debra Foubert, director of the OSC’s Compliance and Registrant Regulation branch, which is leading the new program.
“We have a responsibility to strengthen our lines of communication with registrants and work with them to achieve efficient and effective capital markets,” she added.