(March 22 – 17:50 ET) – The Ontario Securities Commission is preparing to release its 2001/2002 Statement of Priorities, in which it pledges to allow personal corporations for dealers.

The OSC says it will “Develop amendments to the regulatory framework applicable to salespersons and dealers to allow salespersons to provide registerable services through a corporation.” This appears to indicate preserving the use of personal corporations for fund dealers and extending that permission to securities dealers.

The commisssion also intends to harmonize the regulation of segregated funds and mutual funds, maintain and update financial planning proficiency standards, establish minimum standards for proficiency, continuing education and licensing of financial services intermediaries. A fund governance system is also on the table.

Among its priorities, the OSC proposes the development of a National Registration Database, reviewing the regulation of financial advice, and developing consumer complaint management and dispute resolution system. It will also work toward a merger with FSCO.

The OSC says it will work to develop approaches to financial regulation which support market integration and innovations due to technological change. It will also attempt to maintain the ability of small businesses to access capital through junior and venture capital markets.

The commission says it will increase its focus on disclosure review and strengthen SRO oversight to ensure effective and efficient regulation of the securities industry. The OSC will continue to increase its presence and effectiveness through the following compliance monitoring and enforcement activities:

It pledges to strengthen the requirements for timely and reliable continuous disclosure. Along with continued reviews and policy statement, it proposes to develop a harmonized, integrated disclosure system for offerings and continuous disclosure filings, and says it will publish for comment a draft rule which harmonizes disclosure requirements across Canada by spring 2002.

On top of all its policy goals, the OSC says it also intends to implement fee reductions to bring its assessments in line with expenditures.