The Ontario Securities Commission (OSC) is proposing a rule that would require firms to file documents with the regulator electronically.

The OSC published a proposed rule for a 90-day comment period that would make electronic filing mandatory for a number of documents that can currently be filed in paper format.

The documents include the forms, notices and other materials required under Ontario’s securities rules that are not covered already by the national electronic filing systems (SEDAR, SEDI and NRD).

The proposal indicates that mandatory electronic filing would be both convenient for firms, and would allow for the efficient collection and use of information by the OSC. It says this would streamline the submission process; improve its data analysis, compliance and enforcement capabilities; and, reduce the effort and time required to process and analyze the documents, allowing the regulator to focus resources on more important issues.

“This initiative does not directly affect investors. However, the better use of information that we seek to achieve under the proposed rule will help us better fulfill our investor protection mandate,” it says, adding that this will also facilitate public access to these records.

Comments are due by July 10.