The Ontario Securities Commission is seeking comments on a proposed new set of procedural rules that apply to proceedings that come before the commission.

The Office of the Secretary of the OSC is publishing the proposed new rules for a 60 day comment period. Following the comment period, the new rules will be implemented under the authority of the Statutory Powers Procedure Act.

Once the new rules are adopted by the commission, the existing Rules of Practice will be repealed and replaced by the new rules. The new rules will immediately apply to all proceedings before the commission, including proceedings commenced by a Notice of Hearing prior to the adoption of the new rules, it explains.

“The new rules are designed to ensure the fair and efficient resolution of proceedings before the commission in the most expeditious and cost-effective manner. This is consistent with the commission’s objectives to make its adjudicative processes more transparent and accessible,” it says.

It adds that the new rules are intended to provide clear guidance to all participants in commission proceedings, whether or not they are represented by counsel or an agent. “Accordingly, to the extent possible, the new rules have been drafted so that parties can rely on the rules alone to answer their procedural questions without referring to other sources. However, as the SPPA remains the governing legislation, parties will still have to consider relevant provisions of the SPPA in certain circumstances,” it says.

The proposed new rules also codify practices and procedures that have been followed by the commission in the course of proceedings after the adoption of the current Rules of Practice in 1997. It says that the proposed new rules provide a more complete framework for the conduct of commission proceedings. “They: address frequent procedural questions that are not currently addressed in the existing Rules of Practice; respond to developments in case-law and relevant statutes; and, establish a procedure for Staff to make a request for costs,” it explains.

The OSC indicates that there is no requirement under the SPPA for the rules of procedure to go through a comment process or a ministerial review. “However, the Office of the Secretary is of the view that it would be appropriate to invite comments in an effort to make the rules as fair, efficient and clear as possible,” it says.

Comments are due by July 10.