business angel against the sky

The Ontario Securities Commission (OSC) published a pair of notices on Thursday detailing proposed changes to the regulators’ oversight of two industry contingency funds: the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corp. (MFDA IPC).

In particular, the commission seekings to amend the terms and conditions that apply to each fund’s approval as an investor protection fund, revise their reporting requirements and propose new memorandums of understanding (MOU) between the funds and the regulators that oversee them.

Specific new reporting requirements would include requiring the funds to certify compliance with the conditions of their approval as an investor protection fund on an annual basis; obliging them to report information security breaches; and requiring them to give regulators advance notice before publishing anything that could affect their mandate.

According to the notices, the changes stem from a review of the existing oversight framework, and aim to streamline and modernize the framework to ensure it is “consistent with current oversight practices.”

Read the proposed changes to the oversight of the CIPF here. Read the proposed changes to the oversight of the MFDA IPC here.

Comments on the proposed changes are due June 24.