The Ontario Securities Commission has adopted new procedures to bring many enforcement cases to a hearing more quickly.

The simplified process will involve offences that are more straightforward, such as missed filing deadlines or failure to obtain required registration or certification.

“These cases,” said Michael Watson, OSC director of Enforcement, “which do not require a complicated investigation, should be brought forward and heard quickly. Accelerating these cases will free up resources within the OSC and contribute to a faster, stronger enforcement presence in our capital markets.”

The commission is bringing two cases to hearings under this simplified process. These cases will proceed to a hearing on January 24, 2005. Neither case has been proven.

In one case, the OSC alleges that Wells Fargo Financial Canada Corp. failed to file prospectus supplements as required for distributions of debt securities known as medium term notes. Enforcement staff allege that on four occasions between February, 2003 and October, 2004, Wells Fargo was late in filing prospectus supplements for medium term notes totaling $950 million.