Improved enforcement and a focus on the retail investor headline the Ontario Securities Commission’s list of priorities for the coming year, the regulator said Friday.

The OSC issued its 2005/2006 list for public comment. Its major goals include:

  • providing vigorous, fair and timely enforcement;
  • taking actions that better reflect the needs of the retail investor;
  • promoting a harmonized, simplified securities regulatory system for Canada, and;
  • contributing to Canada’s role as an active and respected player in the global capital market.



It also pledges to support the Ontario government in responding to the recommendations set out in the report of the Standing Committee on Finance and Economic Affairs. Those recommendations focus on:

  • protection and redress for consumers of financial services;
  • the role of self-regulatory organizations;
  • establishing a new Ontario Securities Tribunal, and;
  • establishing an independent investment fund governance regime.



On the enforcement front, goals include reducing the timelines for completing investigations and bringing regulatory proceedings, and offering more timely disclosure of investigations, and focusing additional resources on reducing illegal market conduct.

The OSC also pledges to increase its focus on retail investors and better understand their priorities and concerns by implementing measures to engage the retail investor in the regulatory process, including holding Investor Town Hall meetings, and by adopting a customer-focused approach in OSC communications and service delivery.

The OSC also said it hopes to promote a harmonized, simplified securities regulatory system for Canada by supporting the Ontario government’s plans for a single regulator, single securities code and a single fee structure.

The commission’s budget for 2005/2006 is $67 million, an increase of 8.1% over 2004/2005. It says that this increase relates primarily to plans to add staff to Enforcement, Investment Funds and Investor Communications groups. The OSC revenue forecast for 2005/2006 is $67.1 million, 12.1% lower than gross revenues collected in 2004/2005.

The Securities Act requires the commission to deliver to the chairman of Management Board of Cabinet and publish in its bulletin a statement of the chair setting out the proposed priorities of the commission for its current fiscal year by June 30.