The OSC has published for comment its 2017-2018 Draft Statement of Priorities, which sets out 14 items that the OSC intends to focus on in 2017-2018.
In the coming year, the OSC wants to look for ways to reduce the regulatory burden on market participants. Along with targeting specific rules “that may duplicate other requirements and examine where costs may be disproportionate,” the regulator aims to “make it easier and less costly for firms to interact with regulators.”
Some ways to achieve this, OSC proposes, are by introducing streamline rules for smaller issuers and “reducing ongoing disclosure requirements.” Plus, the regulator will monitor the impact of new rules and the effectiveness of disclosure.
Still, to ensure investor protection, the OSC plans to “publish regulatory reforms to define a best interest standard and improve the advisor-client relationship” as well as “define regulatory actions needed to address embedded commissions.” It will also consider further empowerment of OBSI.
Read: Investor complaints up 17% in 2016: OBSI
To deliver effective compliance, OSC aims to “actively pursue timely and impactful enforcement cases involving serious securities laws violations,” and “increase [the] deterrent impact of OSC enforcement actions” through a more visible collection strategy.
The priority areas outlined in the draft statement align with the OSC’s five regulatory goals, which are to deliver:
- strong investor protection;
- effective compliance, supervision and enforcement;
- responsive regulation;
- to promote financial stability through effective oversight; and
- to be an innovative, accountable and efficient organization.
The OSC will accept written comments by May 23, 2017. After review, it will publish its final 2017-2018 Statement of Priorities. The OSC will also release a progress report on its 2016-2017 priorities this spring.
Read: