Ontario’s new budget aims to boost the OSC and position it as Canada’s most prominent regulator, reports Financial Post.
The budget document says, “The government [is proposing] changes to update and strengthen securities laws and related legislation” in Canada.
It adds, “The proposed legislative amendments include amendments to the Securities Act and Commodity Futures Act to strengthen enforcement and investor protection.” Officials want the OSC to share investigative information with other regulatory and law enforcement authorities across the country, and also seeks to add new offences for attempted market manipulation and attempted fraud.
Further, the government wants to boost the Securities Act’s insider-trading provisions. Along with that, the document outlines concerns with Ontario’s personal property security legislation.
The document says proposed change will “make it easier for businesses and financial institutions to provide or obtain first-priority security interests in cash collateral. Significant progress has been made and consultations are planned to finalize key aspects of these proposals to ensure they appropriately balance relevant interests.”
In conclusion, the government says these changes will strengthen Ontario’s securities regulatory framework, allowing the OSC to become a more efficient and responsive regulator.
Also check out:
Will Ontario’s budget trigger an election?