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OSC Reaches Out with Guidance for Registrants on Compliance Obligations

By: John Mackie

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The Ontario Securities Commission has published a report setting out expectations for firms and individuals that it regulates directly.

Staff Notice 33-742 - 2013 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers is intended to ensure regulated participants (exempt market dealers, portfolio managers, investment fund managers and scholarship plan dealers) understand and comply with their obligations under Ontario securities law.

The 73-page report was prepared by the OSC's Compliance and Registrant Regulation Branch as a key part of the regulator's new registrant outreach program. The branch registers and oversees approximately 1,300 firms and 66,000 individuals that trade or advise in securities or commodity futures, or act as investment fund managers.

Not included in the report are mutual fund and investment dealers, who are directly overseen by the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC), respectively.

The report is wide-ranging and covers a number of areas significant to registrants. Of particular note, it addresses new and proposed rules affecting registrants, and trends in deficiencies identified by compliance reviews.


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