Ontario Securities Commission (OSC)

News & Analysis as of

Trends: Technology

Throughout the remainder of 2016 and into 2017, we will be providing key insight into current trends across different industries. The first in our series concerns technology, with a particular focus on financial technology...more

CSA Start Allowing International Dealers to Trade Canadian Issuers’ Bonds in Secondary Market

The Canadian Securities Administrators (CSA) have started granting their first exemption orders to permit international dealers to engage with Canadian clients in secondary market trading of bonds of Canadian issuers, under...more

Private Placement as Defensive Tactic Considered in Context of New Takeover Bid Rules

On October 24, 2016, the British Columbia Securities Commission and the Ontario Securities Commission (together, the Commissions) released their much anticipated reasons for their July 22, 2016, order, In the matter of Hecla...more

Fraud is Flourishing: Canada’s Regulatory Patchwork Paves Way for Financial Crimes

Fraud is alive and well in Canada. It is thriving and fraudsters are innovating. This boom in white-collar crime is partly the result of Canada’s lack of a uniform regulatory system and ineffective law enforcement....more

New Law on Defensive Tactics: Balancing Business Judgment and Shareholder Choice

On October 24, 2016, the Securities Commissions of British Columbia (BCSC) and Ontario (OSC, together with the BCSC, the Commissions) released the reasons for their decision in Re Hecla Mining. The Commissions had previously...more

CSA Identifies Only a Small Step for Women; No Giant Leap for Humankind

On September 28, 2016, the Canadian Securities Administrators (CSA) published CSA Multilateral Staff Notice 58-308 – Staff Review of Women on Boards and in Executive Officer Positions – Compliance with NI 58-101 Disclosure of...more

OSC’s Recently Launched Whistleblower Program: A Walkthrough

As it officially opened its Office of the Whistleblower, the Ontario Securities Commission (OSC) also unveiled the final version of OSC Policy 15-601 – Whistleblower Program (Policy), which provides the framework for the...more

OSC addresses uncertainty on distributions outside Canada

On June 30, 2016, the Ontario Securities Commission (OSC) proposed a new “distributions out” regime that aims to clarify compliance requirements for Ontario issuers selling securities to investors outside Canada....more

OSC Whistleblower Program Launched

On July 16, 2016, the Ontario Securities Commission (OSC) announced the launch of its Office of the Whistleblower. This is the first paid whistleblower program by a securities regulator in Canada. Subject to eligibility...more

Dolly Varden Silver and Hecla Mining - Decision goes in favour of the target in latest regulatory challenge to a private placement...

On July 22, 2016, following a joint hearing of the British Columbia and Ontario securities commissions, the regulators decided not to block a proposed private placement of common shares of Dolly Varden Silver Corporation...more

Proposed OSC Rule 72-503 Aims to Provide Clarity on Distributions from Ontario to Outside Canada

On June 30, 2016, the Ontario Securities Commission (OSC) published for comment Proposed OSC Rule 72-503 Distributions Outside of Canada (Rule 72-503) and Proposed Companion Policy 72-503CP (Companion Policy, and together...more

Ontario, Quebec Securities Regulators Announce Whistleblower Programs Launch

Securities regulators in Ontario and Quebec recently announced the launches of separate whistleblower programs in the two jurisdictions. While the Ontario Securities Commission’s (OSC) whistleblower program (OSC Program)...more

The Financial Report, Volume 5, Number 12 - June, 2016 (Global)

Discussion and Analysis In our last edition, we discussed a recent SEC enforcement action against a private equity fund advisory firm and its owner, who agreed to pay more than $3 million to settle charges that...more

OSC panel provides guidance on fundamental securities law concepts

On May 4, 2016, an Ontario Securities Commission panel (the Panel) issued its Reasons and Decision In the Matter of Future Solar Developments Inc., containing interpretive guidance on three central concepts in securities...more

CSA’s New Consultation Paper Looks to Enhance Registrants’ Obligations

The Canadian Securities Administrators (CSA) recently released Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward their Clients (Consultation Paper), which considers...more

Ontario Securities Commission Securities Enforcement Trends and What’s Ahead for 2016

Securities enforcement activities in Canada are overseen by several agencies, including the Canadian Securities Administrators, the Investment Industry Regulatory Organization of Canada, the Ontario Securities Commission, the...more

O Canada: The U.S.’s Neighbor To The North Proposes Its Own Whistleblower Program

The Ontario Securities Commission (“OSC”), Canada’s largest securities regulator, has proposed establishing its own whistleblower program for individuals to report suspected securities fraud, marking Canada’s first foray into...more

Commenters Reiterate Concerns about OSC’s Proposed Whistleblower Program

In the second round of public comments on the Ontario Securities Commission’s (OSC) proposed whistleblower program (Program), stakeholders expressed continued concerns that the Program, as outlined in OSC Policy 15-601...more

The Export/Immigration Dilemma: Don’t Let OSC Catch Your HR Department Unawares

On March 31, 2016, the U.S. Department of Justice’s Office of Special Counsel for Immigration-Related Unfair Employment Practices (OSC) issued a carefully worded technical assistance letter addressing the complex interplay...more

DOJ Guidance on Navigating between a Rock – Export Controls – and a Hard Place – Employment Nondiscrimination

U.S. companies, particularly defense and other high-tech companies, have long faced challenges of how to comply with both the deemed export rule, which may require employment discrimination in very limited circumstances, and...more

One Size for All: Increased Private Placement Reporting Begins June 30

Effective June 30, 2016, issuers will have to report prospectus-exempt distributions that settle on or after that date in any Canadian jurisdiction using a new, harmonized Form 45-106F1 (New Form), with significantly...more

Alberta Confirms it Will Not Join Cooperative Capital Markets Regulatory System

On March 29, 2016, Alberta Finance Minister Joe Ceci formally announced that the Province of Alberta would not join British Columbia, Saskatchewan, Ontario, and other jurisdictions in the creation of a national securities...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

The Financial Report - Volume 5, No. 4 - February 2016 (Global)

A recent federal district court decision and a proposed New York State Department of Financial Services regulation have further expanded the risk of liability for chief compliance officers, this time in the context of...more

The Financial Report - Volume 5, No. 3 - February 2016 (Global)

Democratic presidential candidates Bernie Sanders and Hillary Clinton have been taking jabs at one another about who would do a better job of holding financial services firms and their employees responsible for misconduct....more

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