In March, we discussed the proposed, 2019-20 Statement of Priorities (Draft SoP) published by the Ontario Securities Commission (OSC). In late June, the OSC finalized its Statement of Priorities (Final SoP). To support Ontario Government priorities relating to capital markets announced in April, the OSC added three priorities:
1. Enhance economically-focused rule-making;
2. Establish the Office of Economic Growth and Innovation;and
3. Ensure competitiveness and clear service standards.
To support the third commitment mentioned above, the OSC also published a document outlining its service standards and timelines, including commitments about registration-related matters.
Several of the OSC’s specific, rulemaking goals have been tweaked, including the following:
- Client-focused reforms:The Final SoP indicates that rule amendments and companion guidance will be published. (The Draft SoP had stated that revised, proposed rules and guidance would be published.)
- Nl 31-109 Registration Information: The OSC appears to have backed away slightly from the Draft SoP’s commitment to "revise and modernize" Nl 31-109. The Final SoP states that the OSC will review Nl 31-109 to identify options to modernize its requirements and notes that amendments to the rule will require a CSA initiative.