The Ontario Securities Commission recently released its 2009 Annual Report, highlighting its initiatives for the last year and outlining its broad goals going forward. The OSC's compliance and enforcement activities for the 2008-09 fiscal year were reviewed and the report noted the "substantial increase" in adjudicative activity for the year, representing a 48% increase in hearing days from the previous year. A total of 21 enforcement proceedings were commenced before an adjudicative panel, leading to almost $21 million in administrative penalties, disgorgement, settlement amounts and costs. The report also states that the OSC intends to maintain or increase its hearings schedule and expects to enhance its adjudicative case management process with proposals to be published in 2009-10.