Ontario Securities Commission (OSC) staff have begun notifying chief compliance officers of registrants that they will receive a risk assessment questionnaire (RAQ) on April 18. The OSC uses the information collected from these bi-annual questionnaires as part of its risk-based supervision program.
Registrants must submit the completed questionnaire to the OSC by May 30, 2018, after their Ultimate Designated Person (UDP) has certified the contents as complete, accurate, free from any misstatements and not misleading in any respect. If you are registered with the OSC as an investment fund manager and you manage prospectus-exempt investment funds, you also will receive the Prospectus-Exempt Fund Form, which you must complete and submit by June 30, 2018. Both the questionnaire and fund form are asking for information for the period ending December 31, 2017.
We encourage registrants to start planning for this exercise now by allocating resources to gather the needed information and draft responses, as well as scheduling time with key individuals including the UDP to review and sign off on the completed questionnaire.