TORONTO, Feb. 23 /CNW/ - Ontario Securities Commission Chair Howard
Wetston Q.C., announced today the OSC is examining new tools to deliver
strong investor protection through an enhanced enforcement regime.
Chair Wetston stated that the OSC is examining the use of immunity
agreements, a new whistleblower program and the use of settlement
agreements that do not include admissions of fact.
In his remarks to the Economic Club of Canada, Chair Wetston said the
OSC would seek stiffer penalties by sending more proceedings to the
Ontario Court of Justice. "Our goal is to bring forward meaningful
cases that have a strong deterrent impact in order to protect investors
and markets," he said. "We aim to maximize the deterrent effect of
court-imposed sanctions, including jail terms."
Chair Wetston said recent high-profile cases involving insider trading
and market manipulation are evidence that the Commission's focus on
enforcement is producing results for the public. "We are investigating
cases faster and commencing more prosecutions," Chair Wetston said.
"The OSC's enforcement program is vigorous and effective - and active."
Chair Wetston also addressed the OSC's role in reviewing the proposed
transaction between the TMX Group and London Stock Exchange, and
indicated that the Commission would ensure a transparent and
comprehensive public consultation process. "The OSC has a key role to
play in reviewing the transaction in our capacity as the lead regulator
of the TSX and TMX Group," he said. "We will review all aspects of the
transaction - including the proposed structure - to ensure that we are
satisfied that any changes are in the public interest."
For a complete text of "Strong Regulation, Strong Capital Markets" and
copies of the 2010 OSC Enforcement Activity Report, please refer to the OSC's website: www.osc.gov.on.ca.
SOURCE Ontario Securities Commission
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