TORONTO, April 30, 2020 /CNW/ - The Ontario Securities Commission (OSC) today published Notice 11-788 seeking public comment on its current Statement of Priorities (SOP) to inform its business planning for the 2020-2021 fiscal year. Given the outbreak of COVID-19 and related financial market uncertainty, the OSC has decided not to consult on a more detailed SOP at this time.
"We recognize the significant challenges affecting all of our stakeholders in this current and unprecedented environment," said Grant Vingoe, Acting Chair and CEO of the OSC. "Investor protection remains at the forefront of everything we do, including in times of crisis like we are experiencing now. For the year ahead, we have drawn from our 2019-2020 priorities and our ongoing regulatory burden reduction work."
Each year the OSC publishes a Statement of Priorities that sets out the OSC's strategic goals, priorities and specific initiatives for the year.
The OSC used its 2019-2020 Statement of Priorities, its report on Reducing Regulatory Burden in Ontario's Capital Markets, and its ongoing stakeholder engagement to inform its business plan for 2020-2021. A more substantive consultation on business priorities will be conducted in the early fall of 2020 to inform its 2021-2022 business plan.
The priorities are aligned with the four regulatory goals for the OSC, which are to: promote confidence in Ontario's capital markets; reduce regulatory burden; facilitate financial innovation; and strengthen the OSC's organizational foundation.
Stakeholders are invited to provide written comments on the current priorities by June 1, 2020. The Notice and priorities are available on the OSC website.
A progress report on how the OSC delivered on its 2019-2020 Statement of Priorities will be published in June 2020.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.
SOURCE Ontario Securities Commission