Thrills And Chills – OSC Releases Its Annual Summary Report For Registrants

On October 14, 2022, the Compliance and Registrant Regulation (CRR) Branch of the Ontario Securities Commission (OSC) published its annual summary report in OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers (the Report). The report is akin to an industry report card on how registered firms have been handling recent regulatory changes and enhancements. Many firms appear to be in the same boat when it comes to the positive progress made in implementing the required changes. However, the deficiencies observed by staff means that industry still has work to do to meet staff's expectations.

The CSA, IIROC and the MFDA have all been conducting targeted sweeps. The findings and remedial efforts that result from these sweeps will be used by the CSA and self-regulatory organizations (SROs) to improve the guidance provided to industry to accommodate their expectations and shape the focus of compliance sweeps going forward. This article