OSC Announces New Resolution Options In Enforcement Matters

The Ontario Securities Commission (OSC) has published Staff Notice 15-702 Revised Credit for Cooperation Program (Revised Cooperation Program), which implements four initiatives of staff affecting resolution of enforcement matters.

In particular, the Revised Cooperation Program sets out criteria for no-contest settlement agreements and no-enforcement action agreements, a process for self-reporting to staff, and for greater public disclosure by staff of credit granted for cooperation in actual cases.

BACKGROUND

The OSC first announced its consideration of a Revised Cooperation Program in October 2011, when it issued a Request for Comments on Proposed Enforcement Initiatives. For more information, please see our previous Blakes Bulletin: OSC Immunity for Co-operation Initiative. The Revised Cooperation Program has been implemented following public consultation on its contents, including via a hearing before the OSC in June 2013.