The OSC Compliance and Registrant Regulation Branch's
Annual Summary Report for Dealers, Advisers and
Investment Fund Managers was published today. The report
summarizes new and proposed rules and initiatives impacting
registrants and reviews current trends in respect of
compliance deficiencies and registration issues.
Of particular interest are the OSC's findings in respect of
its compliance review process. Specifically, during fiscal 2013,
compliance reviews resulted in 38% of registered firms
reviewed requiring enhanced compliance (as compared to 34% in
2012), while 52% of registered firms reviewed requiring
"significantly enhanced compliance" (as compared to 47%
in 2012).
Deficiencies identified during the review process in
respect of all registrants included: (i)
non-compliance with KYC, KYP, suitability and accredited investor
requirements; (ii) inadequate compliance systems and ultimate
designated persons and chief compliance officers not meeting
