OSC Proposes Guidelines To Clarify When It May Issue Orders That Could Be Viewed As Prohibited Blanket Orders

The Ontario Securities Commission today requested comments on proposed guidelines regarding the OSC's interpretation and application of the prohibition in the Ontario Securities Act that restricts it from making orders of general application.

The OSC notes in its request for comments that there is, at times, a need to respond to developments on a timely basis and that the OSC is challenged in responding to applications for relief that would constitute "blanket orders" if granted. While s. 143.11 of the Securities Act prohibits the OSC from making orders or rulings of general application, none of its counterpart regulators are subject to a similar restriction. For example, in September 2011, all of other members of the Canadian Securities Administrators issued blanket orders under CSA Staff Notice 31-329 to provide interim relief on account of certain unintended consequences of changes to registration rules, while OSC staff were able to confirm only that they would