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ARTICLE · 22 SEPTEMBER 2006

OSC Staff Releases Compliance Report on Advisers

Borden Ladner Gervais LLP
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The Compliance Team (the "Compliance Team") of the Ontario Securities Commission (the "OSC") recently published its compliance report which summarizes the recent activities of the Compliance Team and the results of its compliance reviews over the last 2 years of investment counsel and portfolio managers in Ontario ("ICPMs"), including a deficiency report of common and significant deficiencies noted.

CanadaCorporate/Commercial Law
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The Compliance Team (the "Compliance Team") of the Ontario Securities Commission (the "OSC") recently published its compliance report which summarizes the recent activities of the Compliance Team and the results of its compliance reviews over the last 2 years of investment counsel and portfolio managers in Ontario ("ICPMs"), including a deficiency report of common and significant deficiencies noted. A copy of the Compliance Report can be found on the OSC website at the following link: http://www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part3/cmr_20060915_33-724_ann-rpt.pdf

The number one deficiency identified in ICPMs reviewed was inadequate policies and procedures manuals. OSC staff emphasize that clearly documenting and enforcing policies and procedures contributes to a strong compliance environment. Other common deficiencies identified:

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