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ARTICLE · 05 JUNE 2014

Provincial Securities Regulator Seeks Expanded Powers To Combat Fraud And Insider Trading

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OSC has begun discussions with legislators in an effort to expand its powers to include wiretapping rights with respect to parties under investigation.

CanadaCorporate/Commercial Law
Baker & McKenzie
Baker & McKenzie

Ontario Securities Commission (OSC) has begun discussions with legislators and law enforcement agencies in an effort to expand its powers to include wiretapping rights with respect to parties under investigation.

As the country's largest and most influential securities regulator, the OSC's policies and decisions impact the majority of brokerages, mutual funds, and pension funds in the country.  In recent years the OSC has placed emphasis on the need for more comprehensive anti-fraud and law enforcement strategies.

In a prepared speech to the Toronto Region Board of Trade on March 27, 2014, the OSC's chair, Howard Weston, commented that while the regulator "continues to take an aggressive approach to insider illegal trading", he argued the OSC is "missing a key tool that would assist in more effectively enforcing prohibitions against insider trading".

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