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ARTICLE · 24 JULY 2025

A Fair Share: OSC Finalizes Framework To Return Disgorged Funds To Harmed Investors

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On June 12, 2025, the Ontario Securities Commission (OSC) adopted final Rule 11-502 Distribution of Amounts Received by the OSC under Disgorgement Orders and Payment of Related Administrative Costs...

CanadaFinance and Banking
Sean Maniaci
Sean Maniaci
Camély Gendron
Camély Gendron
Carlo Rescigno
Carlo Rescigno
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On June 12, 2025, the Ontario Securities Commission (OSC) adopted final Rule 11-502 Distribution of Amounts Received by the OSC under Disgorgement Orders and Payment of Related Administrative Costs (Rule 11-502) and Rule 11-503 (Commodity Futures Act) Distribution of Amounts Received by the OSC under Disgorgement Orders and Payment of Related Administrative Costs (Rule 11-503, and together with Rule 11-502, the Rules), and their respective Companion Policies.

In an effort to modernize the process of distributing disgorged amounts to harmed investors, the Rules now provide a transparent and streamlined framework that distributes disgorged funds directly to harmed investors when collected by the OSC under disgorgement orders. The new Rules are expected to take effect in late summer or early fall 2025, once changes to the Securities Act (Ontario) (OSA), the Commodity Futures Act (Ontario) (CFA) and the Securities Commission Act, 2021 (Ontario) (SCA) are enacted.

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