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ARTICLE · 17 SEPTEMBER 2025

OSC Adopts Framework To Return Disgorged Funds To Harmed Investors

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On September 1, 2025, the Ontario Securities Commission (OSC) announced that the new statutory framework and related OSC Rules governing the distribution to harmed investors of funds collected under...

CanadaFinance and Banking
Sean Maniaci
Sean Maniaci
Camély Gendron
Camély Gendron
Kanika Vashist
Kanika Vashist
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On September 1, 2025, the Ontario Securities Commission (OSC) announced that the new statutory framework and related OSC Rules governing the distribution to harmed investors of funds collected under OSC disgorgement orders (the Framework) came into effect. To support the Framework, the OSC concurrently launched a new section on its website to inform harmed investors about the distribution process. The Framework applies to disgorgement orders issued on or after September 1, 2025.

This follows the OSC's initial announcement of the Framework on June 12, 2025, which is discussed in greater detail in our insight, A Fair Share: OSC Finalizes Framework to Return Disgorged Funds to Harmed Investors. The landscape prior to the Framework gave power to the Capital Markets Tribunal and the Ontario Superior Court of Justice to make disgorgement orders, with no statutory requirement mandating how the collected funds would be distributed or whether they would be distributed

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