OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22

AUM Law | Nov 30, 2022

OSC statement of priorities feedback - OSC Seeks Feedback on 2023-24 Statement of Priorities by December 22The Ontario Securities Commission (OSC) has released its most recent draft statement of priorities (SoP) in OSC Notice 11-797 – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2024.

The draft SoP is open for comment until December 22, 2022, and describes the OSC’s key priority initiatives, broken down into one of the following four strategic goals for the year:

  • Building Trust and Fairness in Ontario’s Capital Markets;
    • A key priority under the first goal relates to advancing work on environmental, social, and governance (ESG) disclosures for reporting issuers.
  • Strengthening Investor Safeguards;
    • set out in the draft SoP is to strengthen investor safeguards. One key priority under this goal relates to the Ombudsman for Banking Services and Investments (OBSI). As indicated earlier this year by press release, the CSA is developing a proposal that will provide OBSI with binding decision making authority.

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  • Adapting Regulation to Align with Innovation and Evolving Markets; and
    • The first key priority continues to refer to the crypto asset sector. Actions next year will involve continued application of regulatory obligations to crypto firms while completing the registration or approval process, including obtaining pre-registration undertakings from firms pending completion of the registration or approval process. Actions also include implementing and refining the program for ongoing oversight of crypto asset trading platforms. A stated action may also specifically impact investment funds, as the regulators intend to develop a regulatory framework with appropriate safeguards for how investment funds invest in crypto assets.
  • Enabling the Organization to Deliver Effective Regulation.
    • enabling the organization to deliver effective regulation, the OSC continues to review strategies to attract and retain talent, execute on its inclusion and diversity strategy, and integrate data and processes to support effective decision making and risk monitoring.

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