OSC publishes updated Service Commitment

TORONTO, June 28, 2022 /CNW/ – The Ontario Securities Commission (OSC) today published an updated Service Commitment, which provides investors, registrants and market participants with transparency on the standards and timelines they can expect when interacting with the OSC.

Following a comprehensive review of all its current commitments and the standards of regulators in leading jurisdictions, the OSC has updated its Service Commitment to provide additional clarity and transparency to stakeholders.

The updated Service Commitment extends changes previously announced in December 2021 to March 31, 2023. These changes expand target timelines related to reviews of certain offering documents, compliance reviews, applications, and other registration materials for which the OSC is principal regulator.  

Among other changes, the updated Service Commitment includes a new service standard for issuing first comment letters in relation to confidential prospectus pre-files submitted to the OSC. A comparison chart outlining all updates to the OSC Service Commitments can be found on the OSC’s website.

While the OSC continues to see a persistent increase in the volume of certain applications and filings, particularly from firms with novel or complex business models, OSC Staff remain committed to meeting their standards consistently and will make every effort to review and process files as quickly as market conditions allow.

The OSC reports quarterly on its performance against its service commitments, with an explanation where a target has not been met.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

Source: newswire.ca