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OSC Notice 11-798 – Statement of Priorities – Request for Comments Regarding Statement of Priorities for Fiscal Year 2024-2025
Letter Summary:
Each year the Ontario Securities Commission (OSC) delivers a Business Plan to the Minister of Finance and publishes it on its website. The Business Plan includes the priorities the Commission will undertake in the upcoming fiscal year in connection with the OSC’s mandate, and the legislation that the OSC administers.
Before finalizing the priorities included in the annual Business Plan, the priorities are summarized and published by the OSC in a proposed Statement of Priorities (SoP). The proposed SoP provides a listing of the priorities and associated activities, with a summary of the reasons for the adoption of these priorities. Stakeholder comment and feedback is requested on the priorities included in the proposed SoP.
This proposed SoP supports the OSC’s commitment to be both effective and accountable in delivering on its mandate to provide protection to investors from unfair, improper or fraudulent practices; to foster fair, efficient and competitive capital markets and confidence in capital markets; to foster capital formation; and to contribute to the stability of the financial system and the reduction of systemic risk.
The proposed SoP for the fiscal year 2024-2025 has a 30-day comment period. The OSC will consider stakeholder comments and make any necessary revisions prior to finalizing and publishing its final 2024-2025 Statement of Priorities within the Business Plan for the Fiscal Years Ending 2025-2027.
Overview of the Council’s Comments:
The Ontario Securities Commission (OSC) is seeking stakeholder feedback on its Statement of Priorities 2024-2025 included in its annual Business Plan submitted to the Minister of Finance. The proposed SoP provides a listing of the priorities and associated activities, with a summary of the reasons for the adoption of these priorities.
The CAC acknowledges the challenges the OSC faces in formulating its annual SoP and that not every issue can be of central focus. However, in our view, the issues as outlined in our response letter warrant further consideration.
In addition, the CAC proposes that the OSC also include another priority in the SoP to address the restrictive interpretation of sufficient relevant investor management experience (RIME). We would encourage the OSC to address the concerns of market participants through a clear plan articulated in the SoP and accompanied by a commitment to an expedited regulatory policy project.