April 15, the Compliance and Registrant Regulation (CRR) Branch at the Ontario Securities Commission (OSC) emailed registrants to indicate that it had enhanced and clarified its processes to lift close supervision and strict supervision terms and conditions (T&Cs) imposed on individual registrants at firms. This initiative is part of the OSC’s regulatory burden reduction program. Sponsoring firms will be able to submit requests to remove such T&Cs through an online portal. The OSC has published guidance describing the process and indicating the types of information a firm should submit to support a request for expedited review.
On the same day, the CRR Branch also released guidance on its process to reactivate the registration of an individual coming off a suspension imposed by the Mutual Fund Dealers Association (MFDA). CRR staff indicated that, provided certain criteria are met, they will apply an expedited review process that does not re-examine the facts giving rise to the MFDA’s disciplinary action and that aims to process the request within five business days of its receipt.
AUM Law has substantial experience handling individual applications for registration (including reactivations) and engaging with regulators with respect to T&Cs that have been or may be imposed on individuals. We can help you prepare submissions to have T&Cs lifted or re-activate registration. Please contact us to discuss how we can help.
April 30, 2020