On November 16, the Ontario Securities Commission (OSC) published OSC Notice 11-791 Statement of Priorities seeking comment on its draft 2021-2022 Statement of Priorities (SoP) to inform its business planning for the 2021-2022 fiscal year ending on March 31, 2022.

The OSC has set out four strategic goals and it has set out the priority initiatives it will pursue in support of those goals for the 2021-2022 fiscal year. The first goal, promoting confidence in Ontario’s capital markets, will be supported by further work to implement projects such as the Client Focused Reforms, policies on mutual fund embedded commissions and deferred sales charges (DSCs), continued consultation on the current self-regulatory organization (SRO) framework, more timely and impactful enforcement action, collaboration on financial literacy initiatives, strengthening OBSI and expansion of the OSC’s systemic risk oversight (focusing on derivatives and investment fund liquidity risks). The second goal of reducing regulatory burden will involve completing the actions identified in the OSC’s existing burden reduction plan. Under the third goal of facilitating financial innovation, the OSC will implement their multi-year plan for the Office of Economic Growth and Innovation and continue the work of LaunchPad in engaging with fintech market participants. The fourth goal, strengthening the organizational foundation of the OSC, involves continuing to develop SEDAR+, modernizing OSC technologies, fostering a culture of inclusion and diversity and continuing to monitor and adapt to the impacts of the Covid-19 pandemic.

Stakeholders are invited to provide written comments on the draft SoP by December 16, 2020 and comments will be considered by the OSC. The OSC will adjust its priorities as necessary to respond to the impact of the Covid-19 pandemic and to accommodate changes resulting from pending recommendations by the Capital Markets Modernization Taskforce as adopted by the Government of Ontario. Any necessary adjustments to the 2021-2022 SoP will be included prior to finalization and publication.

December 11, 2020