What Is the Ontario Securities Commission?
The Ontario Securities Commission (OSC) is the largest securities regulator in Canada, enforcing securities laws in the province of Ontario. As a crown corporation, the OSC is answerable to the provincial government of Ontario.
Understanding the Ontario Securities Commission (OSC)
The Ontario Securities Commission (OSC) regulates exchanges, alternative trading systems (ATS) and quotation and trade reporting systems (QTRS) in the province of Ontario. Like virtually all securities regulators, the OSC works to maintain market integrity and investor confidence by enforcing securities laws. Specifically, the OSC enforces the Securities Act and the Commodity Futures Act, both of Ontario.
The OSC develops securities rules by consulting with the Canadian public, advisory committees and international organizations. The commission is empowered to take a range of actions to enforce compliance with Ontario securities law. It can issue a cease trade order, order the restatement and refiling of financial statements, and add conditions to a registration. It can also, following an enforcement proceeding, impose sanctions and even fines, but recovering damages for defrauded investors is not within its purview.
The Ontario Securities Commission and SROs
The OSC currently recognizes two self-regulatory organizations (SRO), the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA). The three organizations divide up compliance review duties. The OSC reviews advisers, exempt market dealers, scholarship plan dealers and fund managers. The IIROC reviews investment dealers and futures commission merchants. The MFDA reviews mutual fund dealers. These regulatory bodies may subject a firm to a compliance review based on complaints, as part of a broad sweep or at random.
Limitations of the Ontario Securities Commission
While the OSC’s mandate to “foster fair and efficient markets” may seem quite broad, there are limits on its ability to regulate in legal gray areas. For example, in 2017, Canadian markets were disrupted by illegal short and distort campaigns, in which short sellers spread false information to drive down the price of the stock they’re shorting. When investors demanded the OSC take action, the commission explained that there is often little it can do without specific evidence of intentionally fraudulent statements. That can be difficult to find, and in some cases, short-sellers are rattling markets without relying on false information at all. They are simply identifying a company they believe is overvalued and shorting it while actively campaigning for its price to drop. While the OSC and IIROC have certain tools to put a damper on the short selling of a stock, they are typically averse to using them, fearing their interference may be more disruptive than the short campaign.
FAQs
What Is the Ontario Securities Commission? The Ontario Securities Commission (OSC) is the largest securities regulator in Canada, enforcing securities laws in the province of Ontario. As a crown corporation, the OSC is answerable to the provincial government of Ontario.
What is the difference between CSA and OSC? ›
The OSC is an active member of the Canadian Securities Administrators , which is a forum comprised of the 13 securities regulators of Canada's provinces and territories. The CSA works to foster a nationally coordinated and modernized securities regulatory framework.
What is OSC compliance? ›
The Ontario Securities Commission (OSC) conducts on-site and desk compliance reviews of advisers, exempt market dealers, scholarship plan dealers, and investment fund managers to monitor whether they are complying with Ontario securities law.
What does the OSC regulate? ›
In Ontario, marketplaces, including exchanges and alternative trading systems (ATSs); self-regulatory organizations (SROs); clearing agencies; and investor protection funds are regulated by the Ontario Securities Commission (OSC).
How does the OSC protect investors? ›
The OSC works to protect investors by making and enforcing rules governing the securities industry in Ontario. The Investor Office leads the efforts at the OSC to identify and address investor issues and concerns.
What is the American equivalent of the CSA? ›
CSA (C US) Certification is equivalent to UL Listing because the certification is to US Standards. The CSA (C US) nomenclature is the current version of what was previously called CSA NRTL (Nationally Recognized Testing Laboratory).
What is the difference between CSA and CSA US? ›
If you're in the U.S., make sure your product specification reads “CSA/US.” This way, you're asking for CSA listed products that meet U.S.-based standards. If it only holds the “CSA” label, that means it's verified for use in Canada but hasn't undergone U.S.-based standards testing.
What does OSC mean? ›
O.S.C. is an abbreviation for order to show cause, a court order or the demand of a judge requiring a party to justify or explain why the court should or should not grant a motion or a relief.
What is OSC used for? ›
Open Sound Control (OSC) is a protocol for networking sound synthesizers, computers, and other multimedia devices for purposes such as musical performance or show control. OSC's advantages include interoperability, accuracy, flexibility and enhanced organization and documentation.
What does OSC stand for legal? ›
Order to Show Cause (OSC) Hearing Handout. This handout provides information about the following issues involved in an OSC: 1) Mediation. 2) Custody-Domestic Violence. 3) Child Support.
OSC is an independent agency that protects federal employees from “prohibited personnel practices,” including whistleblower retaliation and unlawful hiring practices, such as nepotism. OSC also provides an independent, secure channel for disclosing and resolving wrongdoing in federal agencies.
What does the OSC cover? ›
Breadcrumb. The Ontario Securities Commission (OSC) is an independent Crown corporation that regulates Ontario's capital markets by making rules that have the force of law and by adopting policies that influence the behaviour of capital markets participants.
What is the role of OSC? ›
Understanding the Ontario Securities Commission (OSC)
Like virtually all securities regulators, the OSC works to maintain market integrity and investor confidence by enforcing securities laws. Specifically, the OSC enforces the Securities Act and the Commodity Futures Act, both of Ontario.
What are the responsibilities of OSC? ›
OSCs coordinate all federal efforts with, and provides support and information to, local, state and regional response communities. An OSC is an agent of either EPA or the U.S. Coast Guard, depending on where the incident occurs. EPA's OSCs have primary responsibility for spills and releases to inland areas and waters.
What are the functions of the OSC? ›
Mandate: 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.
Who does the OSC oversee? ›
The OSC oversees approximately 1,300 firms and 67,000 individuals in Ontario that trade or advise in securities, commodity futures contracts or options, or act as investment fund managers and monitors market participants for compliance with securities laws.
What is the difference between total surface area and CSA? ›
Curved Surface Area (CSA) – It includes the area of all the curved surfaces. Lateral Surface Area (LSA) – It includes the area of all the surface excluding the top and bottom areas. Total Surface Area (TSA) – It includes the area of all the surfaces of the object including the bases.
What is the difference between CSA and CSE? ›
CSA is Cloud Support Associate and CSE is Cloud Support Engineer.... both are L4 (entry-level) tech roles in Amazon. However, sometimes Amazon can ask for 2-4 yrs of experience for CSE roles.
What is the difference between CSA and Csfa? ›
The CSFA test recognizes membership in the Association of Surgical Assistants (ASA). The CSA test recognizes membership in the National Surgical Assistant Association (NSAA). Proof of your membership is required.
What does CSA stand for in office? ›
Opportunity Description: The Customer Service Associate (CSA) is responsible for providing superior customer service by focusing on the individual needs of each customer and recommending the appropriate service while directing the customer as to where to go next, according to the outlined procedures that follow.
