Tag Archives: OSC

Client’s Best Interest Not Effectively Achieved by a Specific Rule or Regulation (IIAC Blog)

Client’s Best Interest Not Effectively Achieved by a Specific Rule or Regulation (IIAC Blog)

Professor Mary Condon, former Commissioner of the Ontario Securities Commission (OSC), wrote an Op-Ed in the July 2016 issue of Investment Executive (IE) outlining the OSC’s position on the “best interest” standard.

She argued eloquently that a client best interest standard should be imposed on financial advisors and investment dealers. In her words, investors deserve no less. Condon puts it succinctly: a best interest standard “puts the client’s interests first” in all dealings.

The IIAC weighed in. In a Letter to the Editor I argued regulators should get the rules, guideposts and right culture in place, … Continue reading

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OSC Releases Proposed Exemptions for Foreign Distributions (IIAC Blog)

OSC Releases Proposed Exemptions for Foreign Distributions (IIAC Blog)

The Ontario Securities Commission (OSC) seeks comment on a proposed new rule that would provide issuers with more certainty when they sell securities to investors outside Canada.

If the rule is adopted, issuers will be able to rely on four new exemptions that would eliminate the need for a Canadian prospectus for certain types of distributions outside Canada.

The proposed new rule also provides an exemption from the dealer and underwriter registration requirements for foreign distributions, in certain circumstances. This exemption will make it easier for an issuer to engage the services of a foreign dealer … Continue reading

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A ‘Win’ for the IIAC – Proxy Voting System and Processes (IIAC Blog)

A ‘Win’ for the IIAC – Proxy Voting System and Processes (IIAC Blog)

The IIAC participated in the Canadian Securities Administrators review of the proxy voting system and processes, including through the IIAC’s Proxy Protocol Working Group, to identify cost-effective improvements to the proxy voting infrastructure.

Draft proxy voting protocols were developed with IIAC Member input to provide guidance on the roles and responsibilities of all key participants (i.e. intermediary dealers who submit proxy votes, transfer agents who act as meeting tabulators, vendors acting as proxy agent, and Canada’s central depository for securities) in the proxy voting process, and detail the operational processes for tabulating proxy votes held through intermediary … Continue reading

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The IIAC Applauds Nomination of Maureen Jensen as Chair and Chief Executive Officer of the OSC (IIAC Blog)

The IIAC Applauds Nomination of Maureen Jensen as Chair and Chief Executive Officer of the OSC (IIAC Blog)

The Investment Industry Association of Canada (IIAC) congratulates Maureen Jensen on her nomination as Chair and Chief Executive Officer of the Ontario Securities Commission (OSC).

Ms. Jensen has a deep background in securities regulation, broad business experience, and tested management skills. Her nomination makes eminent good sense. She brings leadership to guide the OSC at a critical juncture—assessing the impact of recent extensive reform and rule-making; working though the transition to a cooperative securities regulator; and finding the right response to the tumultuous and uncertain capital markets, the widespread loss of many small investment dealers and … Continue reading

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Mr. Grant Vingoe Appointed As A New Vice Chair of the OSC (IIOC Blog)

Mr. Grant Vingoe Appointed As A New Vice Chair of the OSC (IIOC Blog)

The Investment Industry Association of Canada (IIAC) is delighted with the announcement that Mr. Grant Vingoe has been named as a new Vice Chairman of the Ontario Securities Commission (OSC).

Mr. Vingoe is a highly respected and accomplished securities lawyer. He was most recently a Partner with the law firm Norton Rose Fulbright US LLP in New York, with his professional duties dedicated to cross-border securities transactions and financial services regulation. He has been deeply involved in regulatory policy matters for the Canadian securities industry and has advised firms on ongoing compliance, governance, and risk management issues. He has also advised senior management of … Continue reading

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The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

In April 2015, the Ontario Securities Commission (OSC) approved changes to the TSX Alpha Exchange trading model. Effective September 2015, Alpha will apply a short processing delay (a speed bump) on orders to counter high-frequency trading and limit fleeting liquidity. Additionally, orders displayed in the Alpha order book will no longer be protected from trade-through (i.e. the execution of an order at a price that is inferior to a displayed bid price or higher than a displayed offer price) under the Order Protection Rule (OPR). 

In response, the Investment Industry Regulatory Organization of Canada (IIROC) announced … Continue reading

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The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC submitted comments to the Ontario Securities Commission (OSC) on the proposed changes to the way in which unsolicited or hostile corporate take-over bids are carried out in Canada. The proposed changes to the rules aim to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company. The IIAC supports the OSC’s objectives, but we have a concern about the extent of time bids must remain open.

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders … Continue reading

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