News Release
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Ontario Securities
Commission
20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
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Commission des valeurs mobilières de l'Ontario
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FOR IMMEDIATE RELEASE
April 16, 2008 |
OSC Chair says Action Needed Now
to Strengthen Canada’s Securities Enforcement System
TORONTO – Ontario Securities Commission (OSC) Chair David Wilson today outlined six steps that would strengthen Canada’s securities enforcement system and provide better protection to investors and the capital markets. “We know what the problems are. We know what the solutions are. It’s time to act.” Mr. Wilson said.
In a speech to the Economic Club of Toronto, the OSC Chair said the six steps that can be taken now are:
- the creation of a common securities regulator
- study investigative summons idea
- improved information-sharing processes
- streamlining the assessment of enforcement cases
- sharing of highly-skilled resources and
- using existing statutory powers to get money back.
“While not a silver bullet, there is no doubt that a common regulator would improve enforcement in Canada,” Mr. Wilson said. “The Government of Ontario and the OSC’s Minister – Finance Minister Dwight Duncan – have expressed strong support for a common securities regulator. I fully support them on this issue.”
Mr. Wilson said the current securities enforcement structure is often referred to as the enforcement mosaic. “The overall securities enforcement mosaic is, in its way, very Canadian: complex, and heavily reliant on collaboration and cooperation. This complex structure can be changed or organized to function better. But for now, this mosaic is the system we have to work with. It’s the hand we’ve been dealt.
“In this country, we have the resources, the skills, and the ideas to make securities regulation more effective,” Mr. Wilson said. “Fortunately, I’ve seen the appetite for change within the enforcement mosaic. It seems all we need is the will to make it happen.”
Mr. Wilson said the OSC, as Canada’s largest securities regulator, recognizes it has a responsibility to lead and cooperate effectively within the current enforcement mosaic. It is a responsibility the OSC accepts, he said, calling on everyone to do more to increase understanding of the existing regulatory system. “As Chair of the OSC, I want to contribute to that effort,” Mr. Wilson said.
For a complete text of “Securities Enforcement in Canada: Strengthening the System” and supporting powerpoint presentation, please refer to the “Speeches” section of the OSC website (www.osc.gov.on.ca).
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