OSC Staff Notice: 11-748 - IOSCO Publishes a Discussion Paper on the Compliance Function at Market Intermediaries

OSC Staff Notice: 11-748 - IOSCO Publishes a Discussion Paper on the Compliance Function at Market Intermediaries

OSC Notice

OSC STAFF NOTICE 11-748

IOSCO PUBLISHES A DISCUSSION PAPER ON

THE COMPLIANCE FUNCTION AT MARKET INTERMEDIARIES

On April 18, 2005, Standing Committee 3 (SC3){1} of the Technical Committee of the International Organization of Securities Commission (IOSCO) published a Discussion Paper, Compliance Function at Market Intermediaries, for public comment.

Due to the changing nature and importance of the compliance function, SC3 believes it is important to identify and discuss principles that should be considered by all market intermediaries and their regulators. The Discussion Paper reviews the current IOSCO Principles for Market Intermediaries and recent initiatives by some regulators in the area of compliance. It also proposes a number of supplementary principles with measures for implementation designed to help market intermediaries increase the effectiveness of their compliance function. In addition, the Discussion Paper raises issues and questions in areas where SC3 would like specific feedback and input from the industry.

The Discussion Paper can be downloaded from IOSCO's website at www.iosco.org (Library -- Public Document #198). It can also be downloaded from the Ontario Securities Commission's website at www.osc.gov.on.ca (International Affairs -- Current Consultations) until after the Technical Committee finalizes the recommendations set out in the Discussion Paper.

The Commission encourages the Canadian investment industry to comment on the Discussion Paper. The comment period will remain open until July 15, 2005. Please submit comments by e-mail to [email protected]. Please include on the subject line of the e-mail "Public Comment on Compliance Function at Market Intermediaries.

Please do not submit comments to the Commission.

Questions may be referred to:

Randee Pavalow
Director
Capital Markets
Ontario Securities Commission
(416) 593-8257
 
Antoinette Leung
Senior Accountant
Market Regulation, Capital Markets
Ontario Securities
(416) 595-8901

April 22, 2005

{1} The Commission is a member of IOSCO, the Technical Committee and SC3. More information about IOSCO and the Commission's participation in IOSCO can be found on the Commission's website at www.osc.gov.on.ca (International Affairs -- Who's Who).