About

PDF Version

PDF Version

OSC SERVICE COMMITMENT:

Our Service Standards and Timelines


May 2014



About the Ontario Securities Commission

The Ontario Securities Commission (OSC) administers and enforces securities law in the province of Ontario. Our mandate is to provide protection to investors from unfair, improper and fraudulent practices, and foster fair and efficient capital markets and confidence in capital markets.


About the OSC’s Service Commitment Document

The Ontario Securities Commission has created this document to reflect our commitment to accountability and transparency.

The OSC Service Commitment sets out:

  • what you can expect when you deal with the OSC
  • our target timelines for questions and complaints; records requests; and dealing with reviews of offering documents, applications and other filings
  • how you can help us respond to your requests in a timely way

Contacting the Ontario Securities Commission

Ontario Securities Commission
20 Queen Street West, 20th Floor
Toronto, ON M5H 3S8

Local (Toronto)
Toll-free (North America)
TTY
Fax
E-mail
416-593-8314
1-877-785-1555
1-866-827-1295
416-593-8122 (Questions and Complaints)
inquiries@osc.gov.on.ca

Please see the Contact page on our website for full contact information.


What you can expect from us

The OSC strives to be an accessible, accountable and transparent organization. In fulfilling our regulatory functions, we are committed to being responsive to the investing public and those whom we regulate.

We are committed to:

  • doing our best to bring the right skills and expertise to your question or filing
  • advising you of our decisions in a timely manner
  • treating you with courtesy and respect, and conducting ourselves in a professional manner
  • providing an inclusive environment that meets the accessibility needs of individuals with disabilities.

If you give us information, we will collect, store and use that information in accordance with the law. We are committed to respecting your privacy and protecting your personal information.

We will take all reasonable steps to resolve your matter within the timeframes set out in this document. If we are unable to deal with your question, application or other filing in our target timeframe, we commit to keeping you informed of our progress and escalating your matter when necessary.

For information on how the OSC strives to be an accessible organization for individuals with disabilities, see the Accessibility at the OSC page of our website.


When you have a general question or request:

If you have a general question, comment or request, or aren’t sure who to contact, we suggest that you call or email the staff at our Inquiries and Contact Centre, who are trained to deal with your requests. No matter how you contact us, we aim to get back to you as quickly as possible with at least an initial response.


When you have a complaint:

When you have a complaint or tip about potential misconduct relating to securities, the best way to bring it to our attention is to get in touch with our Inquiries and Contact Centre, by phone, email or by filling out the online form on our website. We may be reached by email at inquiries@osc.gov.on.ca or toll-free at 1-877-785-1555.


When you make a filing with us:

We are committed to reviewing and processing your file promptly and professionally, while fulfilling our regulatory responsibilities to address any compliance or policy issues that may arise.

Two key factors may affect the timeliness of our response:

  • the completeness and accuracy of your filings
  • the complexity of the issues they raise

A filing that is complete means a filing of acceptable quality that contains the necessary analysis and addresses relevant policy issues.

Your filing should:

  • be fully compliant with all form requirements
  • include certifications and verifications as required
  • include ancillary documents where appropriate
  • meet our regulatory expectations as set out in our rules, staff notices, practice directives, newsletters, and other publications

The service commitment we make to you above applies when we are acting as your principal regulator. In this context, if the OSC is your “principal regulator” it means that we are acting as the regulator chiefly responsible for reviewing your file. In cases where we are not chiefly responsible, the standards of your particular principal regulator will be applicable.


When you request OSC Records:

If you need to make a request for OSC records, we suggest that you call or email the staff in Records and Information Management. You may contact Records and Information Management staff by phone at 416-593-3735 or by email at record@osc.gov.on.ca.


Service Commitment Summary

The following chart summarizes the service commitment we will apply in our dealings with you.

Item
Description
Timeline
When you have a general question:
General Questions:
Calling the Inquiries and Contact centre
Questions about a routine matter
We will answer your questions on the spot. For more complex matters, we may ask you for more information or documentation or may let you know that we need more time

If you reach voice mail during business hours we will get back to you by the end of the next working day
General Questions:
Emailing or mailing the Inquiries and Contact Centre
Corresponding with a routine matter
We will get back to you on routine matters within 3 working days

For more complex matters we may ask you for more information or let you know we need more time
When you have a complaint:
Complaints:
Advising the Inquiries and Contact Centre
Emailing or mailing the Inquiries and Contact Centre with a complaint
We will acknowledge receipt of your complaint within 2 working days and then work to complete our initial review within 10 business days
When you make a complete filing with us:
Prospectuses
Long form or simplified prospectus
We will send you your first comment letter within 10 working days (target is for 80% or more of all filings received)
Short form prospectus
We will send you your first comment letter within 3 working days (target is for 80% or more of all filings received)
Amendments We will send you a comment letter on your proposed amendment within 3 working days (target is for 80% or more of all filings received)
We aim to complete our review within 40 working days (target is for 80% or more of all filings received)
Completion of review We will complete your review within 40 working days (target is for 80% or more of all filings received)
Note: offerings that raise complex or new policy issues will take longer for OSC to consider
Filing your final prospectus For final prospectus materials filed by 12:00 noon: receipt issued by end of the same working day
Rights-offering Circulars
When you file a rights-offering circular
We will send you our objection letter or comment letter within 10 days (target is for 80% or more of all filings received)
Completing our review
We will complete our review within 40 working days (target is for 80% or more of all filings received)
Exemption Applications
(Excluding market infrastructure entities)
Filing an application for exemptive relief
We will make recommendations on requests for exemptive relief within 40 working days (target is for 80% or more of all exemption applications received)
Note: applications that raise complex or new policy issues will take longer for OSC to consider
Registration Materials:
New business submissions
New business submissions – our response to your application
We will acknowledge your application within 5 working days (target is for 95% or more of all filings received)
New business submissions which have met the prescribed conditions* – our decision on your application
We will make a decision on your application within 90 working days (target is for 80% or more of all filings received)
Registration Materials:
Dealing representatives
New applications and reactivations which have met the prescribed conditions* and are not part of a new business submission
We will make a decision on your application within 5 working days (target is for 80% or more of all filings received)
Registration materials:
Advising representatives, associate advising representatives and CCO’s
New applications and reactivations which have met the prescribed conditions* and are not part of a new business submission
We will make a decision on your application within 20 working days (target is for 80% or more of all filings received)
Notices of termination

Where the individual left the former sponsoring firm in good standing
We will complete a notice of termination within 5 working days (target is for 95% or more of all filings received)
*You are a non-SRO applicant, all questions are answered with sufficient detail, all regulatory obligations are met, there are no concerns with your fitness for registration, and you respond to our request for information in a timely manner
If we don’t hear from you: Closing a file due to inactivity
The timelines above assume you will be prompt and thorough in responding to our requests for information or comment letters. If we do not receive a response within three weeks of sending a request for information or comment letter, we will generally consider the file to be dormant and will take steps to close it. Before closing the file, we will send you another letter asking for a status update and informing you that we will close your file in two weeks unless we receive a response to our request for information or comment letter.
When you request OSC Records:
Requesting OSC records
Calling or emailing Records and Information Management
Requesting copies of company filings or Commission hearing materials* available to the public through Records and Information Management.
We will acknowledge receipt of your request by the end of the next working day and complete your request within 5 working days.

For certain types of requests, including requests for historical company filings or Commission hearing materials, we may ask you for more information or let you know we need more time.
Requesting copies of your OSC registration records and related forms
Calling or emailing Records and Information Management
Registrants requesting copies of their own registration records and related forms
We will acknowledge receipt of your request by the end of the next working day and complete your request within 5 working days.
* Does not include records related to current proceedings before the Commission. They are separately handled through the OSC Registrar.

You can help us meet our service commitments by:

Before phoning or emailing us, please check whether the information you need is on our website at www.osc.gov.on.ca. Market participants should also check if the information can be found in the Securities Act (Ontario) or a related rule, and where possible should get any necessary professional guidance before contacting us.

When you file an application or other document, we ask that you provide us with complete and accurate information and include all prescribed fees. When we ask you for additional information or make other requests related to your matter, we ask that you respond to our requests in a timely manner. This will help us to process your request more efficiently. We also ask that you understand and comply with our deadlines.

We also ask that you appreciate that novel matters and matters that raise policy concerns will require more time.

We also welcome your feedback at any time about how we can improve the way we work. Our contact information can be found at the beginning of this document