News & Analysis as of

Securities Regulation Capital Markets Ontario Securities Commission (OSC)

Blake, Cassels & Graydon LLP

OSC Finalizes Rules for Distribution of Disgorged Funds to Harmed Investors

On June 12, 2025, the Ontario Securities Commission (OSC) published its final rules to implement a new statutory framework that will facilitate distributing amounts collected by the OSC under disgorgement orders to harmed...more

Blake, Cassels & Graydon LLP

La CVMO propose de nouvelles règles limitant les ventes à découvert avant les appels publics à l’épargne

Le 6 juin 2025, la Commission des valeurs mobilières de l’Ontario (la « CVMO ») a publié un projet de modification (disponible uniquement en anglais) visant le Règlement 48-501 de la CVMO – Négociations pendant les...more

Blake, Cassels & Graydon LLP

OSC Proposes New Rules to Restrict Short Selling Ahead of Offerings of Public Securities

On June 6, 2025, the Ontario Securities Commission (OSC) proposed amendments (Proposed Amendments) to OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions (OSC Rule 48-501) that will, if...more

Stikeman Elliott LLP

OSC Proposes Restrictions on Short Selling in Connection with Offerings

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The Ontario Securities Commission (“OSC”) published for comment proposed amendments to OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions and proposed changes to the related companion...more

Davies Ward Phillips & Vineberg LLP

Making a Profit Is Not Illegal: Capital Markets Tribunal Dismisses Enforcement Proceedings Finding Borrowed Free Trading Shares...

The Ontario Capital Markets Tribunal (Tribunal) recently dismissed enforcement proceedings brought against several respondents by the Ontario Securities Commission (Commission) in Cormark Securities Inc (Re). The Commission...more

Stikeman Elliott LLP

OSC Addresses Use of Cash Collateral for Delayed Basket Securities in ETF Subscriptions

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The Ontario Securities Commission (“OSC”) recently published OSC Staff Notice 81-735 Cash Collateral Use for Delayed Basket Securities in ETF Subscriptions (the “Staff Notice”) regarding the use of cash collateral for ETF...more

Stikeman Elliott LLP

OSC Announces New Exemptions to Support Capital Raising for Early-Stage Ontario Businesses

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On May 9, 2024, the Ontario Securities Commission (“OSC”) announced three new exemptions designed to support capital raising for early-stage businesses in Ontario through the OSC TestLab program. The initiatives include the...more

Stikeman Elliott LLP

OSC Releases 2024-2030 Strategic Plan

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On May 3, 2024, the Ontario Securities Commission (“OSC”) released its 2024-2030 strategic plan (the “Plan”), which sets out the OSC’s goals and priorities for the next six years. The product of a detailed review process, it...more

Stikeman Elliott LLP

Ten LPs + 85 Investors Over Four Years = Unlicensed Trading Allegation from the OSC

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One of the grey areas for real estate development, private equity and venture capital firms (“sponsors”) that serially launch new funds is how frequently a sponsor can come to market with a new fund offering without hitting...more

Stikeman Elliott LLP

The OSC’s Statement of Priorities for 2024-2025: Regulating through Economic and Technological Change

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The Ontario Securities Commission (“OSC”) recently published its proposed Statement of Priorities for 2024-2025 (the “Statement”), outlining the initiatives on which the OSC intends to focus its resources and actions over the...more

Stikeman Elliott LLP

OSC Proposes Fee Increase for Restricted Dealers, Including Crypto Asset Trading Platforms

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The Ontario Securities Commission (“OSC”) recently proposed amendments (the “Proposed Amendments”) to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees (together, the “Fee Rules”) that would introduce two...more

Stikeman Elliott LLP

OSC Explores Use of AI in Capital Markets

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The Ontario Securities Commission (“OSC”) and Ernst & Young LLP recently published Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario (the “Report”), which examines current artificial intelligence...more

Stikeman Elliott LLP

OSC Approves Permanent Exemption from Underwriting Conflicts Disclosure Requirements for Foreign Private Placements

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The Ontario Securities Commission (“OSC”) recently made proposed OSC Rule 33-509 Exemption from Underwriting Conflicts Disclosure Requirements (the “Rule”) to provide a permanent exemption in Ontario from the underwriting...more

Stikeman Elliott LLP

OSC Proposes Permanent Exemption for Federal Financial Institutions from Non-GAAP Disclosure Requirements

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The Ontario Securities Commission (“OSC”) recently announced proposed OSC Rule 52-503 Exemption from Disclosure of a Specified Financial Measure (the “Rule”). If approved by the Minister of Finance (the “Minister”), the Rule...more

Stikeman Elliott LLP

OSC Seeks to Extend Relief for Well-known Seasoned Issuers

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On May 18, 2023, the Ontario Securities Commission (OSC) announced OSC Rule 44-502 Extension to Ontario Instrument 44-501 Certain Prospectus Requirements for Well-known Seasoned Issuers (the Rule). The Rule extends the...more

Dickinson Wright

TSX Amends Rules for Pricing of Public Offerings

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On April 20, 2023, the Toronto Stock Exchange (the “TSX”) adopted, and the OSC provided its notice of approval for, certain amendments (the “Amendments”) to more clearly define the factors that the TSX will now consider when...more

Stikeman Elliott LLP

OSC Enters into MOU with Taiwan FSC

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The Ontario Securities Commission (OSC) recently announced that it has entered into a Memorandum of Understanding (MOU) with the Financial Supervisory Commission (FSC) of Taiwan. The MOU provides for the cooperation and...more

Stikeman Elliott LLP

OSC Enters into Cooperation MOU with NYSDFS

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The Ontario Securities Commission (OSC) recently announced that it has entered into a Memorandum of Understanding (MOU) with the New York State Department of Financial Services (NYSDFS) to facilitate cooperation and the...more

Stikeman Elliott LLP

Changes to Ontario’s Fee Rules To Take Effect in April

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Certain market participants in Ontario’s over-the-counter (OTC) derivatives market will be required to pay an Ontario Securities Commission (OSC) annual participation fee. Reduced fees for most existing fee payers will also...more

Stikeman Elliott LLP

When Investing Becomes A Game: A New OSC Report Looks at the “Gamification” of Investor Behaviour

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In November 2022, the Ontario Securities Commission (OSC) released a report outlining its findings on the effects on investor behaviour of “gamification” and other behavioural techniques employed by digital investment...more

Stikeman Elliott LLP

OSC Extends Temporary Changes to Service Commitments for Prospectus and Other Filings and Announces Updated Service Commitments

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As part of its annual review, the Ontario Securities Commission (OSC) conducted a comprehensive evaluation of its service commitments, including the temporary changes announced on December 7, 2021....more

Stikeman Elliott LLP

Regulators Issue Temporary Exemptions from the OEO Trailer Ban

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The Ontario Securities Commission (OSC) recently announced a temporary exemption from the order execution only (OEO) trailer ban in order to facilitate client transfers and rebates of trailing commissions. Other Canadian...more

Stikeman Elliott LLP

OSC Extends Proficiency Exemption For Alternative Mutual Fund Trading

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The Ontario Securities Commission (OSC) recently announced that it is extending the blanket relief first issued in January 2021 in regards to the proficiency requirements applicable to mutual fund restricted individuals that...more

Stikeman Elliott LLP

OSC and AMF Enter into Amended MOU with ESMA Regarding Monitoring of Central Counterparties With Recognition Conditions

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On January 13, 2022, the Ontario Securities Commission (OSC) announced that it and Quebec’s Autorité des marchés financiers (AMF) have entered into an amended Memorandum of Understanding (MOU) with the European Securities and...more

Stikeman Elliott LLP

OSC Extends Service Commitments for Prospectus and Other Filings

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An increase in the volume and complexity of filings with the Ontario Securities Commission (OSC) has resulted in the temporary extension of review timelines for certain offering documents, compliance reviews, applications and...more

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