OSC seeks comments on Enforcement Initiatives

The OSC has released OSC Staff Notice 15-704 Request for Comments on Proposed Enforcement Initiatives which discusses four key issues:

1. New program for explicit No-Enforcement Action Agreement under which a party would explicitly not be subject to OSC enforcement action in exchange for self-reporting matters that may involve breaches of Ontario securities law or activities that would be considered contrary to the public interest, and for cooperating in an investigation.
   
2. New No-Contest Settlement program under which a protective order could be made in the absence of a specific admission by the respondent of a breach of the Securities Act (Ontario).
   
3. Clarified process for self-reporting under the OSC's Credit for Cooperation program to ensure that all parties are informed on how best to self-report and come forward with information.
   
4. Enhanced public disclosure of credit granted for cooperation to provide greater certainty of potential outcome for all parties that may consider self-reporting.

The EMDA will be submitting a comment letter to the OSC on and we would appreciate hearing the views of members to help shape our response: info@emdacanada.com