OSC can now come knocking in your inbox

The Ontario Securities Commission (OSC) now has the ability to serve enforcement summonses electronically, fulfilling one of the recommendations made in 2021 by the Capital Markets Modernization Taskforce.

Ontario’s government announced that changes to provincial securities legislation, including provisions to make it easier for the OSC to serve firms and people in enforcement investigations, took effect on July 1.

Last fall, the government consulted on proposed legislative changes, which were based on the Taskforce’s final report from 2021. The moves are intended to provide the OSC with greater flexibility and to reduce delays in serving summonses. They’re also aimed at improving the efficiency of its investigations — and, ultimately, to bolster investor protection.

“The current operational costs and time associated with executing the personal service of summonses will be reduced as the OSC will have broader, more-cost effective means to serve summonses,” the government said in its proposals.

At the same time, the targets of investigative summonses “will benefit from the discretion” when they can be served electronically, rather than in person, it noted.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.