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5 Year Review Committee
Report on the Ontario Securities Act
Securities Review Advisory Committee
1994 - 2003 |
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As a result of the Securities Amendment Act, 1994,
the government was and continues to be required to appoint an independent committee to review
the legislation, regulations and rules relating to matters dealt with by
the Ontario Securities Commission every five years.
The Minister of Finance's Five Year Review Committee
was formed in March 2000. |
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Picture not Available
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Purdy Crawford |
William Riedl
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Carol Hansell |
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Counsel, Osler, Hoskin &
Harcourt LLP |
President
and CEO Fairvest Securities Corporation (Ret'd) |
Partner, Davies Ward
Phillips & Vineberg LLP |
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Helen Sinclair |
David Wilson |
Susan Wolburgh Jenah |
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CEO of BankWorks |
ex - Chair and CEO Scotia
Capital (Now Chair
of the OSC) |
ex-General Counsel and
Director, OSC (Now
President of Investment Dealers Association of Canada) |
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Janet Ecker
(ex-Minister of Finance)
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On May 29, 2003, Ontario Finance Minister Janet Ecker released
the Five Year Review Committee Final Report – Reviewing the
Securities Act (Ontario). This was the culmination of two and
half years of work by the Five Year Review Committee which was
established in 2000 to examine Ontario securities legislation and the
Ontario Securities Commission (OSC). Chaired by Purdy Crawford, the six-member committee made a total of 95
recommendations, some of which the Ontario government had already
implemented based on the committee’s draft report released in May
2002. |
Key recommendations in the committee’s final report include:
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recognizing the distinctive nature of Canada’s capital
markets, including the large proportion of small issuers and
significant number of companies with controlling shareholders
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establishing a single national securities regulator
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continuing to harmonize securities regulation across Canada
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reviewing the current structure of the OSC as a
multi-function agency that performs both regulatory and
adjudicative functions
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increasing oversight of the OSC by undertaking more studies
of its operations to determine their efficiency
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giving the OSC broader powers to make corporate governance
rules, which are currently within the domain of the TSX
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extending to investors in secondary markets the right to sue
for misleading or inadequate disclosure
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streamlining registration requirements for securities
dealers and other participants in the capital markets
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making improvements to the structure of the Investment
Dealers Association of Canada, including the composition of its
disciplinary panels and its board of directors
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requiring stock exchanges and other self-regulatory
organizations to immediately report to the OSC any activity that
appears to violate securities law
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implementing new remedies for investors, such as the right
to go to court directly for an order for restitution or
compensation
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giving the OSC and the courts new enforcement powers.
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Draft Report |
May 29, 2002 |
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Final Report |
May 29, 2003 |
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Submissions |
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