Provincial securities regulators in Canada all share the same core mandate—protecting investors, ensuring fair markets, and supporting confidence in the financial system—but they differ in scope, size, and emphasis. Each regulator only has jurisdiction within its province or territory, which means Ontario’s OSC is heavily focused on public issuers and capital markets, Alberta’s ASC pays closer attention to oil and gas financings, and Québec’s AMF regulates not only securities but also insurance and financial services. Larger provinces have more resources and higher enforcement activity, while smaller ones rely more on harmonized national rules through the Canadian Securities Administrators (CSA). Let’s look at a table summarizing the difference between two larger securities commissions and CSA.
|
Category |
CSA (Canadian Securities Administrators) |
Securities Commissions (OSC/BCSC) |
|
Type |
Coordinating umbrella organization / National coordination body of provincial regulators |
Regulatory body under provincial law |
|
Jurisdiction |
Coordinates across all jurisdictions / Canada-wide via members |
Provincial only |
|
Legal Authority |
Not a legal entity – collaboration; relies on members |
Has statutory authority under provincial Securities Acts |
|
Regulates |
Coordinates national securities regulation and harmonization |
All securities activity in Ontario (issuers, registrants, exchanges) |
|
Members/Stakeholders |
All 13 provincial and territorial regulators |
Securities issuers, dealers, registrants in the province |
|
Relationship to Others |
Oversees CIRO as a group |
Members of CSA; oversees CIRO in respective province |
|
Registration |
No – facilitates systems like NRD |
Yes – processes and approves registrants |
|
Enforcement |
No – does not enforce laws directly |
Yes – investigates and prosecutes violations |
|
Policy Development |
Yes – develops national instruments |
Yes – local rules and guidance |
|
Capital Market Oversight |
No – supports harmonization efforts |
Yes – within the province |
|
Investor Protection |
Indirect – through policy and education tools |
Direct – through sanctions and regulation |
|
Makes binding decisions? |
No – relies on member commissions |
Yes – legal authority for orders and penalties |
|
Rule-making powers? |
Yes – drafts national instruments (must be adopted) |
Yes – can issue rules within jurisdiction |
|
Cease trade and enforcement orders |
No |
Yes |
|
National Instruments (e.g., NI 31-103) |
Yes (creates them) |
No (implements them) |
|
Regulatory Sandbox |
Yes (developed CSA sandbox) |
No (uses CSA framework) |
|
National Systems (SEDAR+, NRD, NRS) |
Oversees and maintains |
Uses them |
|
Regulatory Authority |
No |
Yes |
|
Enforcement Powers |
No |
Yes |
|
Provincial Scope |
No |
Yes |
|
National Coordination |
Yes |
No |
|
Creates Binding Local Rules |
No (requires adoption) |
Yes |
|
Develops Harmonized National Policies |
Yes |
No |
This should give you some understanding of the separation in functions of the two regulatory bodies. Now let’s look at the enforcement powers of OSC for better understanding of how securities commissions operate.