In this section, we will learn in detail about the biggest member of the Canadian Securities Administrators (CSA) – Ontario Securities Commission (OSC). Although there are differences in how each provincial regulator operates, this will give you a better understanding of the features that separate CSA and its Members.

The OSC is an independent regulatory agency of the Government of Ontario responsible for overseeing the capital markets in the province. The OSC’s jurisdiction covers all securities trading, registration, and disclosure activities within Ontario. It derives its authority from Ontario legislation, primarily the Securities Act and the Commodity Futures Act, which empower it to regulate and enforce securities law.

It regulates the following:

  • Public companies issuing securities in Ontario
  • Securities dealers and advisers
  • Investment fund managers
  • Self-regulatory organizations operating in Ontario (e.g., CIRO)
  • Marketplaces like stock exchanges and ATSs
  • Disclosure and compliance of reporting issuers
  • Take-over bids and proxy contests

The OSC can make legally binding rules under the Ontario Securities Act, subject to approval by the Ontario Minister of Finance. These rules have the force of law and include adopting National Instruments in collaboration with the CSA.

So, what does OSC actually do? Let’s look at various departments of OSC for a quick summary.