OSC Service Commitment
Our Service Standards and Timelines
Please note that earlier this year, the OSC announced changes to some service standard timelines and targets as part of its 2024 Annual Service Commitment Review. Subsequently, the OSC has made some additional changes following its 2024 Mid-Year Service Commitment Review.
Introduction
About the Ontario Securities Commission
The Ontario Securities Commission (OSC) is an independent Crown corporation that is responsible for regulating the capital markets in Ontario. Our statutory mandate is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk.
Contacting the Ontario Securities Commission
Mailing Address
Ontario Securities Commission
20 Queen Street West, 22nd Floor
Toronto, ON M5H 3S8
Investors and Market Participants: Inquiries and Complaints
| Local (Toronto) | 416-593-8314 |
|---|---|
| Toll-free (North America) | 1-877-785-1555 |
| TTY | 1-866-827-1295 |
| Fax | 416-593-8122 |
| [email protected] |
Please see the Contact page on our website for full contact information.
What you can expect from us
The OSC strives to be an accessible, accountable and transparent organization. In fulfilling our regulatory functions, we are committed to being responsive to investors and those whom we regulate. The Ontario Securities Commission has created this document to reflect our commitment to accountability and transparency.
This Service Commitment document sets out:
- what you can expect when you deal with the OSC
- how you can help us provide high quality service
- our target timelines for: questions and complaints; records requests; dealing with reviews of offering documents, applications and other filings; and certain compliance reviews.
The service commitments we make to those whom we regulate (here, “you”) applies when we are acting as your principal regulator. In this context, if the OSC is your “principal regulator” it means that we are acting as the regulator primarily responsible for reviewing your file. Where this is not the case, the standards of your principal regulator will apply.
We will take all reasonable steps to address your matter within the timeframes set out in this document. If we are unable to deal with your question, application, other filing, or review in our target timeframe, we commit to keeping you informed of our progress and escalating your matter when necessary.
We also ask that you appreciate that matters that are complex or raise new policy issues will require more time. We are committed to providing regular touchpoints to advise you of our progress for these types of matters at a minimum of every two weeks.
We report quarterly on our performance against our service standards, with an explanation where a target has not been met.
The OSC reviews its service commitments, including the service standards listed in this document, on an annual basis and incorporates updates as necessary.
We are committed to:
- doing our best to bring the right skills and expertise to your question or filing
- advising you of our decisions in a timely manner
- treating you with courtesy and respect, and conducting ourselves in a professional manner
- providing an inclusive environment that meets the accessibility needs of individuals with disabilities.
If you give us information, we will collect, store and use that information in accordance with the Freedom of Information and Protection of Privacy Act (FIPPA). We are committed to respecting your privacy and protecting your personal information.
For information on how the OSC strives to be an accessible organization for individuals with disabilities, see the Accessibility at the OSC page of our website.
For information on any regulatory processes not covered in this Service Commitment, see our website at osc.ca.
When you have a question or complaint
If you are a market participant or an investor and have a question, complaint, or tip, the best way to bring it to our attention is to get in touch with our Inquiries and Contact Centre staff who are trained to deal with your requests. You can contact us by phone, email, fax, mail, or by filling out the online form on our website.
We may be reached by email at [email protected] or toll-free at 1-877-785-1555. Please see the Contact page on our website for full contact information.
When you make a filing with us
We are committed to reviewing and processing your file promptly and professionally, while fulfilling our regulatory responsibilities to address any compliance or policy issues that may arise.
Three key factors may affect the timeliness of our response:
- the completeness and accuracy of your filings
- the complexity of the issues they raise
- the speed of your response to our inquiries
A filing that is complete means a filing of acceptable quality that contains all the key facts, the necessary analysis and addresses relevant policy issues.
Your filing should:
- be fully compliant with all form requirements
- include certifications and verifications as required
- include ancillary documents where appropriate
- meet our regulatory expectations as set out in our rules, staff notices, practice directives, newsletters, and other publications
- include the filing fee, if applicable
Information about fees is set out in OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees. Additional guidance can be found in Companion Policy 13-502CP Fees You can submit a request in writing for a waiver of late fees related to:
- SEDI filings - [email protected]
- Reports of Exempt Distribution - [email protected]
- Registration filings - [email protected].
We remind market participants that fee waiver requests are considered on a case-by-case basis.
If you are selected for a review
If you are selected for a review, we are committed to completing our review in a timely manner while fulfilling our regulatory responsibilities to address any compliance or policy issues that may arise.
For further information on various types of reviews the OSC performs, refer to the pages on our website:
When you request OSC Records
If you need to make a request for OSC records, contact the staff in Records and Information Management by phone at 416-593-3735 or by email at [email protected].
You can help us provide high quality service
Before phoning or emailing us, please check whether the information you need is on our website at www.osc.ca. Market participants should also check if the information can be found in the Securities Act (Ontario) or a related rule, or the Commodity Futures Act, and where possible should get any necessary professional guidance before contacting us.
When you file an application or other document, we ask that you provide us with complete and accurate information and include all prescribed fees. When we ask you for additional information or make other requests related to your matter, we ask that you respond to our requests in a timely manner. This will help us to process your request or complete your review more efficiently. We also ask that you understand and comply with our deadlines.
We also welcome your feedback at any time about how we can improve the way we work. Our contact information can be found at the beginning of this document.
If we don’t hear from you - Closing a file due to inactivity
The service standards below for routine matters assume you will be prompt and thorough in responding to our requests for information or comment letters. If we do not receive a response within three weeks of sending a request for information or comment letter, we will generally consider the file to be dormant and will take steps to close it. Before closing the file, we will communicate with you to ask for a status update and inform you that we will close your file in two weeks unless we receive a substantive response to our request for information or comment letter.
Service Standards
The following chart outlines the service standards we will apply i
The following chart outlines the service standards we will apply in our dealings with you effective April 1, 2024 (refer to the 2024 Annual Service Commitment Review for a summary of recent changes). These service standards are our commitment to the timelines and targets investors, registrants and market participants can expect when interacting with the OSC.
When you have a general question or complaint
| Description | Service Standard |
|---|---|
| Calling the OSC Inquires and Contact Centre | 1.1 Answer 95% or greater of telephone calls received. (Note: This target accounts for a 5% call abandonment rate which may include spam, robocalls, misdials and signal issues among other uncontrollable variables.) 1.2 Answer 80% of calls received within 60 seconds. We will answer your questions or concerns on the spot. For more complex matters, we may ask you for more information or documentation or may let you know that we need more time. If you reach voice mail during business hours, we will get back to you the same day or by the end of the next working day. |
| Written inquires or complaints received by e-mail, mail, fax, or online form | 1.3 We will respond to you on routine matters within 5 working days or less (target is 95% of all written inquiries and complaints received). For more complex matters we may ask you for more information or let you know we need more time. |
When you contact us about investing and personal finance questions via InvestingQuestions.ca
| Description | Service Standard |
|---|---|
| When asking a question through InvestingQuestions.ca | 2.1 We will respond to your question within 10 working days of receiving the question (target is for 80% of all questions received). For more complex matters we may ask you for more information or let you know we need more time. For questions that fall outside of the mandate of the OSC, our response may not be published to the website, but we will respond by email. |
When you make a filing with us
Prospectus: Filing for a confidential prospectus pre-file, preliminary or pro forma prospectus
| Description | Service Standard |
|---|---|
| Issuing comment letters for confidential prospectus pre-file, long form prospectus or simplified prospectus | 3.1 We will provide a first comment letter within 10 working days of the date of the preliminary receipt (for preliminary filings) or acknowledgment of receipt (confidential prospectus pre-file) and related materials in acceptable form (target is for 80% or more of all filings received). |
| Issuing comment letters for short form prospectus or shelf prospectus | 3.2 We will provide a first comment letter within 3 working days of the date of the preliminary receipt and related materials in acceptable form (target is for 80% or more of all filings received). |
| Completion of review | 3.3 We will complete our review for routine offerings within 40 working days of the issuance of a receipt (for preliminary filings) and receipt of related materials in acceptable form (target is for 80% or more of all routine filings received). Note: Offerings that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every 2 weeks. |
| Filing your final prospectus | 3.4 For final prospectus materials filed by 12:00 noon: receipt will be issued by end of the same working day provided materials are in acceptable form. |
Prospectus Amendments: Filing an amendment to a preliminary or current prospectus
When filing a preliminary prospectus amendment before the OSC issues a comment letter relating to the preliminary prospectus materials:
| Description | Service Standard |
|---|---|
| Long form prospectus or simplified prospectus | 3.5 We will issue our comment letter on the later of the date that is 5 working days after the date of the receipt for the preliminary prospectus amendment and the original due date for the comment letter (target is for 90% or more of all filings received). |
| Short form prospectus or shelf prospectus | 3.6 We will issue our comment letter on the later of the date that is 3 working days after the date of the receipt for the preliminary prospectus amendment and the original due date for the comment letter (target is for 80% or more of all filings received). |
When filing an amendment to a prospectus after a final receipt has been issued by the OSC:
| Description | Service Standard |
|---|---|
| Long form prospectus or simplified prospectus | 3.7 We will issue our comment letter 3 working days after the date that related materials are received in acceptable form (target is for 80% or more of all filings received). |
| Short form prospectus or shelf prospectus | 3.8 We will issue our comment letter 2 working days after the date that related materials are received in acceptable form (target is for 80% or more of all filings received). |
Providing our decision on amendment filings:
| Description | Service Standard |
|---|---|
| Completion of review | 3.9 We will complete our review for routine offerings within 40 working days of the issuance of a receipt (for the preliminary filings) and receipt of related materials in acceptable form (target is for 85% or more of all routine filings received). Note: Offerings that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every 2 weeks. |
Exemption Application: Filing an application for exemptive relief (excluding exemption from recognition applications for market infrastructure entities)
| Description | Service Standard |
|---|---|
| Issuing comment letters | 4.1 We will issue a first comment letter within 10 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all applications received). |
| Providing our decision | 4.2 We will make a decision on requests for routine exemptive relief within 40 working days of receiving a complete and adequate application (target is for 80% or more of all routine exemption applications received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Management Information Circular: Filings for Conflict of Interest Transactions
| Description | Service Standard |
|---|---|
| Conflict of Interest Transactions | 5.1 We will provide comments, if applicable, within 5 working days from the date of filing of the circular (target is 80% or more on all filings received). |
| Completion of review | 5.2 We will complete our review within 14 working days from the date of filing of the circular (target is 80% or more of all filings received). |
Take-Over / Issuer Bid Circulars
| Description | Service Standard |
|---|---|
| Filing a Take-Over Bid / Issuer Bid Circular | 5.3 We will provide comments, if applicable, within 7 working days from the date of filing of the circular (target is 80% or more on all filings received). |
| Completion of review | 5.4 We will complete our review within 21 working days from the date of filing of the circular (target is 80% or more of all filings received). |
Registration Materials: New business submissions
| Description | Service Standard |
|---|---|
| Our acknowledgement of your application | 6.1 We will acknowledge your application within 5 working days after receipt of the application (target is for 95% or more of all filings received). |
| Our response to your application | 6.2 We will provide our initial comments on your firm registration application within 30 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all filings received). |
| Providing our decision on applications for new business submissions that have met the prescribed conditions1 | 6.3 We will make a decision on routine applications and notify you within 120 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Registration Materials: Dealing representatives
| Description | Service Standard |
|---|---|
| New applications and reactivations that have met the prescribed conditions2 and are not part of a new business submission | 6.4 We will make a decision on routine applications within 10 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Registration materials: Advising representatives, associate advising representatives and CCO’s
| Description | Service Standard |
|---|---|
| New applications and reactivations that have met the prescribed conditions2 and are not part of a new business submission | 6.5 We will make a decision on routine applications within 30 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Notices of End of Individual Registration or Permitted Individual Status
| Description | Service Standard |
|---|---|
| Where the individual left the former sponsoring firm in good standing | 6.6 We will complete our acknowledgement of a Notice of End of Individual Registration or Permitted Individual Status within 24 hours of receipt for routine filings (target is for 100% of all filings received). |
If you are selected for review3
Continuous Disclosure Reviews (Full Reviews)
| Description | Service Standard |
|---|---|
| Issuing comment letters | 7.1 We will respond to the issuer’s correspondence within 10 working days of receiving the correspondence (target is for 80% or more of all reviews). |
| Completion of review | 7.2 We will complete our review within 120 days from the issuance of our first comment letter (target is for 80% or more of all reviews). Issue-oriented review times vary significantly based on the nature of the review. We will provide regular touchpoints to advise you of our progress at least every two weeks. |
Insider Reporting Reviews
| Description | Service Standard |
|---|---|
| Issuing comment letters | 7.3 We will respond to the issuer’s correspondence within 10 working days of receiving the correspondence (target is for 80% or more of all reviews). |
| Completion of review | 7.4 We will complete our review within 120 days from the issuance of our first comment letter (target is for 80% or more of all reviews). |
Compliance Reviews: Registrants
| Description | Service Standard |
|---|---|
| Risk-based assessment of the registrant’s compliance with Ontario securities laws and commodity futures laws | 7.5 We will complete our review and communicate our findings for ordinary course compliance reviews within 14 weeks of the initial meeting with the registrant (target is for 80% or more of all reviews, excluding sweeps.) For reviews conducted as a sweep, the findings are coordinated across all firms selected for the sweep and, as a result, it will take longer for staff to communicate our findings. Note: In general, the time spent on a review depends on the quality and effectiveness of your existing compliance program as well as the availability of key personnel and prompt responses to our requests for information. |
When you request OSC Records
Requesting OSC records: Calling or emailing Records and Information Management
| Description | Service Standard |
|---|---|
| Requesting copies of company filings or Tribunal hearing materials4 available to the public through Records and Information Management | 8.1 We will acknowledge receipt of your request by the end of the next working day. 8.2 We will complete your request within 5 working days (target is 90% or more for all requests). For certain types of requests, including requests for historical company filings or Tribunal hearing materials, we may ask you for more information or let you know we need more time. |
Requesting copies of your OSC registration records and related forms: Calling or emailing Records and Information Management
| Description | Service Standard |
|---|---|
| Individuals requesting copies of their own registration records and related forms5 | 8.3 We will acknowledge receipt of your request by the end of the next working day. 8.4 We will complete your request within 5 working days (target is 90% or more for all requests). |
If you request support from OSC LaunchPad
Requests for Support (RFS) Form
| Description | Service Standard |
|---|---|
| Our acknowledgement of your RFS Form | 9.1 We will acknowledge within 2 working days of receipt of your RFS form (target is for 100% of all RFS forms reviewed). |
| Eligibility review | 9.2 We will contact you within 10 working days of receipt of your complete RFS form (target is for 80% of all RFS forms received). If your business is eligible for OSC LaunchPad support, we will reach out to schedule a meeting. If your business is not eligible for OSC LaunchPad support, we will provide feedback. |
| Providing support for eligible businesses | 9.3 A telephone call or in-person meeting will be held to provide direct support within 20 working days of receipt of your complete RFS Form (target is for 80% of all meetings scheduled). |
| Request for additional materials or filings | 9.4 Following this meeting, if you are eligible to receive continued support from OSC LaunchPad, we may ask you to provide us with additional materials or a filing within 20 working days of your direct support meeting (target is for 80% of all meetings scheduled). If we do not receive the requested additional materials/filing, we will generally consider the file to be dormant and will take steps to close it. Refer to the “If we don’t hear from you” section above for more information. |
Last Updated: September 25, 2024
Footnotes
1 Registration applications for firms applying to the OSC are subject to this service standard under the following conditions: all questions are answered with sufficient detail, all regulatory obligations are met, there are no concerns with your fitness for registration, and you respond to our request for information in a timely manner. If you are seeking membership with the Canadian Investment Regulatory Organization, your firm registration application is not subject to this service standard.
2 Registration applications for individuals applying to the OSC are subject to this service standard under the following conditions: all questions are answered with sufficient detail, all regulatory obligations are met, there are no concerns with your fitness for registration, and you respond to our request for information in a timely manner. If you are applying as a dealing representative or chief compliance officer of an investment dealer firm, where the registration function is delegated to the Canadian Investment Regulatory Organization, the application is not subject to this service standard..
3 Note: Complete information and timely responses will help facilitate a timely review. Reviews that are complex, raise new policy issues, that involve concurrent regulatory files, or require further regulatory action take longer for the OSC to complete. We will provide regular touchpoints to advise you of our progress at a minimum of every two weeks.
4 Does not include records related to current proceedings before the Tribunal. They are separately handled through the OSC Registrar.
5 This service standard is subject to the condition that the individual’s records are accessible on the National Registration Database.
n our dealings with you effective April 1, 2024 (refer to the 2024 Annual Service Commitment Review for a summary of recent changes). These service standards are our commitment to the timelines and targets investors, registrants and market participants can expect when interacting with the OSC.
When you have a general question or complaint
| Description | Service Standard |
|---|---|
| Calling the OSC Inquires and Contact Centre | 1.1 Answer 95% or greater of telephone calls received. (Note: This target accounts for a 5% call abandonment rate which may include spam, robocalls, misdials and signal issues among other uncontrollable variables.) 1.2 Answer 80% of calls received within 60 seconds. We will answer your questions or concerns on the spot. For more complex matters, we may ask you for more information or documentation or may let you know that we need more time. If you reach voice mail during business hours, we will get back to you the same day or by the end of the next working day. |
| Written inquires or complaints received by e-mail, mail, fax, or online form | 1.3 We will respond to you on routine matters within 5 working days or less (target is 95% of all written inquiries and complaints received). For more complex matters we may ask you for more information or let you know we need more time. |
When you contact us about investing and personal finance questions via InvestingQuestions.ca
| Description | Service Standard |
|---|---|
| When asking a question through InvestingQuestions.ca | 2.1 We will respond to your question within 10 working days of receiving the question (target is for 80% of all questions received). For more complex matters we may ask you for more information or let you know we need more time. For questions that fall outside of the mandate of the OSC, our response may not be published to the website, but we will respond by email. |
When you make a filing with us
Prospectus: Filing for a confidential prospectus pre-file, preliminary or pro forma prospectus
| Description | Service Standard |
|---|---|
| Issuing comment letters for confidential prospectus pre-file, long form prospectus or simplified prospectus | 3.1 We will provide a first comment letter within 10 working days of the date of the preliminary receipt (for preliminary filings) or acknowledgment of receipt (confidential prospectus pre-file) and related materials in acceptable form (target is for 80% or more of all filings received). |
| Issuing comment letters for short form prospectus or shelf prospectus | 3.2 We will provide a first comment letter within 3 working days of the date of the preliminary receipt and related materials in acceptable form (target is for 80% or more of all filings received). |
| Completion of review | 3.3 We will complete our review for routine offerings within 40 working days of the issuance of a receipt (for preliminary filings) and receipt of related materials in acceptable form (target is for 80% or more of all routine filings received). Note: Offerings that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every 2 weeks. |
| Filing your final prospectus | 3.4 For final prospectus materials filed by 12:00 noon: receipt will be issued by end of the same working day provided materials are in acceptable form. |
Prospectus Amendments: Filing an amendment to a preliminary or current prospectus
When filing a preliminary prospectus amendment before the OSC issues a comment letter relating to the preliminary prospectus materials:
| Description | Service Standard |
|---|---|
| Long form prospectus or simplified prospectus | 3.5 We will issue our comment letter on the later of the date that is 5 working days after the date of the receipt for the preliminary prospectus amendment and the original due date for the comment letter (target is for 90% or more of all filings received). |
| Short form prospectus or shelf prospectus | 3.6 We will issue our comment letter on the later of the date that is 3 working days after the date of the receipt for the preliminary prospectus amendment and the original due date for the comment letter (target is for 80% or more of all filings received). |
When filing an amendment to a prospectus after a final receipt has been issued by the OSC:
| Description | Service Standard |
|---|---|
| Long form prospectus or simplified prospectus | 3.7 We will issue our comment letter 3 working days after the date that related materials are received in acceptable form (target is for 80% or more of all filings received). |
| Short form prospectus or shelf prospectus | 3.8 We will issue our comment letter 2 working days after the date that related materials are received in acceptable form (target is for 80% or more of all filings received). |
Providing our decision on amendment filings:
| Description | Service Standard |
|---|---|
| Completion of review | 3.9 We will complete our review for routine offerings within 40 working days of the issuance of a receipt (for the preliminary filings) and receipt of related materials in acceptable form (target is for 85% or more of all routine filings received). Note: Offerings that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every 2 weeks. |
Exemption Application: Filing an application for exemptive relief (excluding exemption from recognition applications for market infrastructure entities)
| Description | Service Standard |
|---|---|
| Issuing comment letters | 4.1 We will issue a first comment letter within 10 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all applications received). |
| Providing our decision | 4.2 We will make a decision on requests for routine exemptive relief within 40 working days of receiving a complete and adequate application (target is for 80% or more of all routine exemption applications received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Management Information Circular: Filings for Conflict of Interest Transactions
| Description | Service Standard |
|---|---|
| Conflict of Interest Transactions | 5.1 We will provide comments, if applicable, within 5 working days from the date of filing of the circular (target is 80% or more on all filings received). |
| Completion of review | 5.2 We will complete our review within 14 working days from the date of filing of the circular (target is 80% or more of all filings received). |
Take-Over / Issuer Bid Circulars
| Description | Service Standard |
|---|---|
| Filing a Take-Over Bid / Issuer Bid Circular | 5.3 We will provide comments, if applicable, within 7 working days from the date of filing of the circular (target is 80% or more on all filings received). |
| Completion of review | 5.4 We will complete our review within 21 working days from the date of filing of the circular (target is 80% or more of all filings received). |
Registration Materials: New business submissions
| Description | Service Standard |
|---|---|
| Our acknowledgement of your application | 6.1 We will acknowledge your application within 5 working days after receipt of the application (target is for 95% or more of all filings received). |
| Our response to your application | 6.2 We will provide our initial comments on your firm registration application within 30 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all filings received). |
| Providing our decision on applications for new business submissions that have met the prescribed conditions1 | 6.3 We will make a decision on routine applications and notify you within 120 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Registration Materials: Dealing representatives
| Description | Service Standard |
|---|---|
| New applications and reactivations that have met the prescribed conditions2 and are not part of a new business submission | 6.4 We will make a decision on routine applications within 10 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Registration materials: Advising representatives, associate advising representatives and CCO’s
| Description | Service Standard |
|---|---|
| New applications and reactivations that have met the prescribed conditions2 and are not part of a new business submission | 6.5 We will make a decision on routine applications within 30 working days of receiving a complete and adequate application in acceptable form (target is for 80% or more of all routine filings received). Note: Applications that are complex or raise new policy issues take longer for the OSC to review; we will provide regular touchpoints to advise you of our progress at a minimum of every two weeks. |
Notices of End of Individual Registration or Permitted Individual Status
| Description | Service Standard |
|---|---|
| Where the individual left the former sponsoring firm in good standing | 6.6 We will complete our acknowledgement of a Notice of End of Individual Registration or Permitted Individual Status within 24 hours of receipt for routine filings (target is for 100% of all filings received). |
If you are selected for review3
Continuous Disclosure Reviews (Full Reviews)
| Description | Service Standard |
|---|---|
| Issuing comment letters | 7.1 We will respond to the issuer’s correspondence within 10 working days of receiving the correspondence (target is for 80% or more of all reviews). |
| Completion of review | 7.2 We will complete our review within 120 days from the issuance of our first comment letter (target is for 80% or more of all reviews). Issue-oriented review times vary significantly based on the nature of the review. We will provide regular touchpoints to advise you of our progress at least every two weeks. |
Insider Reporting Reviews
| Description | Service Standard |
|---|---|
| Issuing comment letters | 7.3 We will respond to the issuer’s correspondence within 10 working days of receiving the correspondence (target is for 80% or more of all reviews). |
| Completion of review | 7.4 We will complete our review within 120 days from the issuance of our first comment letter (target is for 80% or more of all reviews). |
Compliance Reviews: Registrants
| Description | Service Standard |
|---|---|
| Risk-based assessment of the registrant’s compliance with Ontario securities laws and commodity futures laws | 7.5 We will complete our review and communicate our findings for ordinary course compliance reviews within 14 weeks of the initial meeting with the registrant (target is for 80% or more of all reviews, excluding sweeps.) For reviews conducted as a sweep, the findings are coordinated across all firms selected for the sweep and, as a result, it will take longer for staff to communicate our findings. Note: In general, the time spent on a review depends on the quality and effectiveness of your existing compliance program as well as the availability of key personnel and prompt responses to our requests for information. |
When you request OSC Records
Requesting OSC records: Calling or emailing Records and Information Management
| Description | Service Standard |
|---|---|
| Requesting copies of company filings or Tribunal hearing materials4 available to the public through Records and Information Management | 8.1 We will acknowledge receipt of your request by the end of the next working day. 8.2 We will complete your request within 5 working days (target is 90% or more for all requests). For certain types of requests, including requests for historical company filings or Tribunal hearing materials, we may ask you for more information or let you know we need more time. |
Requesting copies of your OSC registration records and related forms: Calling or emailing Records and Information Management
| Description | Service Standard |
|---|---|
| Individuals requesting copies of their own registration records and related forms5 | 8.3 We will acknowledge receipt of your request by the end of the next working day. 8.4 We will complete your request within 5 working days (target is 90% or more for all requests). |
If you request support from OSC LaunchPad
Requests for Support (RFS) Form
| Description | Service Standard |
|---|---|
| Our acknowledgement of your RFS Form | 9.1 We will acknowledge within 2 working days of receipt of your RFS form (target is for 100% of all RFS forms reviewed). |
| Eligibility review | 9.2 We will contact you within 10 working days of receipt of your complete RFS form (target is for 80% of all RFS forms received). If your business is eligible for OSC LaunchPad support, we will reach out to schedule a meeting. If your business is not eligible for OSC LaunchPad support, we will provide feedback. |
| Providing support for eligible businesses | 9.3 A telephone call or in-person meeting will be held to provide direct support within 20 working days of receipt of your complete RFS Form (target is for 80% of all meetings scheduled). |
| Request for additional materials or filings | 9.4 Following this meeting, if you are eligible to receive continued support from OSC LaunchPad, we may ask you to provide us with additional materials or a filing within 20 working days of your direct support meeting (target is for 80% of all meetings scheduled). If we do not receive the requested additional materials/filing, we will generally consider the file to be dormant and will take steps to close it. Refer to the “If we don’t hear from you” section above for more information. |
Last Updated: September 25, 2024
Footnotes
1 Registration applications for firms applying to the OSC are subject to this service standard under the following conditions: all questions are answered with sufficient detail, all regulatory obligations are met, there are no concerns with your fitness for registration, and you respond to our request for information in a timely manner. If you are seeking membership with the Canadian Investment Regulatory Organization, your firm registration application is not subject to this service standard.
2 Registration applications for individuals applying to the OSC are subject to this service standard under the following conditions: all questions are answered with sufficient detail, all regulatory obligations are met, there are no concerns with your fitness for registration, and you respond to our request for information in a timely manner. If you are applying as a dealing representative or chief compliance officer of an investment dealer firm, where the registration function is delegated to the Canadian Investment Regulatory Organization, the application is not subject to this service standard..
3 Note: Complete information and timely responses will help facilitate a timely review. Reviews that are complex, raise new policy issues, that involve concurrent regulatory files, or require further regulatory action take longer for the OSC to complete. We will provide regular touchpoints to advise you of our progress at a minimum of every two weeks.
4 Does not include records related to current proceedings before the Tribunal. They are separately handled through the OSC Registrar.
5 This service standard is subject to the condition that the individual’s records are accessible on the National Registration Database.