Roundtable on Reducing Regulatory Burden Related to Registration, Compliance, and Investment Funds

OSC Roundtable Past Event
May 06, 2019
01:00 pm  -  04:00 pm
Design Exchange, 234 Bay Street, Toronto, ON M5K 1B2

This roundtable is part of the Ontario Securities Commission’s ongoing consultation on reducing regulatory burden in Ontario’s capital markets and improving the investor experience.

In this working meeting, senior OSC staff will discuss how the OSC is considering the evaluation and prioritization of the burden reduction opportunities identified during the consultation process on OSC Staff Notice 11-784: Burden Reduction. This will be a collaborative discussion that will allow market participants and investor representatives the opportunity to provide real time feedback on the OSC’s approach to reducing regulatory burden.

This roundtable will be moderated by OSC Vice-Chair Tim Moseley and will focus on registration, compliance and investment fund issues. Debra Foubert, Director, Compliance and Registrant Regulation and Raymond Chan, Director, Investment Funds & Structured Products will provide an overview of how their respective branches are considering the potential burden reduction initiatives identified by stakeholders and by staff.

The discussion will cover several specific topics that emerged in the consultation process.

Roundtable Transcript

An additional roundtable is planned for May 27, 2019 to explore topics related to trading, marketplaces, issuer requirements and derivatives.

 

Agenda

1:00 pm

Opening remarks
Naizam Kanji, Special Advisor to the Chair, Regulatory Burden Reduction, OSC

1:10 pm

Open Discussion
Moderator: Tim Moseley, Vice-Chair, OSC

Topics:

  1. A discussion about the relationship between regulatory requirements and staff guidance and how guidance is used in compliance and prospectus reviews
  2. Interacting with multiple regulators, and ways the OSC can streamline reviews and reduce duplication with other securities regulators and SROs
  3. Working with the OSC: exploring performance including service standards, processes, points of contact and outreach

2:10 pm

Break  

2:25 pm

Open Discussion, continued

Topics:

  1. Data collection for regulatory oversight, including the Risk Assessment Questionnaire process and collection of investment fund data
  2. Specific requirements raised in the comment letters, including the reporting of outside business activities and the use of fund facts
  3. A discussion about the implementation of the alternative mutual fund regime 
  4. Understanding the cost of compliance as well as the steps and processes to launch new products
  5. Additional topics, as time permits

3:25 pm

Questions from the audience

3:40 pm

Closing Remarks
Maureen Jensen, Chair & CEO, OSC

 

Confirmed roundtable participants include:

Moderator: Tim Moseley, Vice-Chair, OSC

  • Naizam Kanji, Special Advisor to the Chair, Regulatory Burden Reduction, OSC
  • Raymond Chan, Director, Investment Funds & Structured Products, OSC
  • Debra Foubert, Director, Compliance & Registrant Regulation, OSC
  • Elizabeth King, Deputy Director, Registrant Conduct, Compliance & Registrant Regulation, OSC
  • Felicia Tedesco, Deputy Director, Operations, Compliance & Registrant Regulation, OSC
  • Michelle Alexander, Vice President, IIAC
  • Darrell Bartlett, Chief Compliance Officer, Knowledge First Financial Inc.
  • Denys Calvin, COO, Nexus Investment Management Inc.
  • Julie Cordeiro, VP, Chief Administrative Officer & General Counsel, Burgundy Asset Management
  • Neil Gross, Chair, OSC Investor Advisory Panel
  • Margaret Gunawan, Managing Director, Head of Canada Legal & Compliance, BlackRock
  • Belle Kaura, Chair, AIMA Canada
  • Ken Kivenko, President, Kenmar Associates
  • Brian Koscak, President, Chief Compliance Officer, General Counsel, Pinnacle Wealth Brokers Inc.
  • John Kruk, Partner, Fasken Martineau DuMoulin LLP
  • Robert Lemon, Executive Director, CIBC World Markets Inc.
  • Peter Moulson, VP, Compliance, CIBC
  • Rob Sklar, Manager, Legal Services & Senior Legal Counsel, Fidelity Investments Canada ULC
  • Prema Thiele, Partner, Borden Ladner Gervais LLP
  • Minal Upadhyaya, Vice President, Policy & General Counsel, The Investment Funds Institute of Canada
  • Blair Wiley, General Counsel & Head of Regulatory Affairs, Wealthsimple
  • Alan Wunsche, CEO, TokenFunder
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