OSC pledges tougher and more visible enforcement

financialpost.com:

The Ontario Securities Commission is planning to toughen up — and make more visible — its response to capital markets misconduct and build the regulator’s reputation as an effective enforcer by vigorously prosecuting serious financial crimes, taking on novel and sophisticated files, and increasing the collection rates for penalties imposed.

The commitments are included in a six-year strategic plan for Canada’s largest capital markets regulator laid out Friday, which also includes a pledge to foster conditions for capital formation and innovation in both public and private markets.

The market watchdog operates at arms-length from the Ontario government, but the strategic plan reflects government goals such as ensuring market players aren’t bogged down by undue burden of regulation. The 33-page document pledges to “dynamically right-size regulation” and the first two goals in that category are to make the Ontario market more attractive to diverse groups of businesses and investors and to make sure regulatory actions are effectively assessed for appropriateness and effectiveness. The third is to reduce undue burden for market participants.

“Ontario businesses and investors need an efficient, responsive and proactive capital markets regulator in order to thrive and participate confidently in our markets,” OSC chief executive Grant Vingoe said in a statement. “To address the growing speed and complexity of our markets, we need to be bold and agile, and equipped to represent the interests of Ontario’s businesses and investors within Canada and internationally.”

A handful of high-level and long-serving executives across the regulator departed earlier this year as the strategic plan was developed, the first multi-year roadmap