The Ontario Securities Commission has released its 2025 Annual Service Commitment Review, which outlines its standard on expected communication timelines.
The organization modified the following service standards between 2024 and 2025:
- New business submissions
- Dealing representatives
- Advising representatives, associate advising representatives and CCOs
- Continuous Disclosure Reviews (full reviews)
In response to the heightened volume and complexity of inquiries from market participants and investors, the OSC reviewed its timelines for addressing written inquiries or complaints received via the OSC Inquiries and Contact Centre. The commission indicated that for routine matters, the response time would be within 10 days for each case; this does not cover inquiries or complaints referred to the Capital Markets Tribunal. The tribunal will seek to address concerns within five working days.
The commission delegated the registration function for firms registered as investment dealers, mutual fund dealers and futures commission merchants, and the individuals who act on their behalf to the Canadian Investment Regulatory Organization effective April 1.
During the transition, the OSC indicated that registration-specific standards related to its decisions would still be held to extended timelines; while the transition is ongoing, the OSC will help CIRO conduct background checks on firms and individuals over an interim period after April 1. This process may cover assistance with conduct matters.
For those selected for review, the OSC said it would be completed within 120 days of issuing the first comment letter for ordinary course reviews.
All service standard changes took effect on April 1. Other service standards are unchanged.
The OSC formally evaluates the OSC Service Commitment every year. The amendments and decisions were made after the OSC’s 2024 annual review and the review of specific registration standards that followed.
Factors considered in this year’s changes and decisions were the OSC’s responsiveness to evolving market developments and geopolitical conditions, as well as its current workloads in relation to regulatory operations, projects, and organizational priorities.
