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Meet Grant Vingoe, the Ontario Securities Commission's (OSC) new Acting Chair and Chief Executive Officer. He assumed the role on April 15, 2020, having served as OSC Vice-Chair since 2015.
Grant has extensive experience in cross-border securities activities, corporate governance and regulatory policy. Before joining the OSC, he was a partner with international law firms in Toronto and New York for over 25 years.
We recently sat down with Grant to talk about his thoughts and priorities as he begins his new role, how the OSC is responding to the impacts of COVID-19, and what stakeholders can expect in the coming months. Full interview
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April 16: FSRA and OSC Provide Update on Syndicated Mortgage Investments
The Financial Services Regulatory Authority (FSRA) and the Ontario Securities Commission (OSC) are notifying market participants about new timing for the transfer of regulatory oversight of certain syndicated mortgage investments to the OSC. In light of COVID-19, the new regulatory regime is now expected to be effective January 1, 2021, subject to requisite approvals. Read more
April 16: Canadian securities administrators provide update on syndicated mortgage regime
In light of COVID-19, the Canadian Securities Administrators (CSA) is adjusting the timeline to implement changes that will harmonize the regulation of syndicated mortgages across Canada. Read more
April 16: Canadian securities administrators adjust implementation date for client focused reforms
The Canadian Securities Administrators (CSA) published relief orders that provides registrants with an additional time to comply with certain provisions in the Client Focused Reforms. Read more
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OSC Statement of Priorities
The OSC published Notice 11-788 seeking public comment on its current Statement of Priorities to inform its business planning for the 2020-2021 fiscal year. Given the outbreak of COVID-19 and related financial market uncertainty, the OSC has decided not to consult on a more detailed Statement of Priorities at this time. Stakeholders are invited to provide written comments on the current priorities by June 1, 2020. Read more
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COVID-19 Fraud Twitter Chat Today
We're hosting a Twitter chat on May 7, 2020 at 1 p.m. ET to raise awareness of COVID-19 scams and to share helpful COVID-19 related resources.
We'll be joined by partner organizations including the Canadian Anti-Fraud Centre, Elder Abuse Prevention Ontario, the Investment Industry Regulatory Organization of Canada, the Mutual Fund Dealers Association of Canada, the Ombudsman for Banking Services and Investments, the Royal Canadian Mounted Police, the Toronto Police Service and the York Regional Police.
Follow us @smarter_money and the conversation with the hashtag #COVIDFraudChat.
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OSC and RCMP issue joint warning on coronavirus investment scams
The OSC, in partnership with the Royal Canadian Mounted Police (RCMP) – Integrated Market Enforcement Team (IMET), is warning the public about fraudulent investment opportunities related to the coronavirus (COVID-19).
The OSC and RCMP-IMET have received reports about companies approaching Ontario investors with claims to have products or services that will prevent, detect or cure COVID-19. At this time, there is still no vaccine or any natural health product that is authorized to treat or protect against COVID-19.
The OSC and RCMP-IMET encourage anyone who is considering buying or selling an investment to first do research or talk to their registered investment advisor. Read more
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COVID-19 Fraud Alerts
Watch our new COVID-19 fraud alert videos. Fraudsters are exploiting the fear of economic conditions and the COVID-19 pandemic.
*New* Work from home scams. Be on alert for fraudsters offering fake job opportunities and claiming you can earn high profits to replace lost income from COVID-19.
Financial representative impostors. Be on alert for fraudsters posing your bank or investment firm advisor.
Pump-and-dump scams. This is a type of investment fraud. Fraudsters artificially increase the price of a stock they own by encouraging other investors to buy it. Fraudsters then sell their shares; the price falls and investors lose money.
Fake government messages. Be careful of fraudsters posing as government agencies or departments by text or email.
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Dividend Investing
Amid the COVID-19 pandemic, you may be looking at stocks that pay dividends to help provide steady, passive income. Dividend income can be used to pay for daily living expenses or be reinvested to buy more stocks. It’s important to know that dividends are not guaranteed, and some companies may choose not to declare them. A company may also delay, reduce, or eliminate its dividends at any time. Read our new article
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Making a Will
A will is a legal document that outlines how you want your money, property and other assets to be handled after your death. It can also provide plans to take care of your children or other family members who rely on you financially.
There are generally two types of wills in Ontario: handwritten (also called a “holographic will”) and typewritten. Learn more
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Dollar-Cost Averaging
Dollar-cost averaging is investing the same amount of money at regular intervals. For example, you may choose to invest $100 every two weeks from your paycheque.
By spreading out your investment purchases, you can avoid committing all your money to buying an investment at one time. You may reduce the impact of timing risk, the probability of buying an investment just before its value declines. Read our new article
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Protecting yourself from scams during the COVID-19 pandemic
Investors are encouraged to be extra vigilant during times of uncertainty against fraudulent investment schemes that take advantage during times of crisis such as the COVID-19 pandemic. Learn more
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7 Ways the COVID-19 Pandemic Affects Your Investing Decisions
The COVID-19 pandemic has caused significant turbulence in global capital markets. As a result, many investors have experienced dramatic decreases in the value of their investment portfolios. How investors respond to such losses can be critical for keeping on track with their long-term investing goals. It is not always clear what the best course of action is at a time like this but there are several insights from behavioural science that can help investors think more clearly about the decisions that they are facing. Learn more
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Upcoming Telephone Townhall
Our next telephone townhall is on Friday, May 22 at 1:30 p.m. ET.
During the COVID-19 pandemic, we're holding online and telephone townhall events to help you make informed financial decisions, avoid frauds and scams, and find important financial information. We'll also be answering your questions and conducting live polls.
You can join us by phone or online. Registration is free.
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Proposed rule for Non-GAAP and other financial measures
Comments due: June 29, 2020
The Canadian Securities Administrators (CSA) published a second notice and request for comment on revisions to a proposed rule for Non-GAAP and Other Financial Measures (the proposed rule). The rule would establish disclosure requirements for issuers that disclose non-GAAP and other financial measures, which often lack standardized meanings, resulting in potentially misleading disclosure. Learn more
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Proposed rule to restrict use of deferred sales charge option
Comments due: July 6, 2020
The Ontario Securities Commission (OSC) published for comment a proposed rule that would restrict the use of the deferred sales charge (DSC) option in the sale of mutual funds. The proposed rule is intended to address negative investor outcomes by limiting the circumstances in which mutual funds with the DSC option can be sold and by giving clients greater flexibility to redeem these investments without penalties. Learn more
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Proposed new nationally harmonized crowdfunding rules
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Proposed changes to tackle financial exploitation and diminished mental capacity of older and vulnerable clients
Comments due: July 20, 2020
The Canadian Securities Administrators (CSA) published for comment proposed amendments designed to clearly outline how registrants can address situations involving diminished mental capacity or the potential financial exploitation of vulnerable clients. Learn more
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Always know the 10 most recent OSC investor warnings and alerts by bookmarking this Fact Card or embedding it on your website or blog.
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Aggressive stock promotion exploits fears of coronavirus recession
The OSC is warning the public about an aggressive promotion of a junior gold mining company based in British Columbia and listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange. Learn more
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Canadian securities regulators warn public of coronavirus-related investment scams
The CSA is warning investors about companies claiming to have products or services that will prevent, detect or cure coronavirus (COVID-19) infection. Learn more
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International Derivatives Group
International Derivatives Group, offering investment services as found on its website at www[dot]idrvg[dot]com, is not registered in Ontario to engage in the business of trading in securities. Learn more
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IOSCO Investor Alerts
Stay informed about the latest international investor warnings and alerts by visiting the International Organization of Securities Commissions (IOSCO) Investor Alerts Portal.
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OSC in the Community
OSC in the Community is an outreach program that takes the OSC's regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk to people about making informed financial decisions and avoiding investment fraud. Learn more
To protect the health and safety of the public and staff, all OSC in the Community events are cancelled until further notice. We will continue to monitor the situation and follow guidance from public health authorities.
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