A Sept. 20 roundtable in Toronto will examine the Canadian Securities Administrators’ (CSA) proposed new oversight regime for the derivatives markets, the Ontario Securities Commission (OSC) announced Tuesday.
The OSC roundtable will review proposals for new rules governing registration and business conduct. It will include panel discussions on business conduct for both retail and institutional markets, a panel on registration for advisors, dealers and retail markets, and a panel on registration for financial institutions.
Each of the sessions will be moderated by representatives from OSC staff, with panellists from industry self-regulatory organizations such as the National Futures Association and the Investment Industry Regulatory Organization of Canada., several banks, advocacy groups, such as the Portfolio Management Association of Canada and the OSC’s Investor Advisory Panel, and other groups, including Ontario Teachers’ Pension Plan, OTT Financial Canada and Osgoode Hall Law School.
The CSA published its proposed new registration rule back in April, and released the second version of its proposed business conduct rules in June. The comment period for both sets of proposals closes Sept. 17.
Taken together, the proposals aim to create a new comprehensive oversight regime for the Canadian derivatives markets. The proposed registration rules would introduce a registration obligation and set out the various conditions of registration. The new business conduct rules would establish requirements for dealing with conflicts of interest, along with know-your-client obligations, compliance, and recordkeeping requirements, among other requirements.
The Autorité des marchés financiers will also host public consultations on the proposals at its offices in Montreal on Sept. 12.