Anand
Continued From Page 5
required to establish an investor
advisory panel, consisting of persons with knowledge of and
experience with issues relevant
to investors in securities. The
proposal for an investor advisory
panel emerged from the 2009
Report of the Expert Panel and is
one which the Ontario Securities
Commission has also adopted as
a means to be responsive to
investor concerns.
In terms of enforcement, it
appears that the draft Act has
the potential to be more effective
in tracking and attacking finan-
cial crimes than permitted under
individual provincial securities
acts. The Act provides investiga-
tors with the power to compel
certain companies to respond to
questions about alleged miscon-
duct and to compel the produc-
tion of names of registrants that
purchased or traded in specific
securities. Civil immunity is
granted to persons who volun-
tarily disclose any information to
the Chief Regulator if the person
reasonably believes the informa-
tion to be true.
“This process will be
less about law and
more about finessing
sometimes tenuous
federal-provincial
relationships.
In terms of non-criminal
enforcement powers, the public
interest power remains with its
list of penalties including cease
trade orders and reprimands.
The $1 million administrative
penalty also remains, albeit in a
separate section, and there is
now a list of factors that need
to be taken into account when
an administrative penalty is
being levied, such as the nature
of the conduct, the person’s history and the need to deter similar conduct.
In conclusion, the full range of
new provisions and powers con-
tained in the draft Act is an
unprecedented development in
Canadian securities law. For
more than three decades, capital
markets stakeholders have dis-
cussed the possibility of creating
a national securities commission.
With the release of the draft Act,
this objective is a step closer. But
two hurdles remain. First, the
federal government needs a posi-
tive ruling from the Supreme
Court of Canada on the constitu-
tionality question. Secondly,
assuming a positive ruling, the
federal government will need to
bring recalcitrant provinces
onside. This process will be less
about law and more about finess-
ing sometimes tenuous federal-
provincial relationships. ;
Anita Anand is an associate
professor at the Faculty of Law
and the School of Public Policy
and Governance at the University of Toronto.
We want to hear from you!
E-mail us at: tlw@lexisnexis.ca ;
of Ontario
falling behind
OSC
Continued From Page 3
An update of a similar study
released four years ago, the 2010
report found that among 30 countries (including Canada), there
were 142 country standards or
laws with some form of sustaina-bility-related reporting requirement or guidance. About two-thirds (65 per cent) of the
standards could be classified as
mandatory and the remaining 35
per cent as voluntary.
With better social reporting disclosure requirements in Ontario,
the province has the opportunity to
become a world leader in this area,
says Waitzer.
“But there’s a risk of Ontario
falling behind if things stand
still.” ;
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