Ontario’s securities regulator has $123-million in the bank collected over the years from settlements and sanctions levied by its enforcement division. But in the most recent fiscal year, it spent just $7-million on investor education, payments to whistleblowers and compensation for harmed investors.needs to spend more of what it collects.
Currently, the OSC can allocate enforcement money to pay back harmed investors, fund investor education and advocacy organizations and compensate whistleblowers.The whistle-blower program began in 2016 and can award up to $5-million to individuals who report corporate misconduct. But it paid out just $481,092 in the 12 months ended March 31, according to the OSC’s financial statements. The commission used another $1.6-million for investor education and advocacy groups.
And it could help moderate fee increases for the companies the OSC regulates, the government says. Companies pay filing fees and other levies to fund the cost of regulation. “The proposed regulation would also allow the OSC to deliver on its expanded mandate with respect to fostering capital formation and competitive capital markets, without impacting its fees,” he said.
Expanding the uses of enforcement money by the OSC does not necessarily take away from its investor protection mandate, says Poonam Puri, law professor and chair in corporate governance at Osgoode Hall Law School, who launched the school’s Investor Protection Clinic. The clinic receives funding from the OSC.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheTorontoSun - 🏆 23. / 68 Read more »
Source: ottawasuncom - 🏆 4. / 92 Read more »
Source: TSN_Sports - 🏆 80. / 51 Read more »
Source: SooToday - 🏆 8. / 85 Read more »