Recommended Action Plan to Improve Implementation of the IOSCO Principles and Objectives of Securities Regulation
|Principle 1||The provincial regulators should continue to improve coordination.|
|Principle 3||The provincial regulators should impose a registration system for mutual fund operators. Approval of the proposed National Instrument 31–103 Registration Requirements and related statutory amendments would achieve this goal.|
|Principle 7||1) The provincial authorities should further streamline coordination of regulation and supervision of SROs, including the approval process for regulations.|
2) The AMF should conduct an on-site inspection of CSF.
3) The provincial regulators should explore a shorter cycle of on-site inspections for SROs, in particular the IDA and the MFDA.
4) The provincial regulators should explore requesting from RS an annual self-assessment of the performance of its regulatory function.
|Principle 10||1) The provincial regulators should give priority to the discussion of the report from the task force appointed by the federal government.|
2) The provincial regulators along with the federal government should work towards the adoption of a coordinated strategy for enforcement, with clear lines of accountability and benchmarks. A formal MoU is encouraged.
3) The OSC and the AMF should continue to commit to reducing the time necessary to conduct an investigation and have the case ready for litigation.
4) The CSA could explore compilation of additional statistics for enforcement activity, including timeliness of procedures.
|Principle 12||1) The AMF and the Government of Quebec should work together on defining an efficient procedure for the approval of MoUs.|
|Principle 14||1) The assessor encourages the Government of Quebec to give prompt approval to the new framework for derivatives markets.|
2) The assessor encourages all provincial regulators to expand liability to continuous disclosure obligations.
|Principle 17||1) The provincial regulators should establish a registration regime for CIS operators. Approval of the proposed National Instrument 31–103 Registration Requirements would achieve this goal.|
2) The AMF should include on-site inspection as a regular part of its supervision of CIS.
3) The provincial regulators should continue to enhance the continuous disclosure review system for CIS, if necessary with the development of a more defined risk based approach.
|Principle 18||The provincial regulators should require all CIS to have a custodian. Approval of the proposed National Instrument 41–101 would achieve this goal.|
|Principle 21||1) The provincial regulators should harmonize regulations for market intermediaries. Approval of the proposed NI 31–103 Registration Requirements would achieve this goal.|
2) The Government of Quebec should explore bringing mutual fund dealers under the Securities Act.
|Principle 26||The MoU between RS and MX should be finalized.|
|Principle 27||The provincial regulators should explore whether additional transparency is needed in the government debt market.|