OSC establishes first permanent mediation program by a Canadian securities regulator

The Ontario Securities Commission (OSC) has announced that its Mediation Program, which began as a pilot in 2015, will continue on a permanent basis. It is the first and only program of its type offered by a securities regulator in Canada.

The Mediation Program provides respondents who are represented by counsel and enforcement staff involved in OSC enforcement proceedings with an option to seek a resolution through an independent third-party mediator. The program aims to resolve outstanding enforcement matters in a timely, efficient and cost-effective way.

Our Mediation Program has proven to be successful in fostering fast and fair resolutions in appropriate cases,” said Jeff Kehoe, Director of Enforcement at the OSC. “We’re pleased to permanently add this valuable resource to our growing enforcement toolkit.

The program allows a mediator, selected from a published roster, to help facilitate the negotiation of settlement terms, an agreed statement of facts, and resolve other enforcement issues. The program is generally available to any respondent, and the OSC encourages its use at the earliest opportunity.

The OSC is currently inviting applications for five individuals to serve as mediators. The deadline for applications is April 30, 2018.

Information about the Mediation Program, including the application process for prospective mediators, can be found on the OSC’s website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk.

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