OSC -
in response to
by
posted on
Oct 29, 2008 06:21AM
The company whose shareholders were better than its management
I wrote the OSC in connection with the Aurelian
scandal and the Noront fiasco. Received reply as
under. Interesting how they see their mandate.
Compare this to their action/inaction.
- See especially below under (b) - WHAT A DISGRACE! -
Who is the next one relying on OSC's protection "from
unfair, improper or fraudulent practices....."
Good night Canada!
Ciao Tina
:
I acknowledge receipt of your email to the Ontario Securities Commission regarding the OSC's response to calls for the OSC to intervene in the Noront Resources Ltd proxy dispute. I would like to correct some mistaken impressions about the responsibilities of the OSC. The OSC is constituted under the Securities Act (Ontario) (the Act) as a self-funded crown corporation, with members appointed by the Cabinet. Its revenues are derived from fees paid by market participants and not from the province's general tax revenue. The OSC is responsible for the administration of the Act for the purposes described in the section 1.1 of the Act as follows: (a) to provide protection to investors from unfair, improper or fraudulent practices; and (b) to foster fair and efficient capital markets and confidence in capital markets. The OSC must have regard to six fundamental principles as enumerated in the Act, including the requirement that it must balance the importance to be given to each of the purposes in specific cases. As such, in carrying out its regulatory mandate, the OSC gives consideration to the views of many types of participants in the capital markets, including dealers and advisers, public companies, and shareholders. While we listen to all interested stakeholders, we do not represent any single group of stakeholders. Should you wish to review the Act, it is available through the OSC website at www.osc.gov.on.ca. From the homepage - under the heading "Policy & Regulation" choose "Legislation" click on "Securities Act" in the first paragraph under "Securities Act (Ontario) & Regulation/Commodity Futures Act & Regulation" |