OSC Service Review
Ontario Securities Commission Publishes 2026 Review of Service Commitments and Market Standards
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The Ontario Securities Commission released its 2026 Annual Service Commitment Review on June 30, setting new timelines and service standards effective July 1 for all interactions with investors, registrants, and other market participants, according to Newswire. The review marks the OSC's most significant service overhaul in years, driven by what CEO Grant Vingoe calls a need for "agility, timely and strategic responsiveness, and a sharpened focus on competitiveness."
The release follows a busy regulatory spring. The OSC held its "Competitive Edge" conference in April, proposed its first major fee rule overhaul in over a decade, and delegated much of its routine registration work to the Canadian Investment Regulatory Organization (CIRO). CIRO is the national self-regulatory body that now handles day-to-day oversight of investment dealers.
What the 2026 Service Standards Actually Change
The review covers 33 specific service standards that the OSC tracks and measures each quarter, according to The Sudbury Star. The new standards push toward faster, more automated processing for routine applications. At the same time, the OSC says it will deploy more resources against high-risk firms — especially those tied to AI-driven fraud and crypto-asset volatility.
Senior VP Matthew Onyeaju said the 2026 priorities aim to provide "greater transparency as well as promoting proactive compliance." Much of the routine registration workload for mutual fund and investment dealers has now shifted to CIRO. This lets the OSC focus on what it calls "high-impact and high-risk" cases.
Fee Hike and Funding Gap Drive the Overhaul
The service review arrives alongside a proposed fee overhaul — the OSC's first in more than ten years. The regulator says it needs to close a funding gap created by the "increasing complexity, scale, and diversity" of markets, according to Newswire. The proposed changes are projected to raise OSC revenues by $16 million per year starting in April 2027.
Not all firms will pay more. Under the new fee structure, 57% of issuers and registrant firms would pay the lowest annual participation fee of $750 or less. Larger firms, however, face new top-end fee tiers. The OSC has also joined a new national "Access Model" for company disclosures, reducing the need for physical document delivery.
Critics Say Investor Protection Is Taking a Back Seat
Not everyone welcomes the direction. Ken Kivenko, president of investor advocacy group Kenmar Associates, argued in a June 17 opinion piece that the OSC has made "a quiet but consequential shift away from the retail investor and toward the machinery of the market," according to Mitchell Advocate. He points to a 2025 study showing 1 in 4 representatives at large bank-affiliated dealers admitted recommending products not in a client's best interest.
Kivenko says the OSC "blinked" — taking no sharp action after those bank branch findings. The Investor Advisory Panel and FAIR Canada share similar concerns. They worry that the regulator's "Competitive Edge" push could soften enforcement just when retail investors need stronger protection.
OSC Eyes Global Stage While Ontario Markets Modernize
The 2026 review fits inside a bigger strategic picture. The OSC's 2024–2030 plan aims to make Ontario's markets "inviting, thriving, and secure." CEO Vingoe was elected Vice-Chair of IOSCO — the global body of securities regulators — in May 2026. The OSC frames its new standards as aligning Ontario with regulators in the U.S. and U.K., according to Northern News.
CFA Societies Canada backed a "dynamically right-sized" approach to regulation but cautioned against cutting corners on experience requirements for investment advisers. The new standards take effect immediately. Market participants should expect faster routine processing — and tougher scrutiny if they fall into the high-risk category.
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