OSC unveils theme for OSC Dialogue 2026

Special Feature: This month, instead of our usual Meet the Team series, we’re excited to give OSC Guide subscribers an exclusive first look at the theme for OSC Dialogue 2026.

OSC Dialogue 2026 will take place on April 21, 2026, at the Fairmont Royal York.

Our 2026 theme, Competitive edge, will explore strategies to ensure Canada’s capital markets can remain resilient, innovative, and globally competitive. The program will feature forward-looking discussions on how regulation can evolve to meet external pressures, unlock innovation, and strengthen investor protection in a rapidly shifting global landscape.

Announcements on agenda and speakers will be released in the new year.  

Save the date for this signature event.

OSC announces Research Grant Competition

Last week, the OSC launched its Research Grant Competition, and we’re excited to invite proposals that explore how Ontario’s capital markets can remain competitive.

This competition is all about sparking collaboration, fresh ideas, and meaningful discussion on this important topic. If you’re a researcher working at, or enrolled in, a Canadian academic institution, this is your chance to make an impact.

We’ll be awarding up to five grants of $30,000 each to selected proposals.

“The OSC Research Grant Competition is seeking to tap into Canada’s brightest minds to undertake the challenge of delving into the competitiveness of Ontario’s capital markets,” said Grant Vingoe, CEO of the OSC. “In light of the current global geopolitical and economic challenges, it is increasingly important that we look at ways to help Ontario’s capital markets remain competitive, and we welcome the fresh thinking that the competition will bring, as we look ahead and plan future initiatives.”

Key dates:

• February 27, 2026 – Application deadline
• April 17, 2026 – Winners will be notified
• August 14, 2026 – Completed research papers due

To further highlight the importance of this Competition, OSC leaders Kevin Fine, SVP, Thought Leadership; Paul Redman, Chief Economist and VP of Economic and Market Analysis; and Ben Matthews, VP of Economic Growth and Innovation have shared their perspectives in short videos.

• Watch Kevin’s video
• Watch Paul’s video
• Watch Ben’s video

Industry news

Sonny Randhawa appointed as new CPAB CEO

Congratulations to Sonny Randhawa, EVP, Regulatory Operations, who was appointed Chief Executive Officer of Canadian Public Accountability Board (CPAB), effective March 2, 2026.

“Sonny has been a champion of regulatory integrity and public trust. His leadership at the OSC has shaped a more transparent and resilient capital markets landscape. I congratulate Sonny on this appointment and look forward to continued collaboration with CPAB,” said Grant Vingoe, CEO, OSC.

CSA launches new tool to make consultation process easier and more efficient

Earlier this week, the CSA launched a new online tool making it easier for stakeholders to submit their comments on regulatory policies and rules. Canadians, including capital market participants, industry, investors, and other stakeholders will now be able to provide feedback directly through the CSA tool as opposed to submitting it to individual jurisdictions.

The new tool introduces a centralized submission point and an optional online question-and-answer format that is intended to reduce barriers to participation in public consultations. Stakeholders can still choose to submit feedback through a traditional comment letter by uploading their documentation, or alternatively, using the web-based form. Both methods are accessible through the CSA's new dedicated consultation section.

OSC shares LTAF update

The OSC’s Long-Term Asset Fund (LTAF) Project focuses on novel exemptive relief requests to permit alternative investment fund structures. These long-term assets, which are often referred to as ‘illiquid assets’, can play a significant role in investment strategies, especially for those with longer investment horizons.long-term assets, which are often referred to as ‘illiquid assets’, can play a significant role in investment strategies, especially for those with longer investment horizons.

This initiative is designed to encourage innovative proposals that expand investment opportunities for Ontarians and strengthen Ontario’s position as a leader in modern capital markets. 

The OSC Staff Notice 81-740 was published last week, providing an update on the status of this important initiative.

We’re excited to join the Securities and Investment Management Association and the Investment Company Institute for a joint webinar on the OSC’s LTAF program, taking place on December 10, 2025, from 11:00 a.m. to 12:00 p.m. ET.

Michael Aonso of Strike Holdings Inc. sentenced to 90 days in jail for Securities Act offences

Last week, the OSC announced that Mr. Michael Aonso of Mississauga, Ontario has been convicted for unregistered trading and illegal distribution of the securities of Strike Holdings Inc. Mr. Aonso was sentenced by the Ontario Court of Justice to 90 days in jail.

“This case highlights the OSC’s unwavering commitment to protecting investors and upholding the integrity of our markets,” said Bonnie Lysyk, Executive Vice President, Enforcement, at the OSC.

OSC adds 2024 data to exempt market dashboard

On November 18, the OSC updated its exempt market dashboard to include 2024 data on capital raising activity by Canadian corporate issuers.

The dashboard provides an overview of prospectus-exempt distributions by corporate issuers headquartered in Canada that raised capital from Ontario investors for 2018 - 2024. It also offers an overview of exempt market data and shows trends related to capital formation in Ontario.

Sergiy Kaspirovych sentenced for making false statements to the OSC

On November 13, the OSC announced that Sergiy Kaspirovych has pleaded guilty to providing false or misleading information during an OSC investigation. This conduct is contrary to section 122(1)(a) of the Securities Act.

“The registration process serves as an important gatekeeping mechanism ensuring that only suitable individuals are permitted to be registrants. There is no place in Ontario's capital markets for individuals who lie on their applications for registration,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. “The OSC will continue working with law enforcement to protect investors, and we would like to acknowledge the valuable assistance received from the Toronto Police Service and the Royal Canadian Mounted Police in this investigation."

CSA launches consultation on proposed amendments to non-GAAP and other financial measures disclosure requirements in connection with new IFRS Accounting Standard

On November 13, the CSA published a Notice and Request for Comment for proposed amendments and changes to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112)..

The proposed amendments primarily seek to ensure that measures that have historically been subject to the requirements of NI 52-112 remain subject to its requirements following the adoption of a new International Financial Reporting Standards.

Please provide your comments by February 11, 2026.

IOSCO releases ESG Indices as Benchmarks report

The OSC is honoured to have co-led the Green Finance Innovation workstream of International Organization of Securities Commissions’ Sustainable Finance Taskforce, which has released its Final Report.

The report explores how ESG indices differ from traditional benchmarks and sets out ways to strengthen transparency, governance and accountability to build trust and guard against greenwashing. This work helps advance clear and reliable sustainable finance practices that build investor trust and market confidence.

IOSCO releases two publications on transparency and reliability in financial reporting and secondary market disclosure

Earlier this month, the IOSCO released two publications focused on transparency and reliability in financial reporting and secondary market disclosure. Through the work of IOSCO's Committee on Issuer Accounting, Audit and Disclosure, chaired by the OSC Chief Accountant Cameron McInnis, IOSCO continues to strengthen international consistency and quality in financial reporting and disclosure practices that support fair, efficient and transparent capital markets.
 
IOSCO's public statement on the importance of high-quality valuation information reminds market participants that robust valuation practices are essential for providing investors with relevant and reliable financial information.
 
In addition, IOSCO is consulting on proposed recommendations for secondary market disclosure, which aim to provide a consistent framework for jurisdictions reviewing their periodic and event-driven disclosure requirements for listed entities. These recommendations seek to enhance transparency and comparability across markets. Comments on the report should be submitted by February 3, 2026.

OSC settlement with Jessica Tam in insider trading scheme approved by Capital Markets Tribunal

A panel of the Capital Markets Tribunal has approved the OSC’s Settlement Agreement with Jessica Tam in relation to an insider trading scheme. Ms. Tam was involved in an insider trading scheme with two individuals who entered a settlement agreement with the OSC on September 30, 2025.

“Insider trading erodes public trust in our capital markets and undermines the integrity of our financial system,” said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. “The OSC will continue to protect investors by taking action against individuals who seek to exploit confidential or market sensitive information.”

OSC spotlight

OSC CEO Grant Vingoe speaks at TD Securities Portfolio Management & Market Structure conference

(Peter Haynes and Grant Vingoe)

On November 6, OSC CEO Grant Vingoe sat down with Peter Haynes, TD Securities Managing Director and Head of Index and Market Structure Research for a fireside chat at the 26th Annual Portfolio Management and Market Structure Conference in Toronto.
 
The wide-ranging discussion explored the evolving role of Canadian regulators in a rapidly shifting global market landscape. Among the themes covered were Canada’s competitive positioning in light of a more libertarian U.S. regulatory stance, steps underway to modernize regulation for market efficiency, and the challenges of finding the right balance to enable innovation while protecting market integrity.

Their discussion is now available as a podcast.

OSC CEO Grant Vingoe speaks at Toronto Centre

(Grant Vingoe and Babak Abbaszadeh)

On November 18, OSC CEO Grant Vingoe delivered opening remarks and participated in a discussion at an event organized by the Toronto Centre for Global Leadership in Financial Supervision, in Toronto.

Under the leadership of CEO Babak Abbaszadeh, the Toronto Centre plays an important role in promoting global financial stability and resilience by providing capacity-building programs for financial regulators and supervisors around the world, particularly in emerging markets and developing economies.

The event brought together the Toronto Centre Board of Directors and leaders from across the financial, policy, and regulatory communities to explore how fragmentation is reshaping global finance and how regulators, governments, market participants and other stakeholders can maintain cooperation and strengthen resilience together.

OSC EVP Leslie Byberg speaks at the CRTA Annual Summit

(Leslie Byberg, Donna Bales and Antoinette Leung)

On November 12, OSC EVP of Strategic Regulation Leslie Byberg spoke at the Canadian RegTech Association (CRTA) Annual Summit held at the TMX Broadcast Centre.

Leslie joined Antoinette Leung, EVP, Market Conduct, Financial Services Regulatory Authority of Ontario, in the panel “Frameworks in Flux: Canada’s Response to Regulatory Disruption,” moderated by Donna Bales, Co-Founder, Member of the Board, CRTA. The discussion explored how global and domestic pressures are reshaping Canadian regulatory decision-making, the strategic balance between harmonization and divergence, and the impact of recent shifts on financial institutions and RegTech.

Leslie shared how the OSC is collaborating with industry and other regulators to develop agile oversight models that safeguard stability, foster innovation, and maintain public trust.

OSC AVP & Head of Sustainable Finance 

Jo-Anne Matear speaks at IBA Conference

(Maria Fernanda Mierez, Rabel Akhund and Jo-Anne Matear)

(Katherine Kay, Ramandeep Grewal, Jo-Anne Matear, Amina Abugdanpoka Kaguah, Georgia Dawson and Raquel Florez Escobar)

Earlier this month, Jo-Anne Matear, AVP & Head of Sustainable Finance, spoke at a joint session of the Business Human Rights Committee and the Securities and Capital Markets Committee at the IBA Conference. The session was chaired by Rabel Akhund, Chair of the Capital Markets Innovation and Future Trends Subcommittee, and Maria Fernanda Mierez, Partner at Beccar Varela and Co-Chair of the Business Human Rights Committee.

The session focused on the growing role of ESG disclosures in capital markets transactions. In Jo-Anne’s keynote, she reflected on how far ESG disclosures have come, the challenges being faced globally, and shared the OSC’s sustainable finance regulatory strategy, offering insights on the future of ESG and sustainable finance reporting.

Jo-Anne also participated in a panel discussion on diversity, equity, and inclusion (DEI), hosted by Stikeman Elliott and Freshfields during the IBA conference. The panel brought together senior women leaders in international practice, including Katherine Kay, Ramandeep Grewal, Raquel Flórez Escobar, Georgia Dawson, and Amina Abugdanpoka Kaguah, to explore how recent legal, regulatory, and policy developments are shaping global DEI efforts and to share practical strategies for driving meaningful progress.

OSC Associate General Counsel Cullen Price speaks at Indigenomics Bay Street

(Frank Busch, Carol Anne Hilton, David Clarke, Cullen Price and Dan Adams)

On November 7, Cullen Price, Associate General Counsel, Litigation and Strategic Priorities, spoke on a panel at ‘Indigenomics Bay Street 2025’, a leading forum that convenes business and community leaders to explore opportunities for Indigenous economic growth through discussions on investment, ownership, sustainability and innovation.

Cullen joined Carol Anne Hilton (CEO, Indigenomics Institute), Dan Adams (Head, Office of Reconciliation, BMO), and David Clarke (Head, Government Affairs, TMX Group). The panel was moderated by Frank Busch of the Indigenomics Institute.

Cullen highlighted the OSC’s draft Action Plan for Truth and Reconciliation, noting that the OSC is carefully considering the feedback received during the consultation period. His remarks framed the OSC’s efforts alongside the TMX Group Reconciliation Action Plan and BMO’s Office of Reconciliation initiatives.

OSC Head Alison Beer speaks at ISDA Conference

(Alison Beer and Tim Reibetanz)

On November 18, Alison Beer, Head of Derivatives, Trading and Markets, and Tim Reibetanz, Senior Legal Counsel, Trading and Markets, spoke at the ISDA  Canada Conference in Toronto.

Alison spoke on the Canadian Regulatory Update panel, alongside Sharmini Mahendran (BMO Financial Group), Lisa Mantello (Osler, Hoskin & Harcourt LLP) and Candace Pallone (McCarthy Tétrault LLP). Alison responded to questions about the derivatives business conduct rule, which took effect last year.

Tim spoke on the Canadian Trade Reporting Amendments panel about recent amendments and upcoming developments in derivatives trade reporting. The panel was moderated by Eleanor Hsu (ISDA) and included Kate Delp (DTCC Data Repository U.S. LLC), Élodie Fleury (National Bank of Canada), and Oda Wypior (JPMorgan).

OSC Head Meera Paleja speaks at Rotman webinar series

On November 11, Meera Paleja, OSC Head of Investor Research and Behavioural Science, spoke at the Behavioural Economics in Action at Rotman webinar series for the University of Toronto moderated by Professor Lisa Kramer.
 
Meera outlined how behavioural science is an effective approach to understanding market participant decision making and allows for the design of human-centric and evidence-based policy and regulation. She profiled the OSC's latest research that sheds light on factors that drive retail investor behaviour.

If you missed the session, you can catching the recording on the Rotman website.

Advisory Committee Updates

OSC Securities Advisory Committee seeking new members

The OSC is inviting applications for membership on its Securities Advisory Committee, a committee of industry experts established by the Commission to advise on a variety of matters including policy initiatives and capital markets trends. 

The deadline for submitting applications is November 30, 2025.

Investor resources & warnings

CSA encourages open dialogue amid trend toward hybrid and self-directed investing

In recognition of Financial Literacy Month’s theme “Talk Money”, the CSA urges Canadians to speak with family members, friends and advisors about their financial plans and to do more research. Having open conversations about money and accessing credible resources can increase investors’ financial literacy, enable good decisions and help them protect themselves and their loved ones from fraud.

OSC resources for investors 

The OSC has a web-based resource to assist investors who may be experiencing distress, whether related to investment losses or other challenges.

It features a curated list of websites and tools aimed at addressing investor inquiries and connecting individuals with community supports. From mental health resources to crisis helplines, these connections can provide vital assistance during difficult times.

OSC investor warnings and alerts

Watch out for scammers impersonating the OSC

The OSC reminds investors to be vigilant about unsolicited communications from scammers posing as the OSC or employees of the OSC. If you've received a suspicious communication, please contact us at 1-877-785-1555 or inquiries@osc.gov.on.ca

Capital Markets Tribunal 

Events

Upcoming events

November 30

Deadline to submit applications for the OSC Securities Advisory Committee

December 9

7^th Annual ETFGI Global ETFs Insights Summit (Raymond Chan, SVP, Investment Management; Stephen Paglia, VP, Investment Management; Pei-Ching Huang, Senior Legal Counsel, Investment Management)

December 10

Unlocking opportunities with long-term asset funds webinar (Raymond Chan, SVP, Investment Management)

December 22

Deadline to provide comments to the CSA proposed Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers

December 25-26

Holidays – OSC office closed

January 5, 2026

Deadline to provide comments to the CSA proposed Multilateral Instrument 45-111 Self-Certified Investor Prospectus Exemption

February 11, 2026

Deadline to provide comments to the CSA proposed amendments and changes to National Instrument 52-12 Non-GAAP and Other Financial Measures Disclosure and other materials

April 21, 2026

OSC Dialogue 2026: Competitive edge

Contact us

The OSC has an intake form for investors, issuers, registrants, and other stakeholders to submit inquiries, complaints, and tips to the OSC.

For more information on the Contact Centre and to access the intake form, visit the OSC website.

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