The Ontario Securities Commission (OSC) has reaffirmed its commitment to transparency, accountability and timeliness in its regulatory functions. The OSC’s service commitment report published March 31, 2025, outlines performance benchmarks across key interaction points with investors, registrants and market participants. It is part of the OSC’s broader initiative to foster market confidence, ensure regulatory responsiveness and enhance operational predictability.

Key commitments and service standards

1. General inquiries and complaints

• Phone response: 95% of calls answered; 80% within 60 seconds.
• Written inquiries: 95% of routine matters responded to within 10 working days.
• Complex matters may take longer but will include timely updates.

2. InvestingQuestions.ca

• 80% of questions are to be addressed within 10 business days.

3. Regulatory filings and reviews

Prospectuses

• Comment letters:
• Long-form/simplified: within 10 days (80% target).
• Short-form/shelf: within 3 days (80% target).
• Final receipt issuance: same-day for noon filings.
• Completion of routine reviews: within 40 business days (80% target).

Amendments to prospectuses

• Comment letters issued within 2–5 days, depending on format.
• Review completion within 40 days for routine amendments.

Exemptive relief applications

• First comment: within 10 days.
• Decisions: within 40 days (80% of routine cases).

Conflict transactions and take-over bids

• Comments provided within 5–7 days.
• Reviews completed within 14–21 days.

4. Registrations

New firms

• Acknowledgment within 5 days.
• Initial comments within 30 days.
• Decision within 120 days for routine applications.

Individual registrants

• Dealing reps: decisions within 10 days.
• Advising reps/CCOs: decisions within 30 days.
• Terminations acknowledged within 24 hours (100% target).

5. Continuous and insider disclosure reviews

• Comment letters: 10-day response time.
• Review completion: within 120 days (80% target).

6. Compliance reviews

• Ordinary course reviews completed within 14 weeks post-initial meeting (excluding sweeps).

7. Records requests

• Acknowledgment within 1 business day.
• Fulfillment within 5 business days (90% target).

8. OSC LaunchPad (support for innovative businesses)

• Acknowledgment: within 2 business days.
• Eligibility response: within 10 business days.
• Support meeting: within 20 business days.

Implications

The OSC aims to provide predictable timelines. These defined service standards can help plan capital markets transactions more effectively. In addition, regular touchpoints and published service data enhance procedural clarity. For more information on this topic or any question you have with respect to the OSC and the stated service standards, please contact the author Diana Nakka or any other member of our Securities and Corporate Finance group.