Home Breadcrumb caret Industry News Breadcrumb caret Industry OSC looks at modernizing oversight of industry protection funds Proposed changes include a requirement to report information security breaches By Staff | April 25, 2019 | Last updated on April 25, 2019 1 min read The Ontario Securities Commission (OSC) published a pair of notices on Thursday detailing proposed changes to the regulators’ oversight of industry contingency funds the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corp. (MFDA IPC). In particular, the regulators are seeking to amend the terms and conditions that apply to each fund’s approval as an investor protection fund, revise their reporting requirements and propose new memorandums of understanding (MOU) between the funds and the regulators that oversee them. Specific new reporting requirements would include requiring the funds to certify compliance with the conditions of their approval as an investor protection fund on an annual basis; obliging them to report information security breaches; and requiring them to give regulators advance notice before publishing anything that could affect their mandate. According to the notices, the changes stem from a review of the existing oversight framework, and aim to streamline and modernize the framework to ensure it is “consistent with current oversight practices.” Read the proposed changes to the oversight of the CIPF here. Read the proposed changes to the oversight of the MFDA IPC here. Comments on the proposed changes are due June 24. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo