clarinews@clarinet.com (Kelly/CFRB/CKFM) (02/03/90)
(TORONTO) The Ontario Securities Commission is proposing legislative changes in its enforcement powers. The idea is to bring them in line with the charter of rights, as well as to update them. In a discussion paper released today, the commission suggests that the confidentiality of investigations be strengthened. However, it says information could be provided to authorities in other provinces, or other countries, if the commission decides it's in the public interest. The O-S-C is recommending that it's investigators no longer have the power to seize property, without prior authorization from the Supreme Court of Ontario. The commission wants the ability to investigate, within Ontario, securities trading in any jurisdiction. It also recommends that it be able to impose a broader range of penalties. Currently, it can issue cease trading orders or remove trading privileges. It's proposing that new sanctions include reprimands for misconduct, and the power to prevent a person from being employed by a firm registered with the commission. The commission says it's juridiction should be expanded to include lawyers, accountants, engineers, and other professionals who appear before it.