Tariffs-Free Regulatory Importing?
Asad Akhtar
Table of Contents
Executive Summary ...................................................................................................................... 3
Introduction ................................................................................................................................... 7
Part One: Contrasting the Capital Markets ............................................................................... 9
A. Regulatory Framework in Canada & Ontario ...................................................................... 9
1. Provincial Regulation – Ontario and the OSC..................................................................... 9
2. A Model for the Future - The Cooperative Capital Market Regulatory System ............... 10
B. The Public Interest Jurisdiction .......................................................................................... 11
1. Defining the Scope ............................................................................................................ 12
2. Public Interest Slide & Restraint ....................................................................................... 13
Part Two: Incentivized Whistleblower Program ..................................................................... 15
A. The American Experience .................................................................................................. 15
1. Purpose of Incentivized Whistleblowing........................................................................... 15
2. Expansions under Dodd-Frank ......................................................................................... 16
3. Framework for Regulation 21F ......................................................................................... 17
4. Opportunities and Challenges with Section 21F ............................................................... 22
B. Implementation in Ontario.................................................................................................. 24
1. Distinctions from Regulation 21F ................................................................................... 24
2. Opportunities with Policy 15-601 in the Capital Markets ................................................. 25
3. Weaknesses with Policy 15-601 in the Capital Markets .................................................. 26
Part Three: No Contest Settlements .......................................................................................... 30
A. The American Experience .................................................................................................. 30
1. Advantages ...................................................................................................................... 30
2. Criticism .......................................................................................................................... 31
3. Recent Policy Changes .................................................................................................... 32
B. Implementation in Ontario.................................................................................................... 33
1. Concerns ........................................................................................................................... 33
2. OSC Staff Notice 15-702 – Credit for Cooperation ........................................................ 34
3. Transparency in Public Interest Determination ............................................................... 35
4. Existing No-Contest Settlements ..................................................................................... 36
Part Four: Joint Serious Offences Team .................................................................................. 38
1