Will the OSC get my money back?

Generally no. It enforces securities law in the public interest. For individual losses, complain to the firm, then escalate to OBSI, or pursue a civil claim.

Where do I complain about my adviser?

Start with the firm in writing, then CIRO if it is a member, and OBSI for compensation up to its limit. The OSC handles conduct and registration concerns.

What is the Capital Markets Tribunal?

The OSC's adjudicative arm, separated to keep enforcement and adjudication distinct. It hears enforcement proceedings and registration reviews.

Ontario Securities Commission (OSC) — Investor Complaints & Enforcement

Ontario Securities Commission (OSC)

The OSC regulates Ontario's capital markets — registration of dealers and advisers, prospectus and continuous disclosure, and enforcement against misconduct. Its adjudicative function sits with the separate Capital Markets Tribunal. Important for investors: the OSC enforces the rules but does not generally recover your individual losses.

What it does

Registers and oversees dealers, advisers and fund managers
Reviews prospectuses and continuous disclosure
Investigates and prosecutes securities misconduct
Operates a whistleblower programme with financial awards

Matters it hears

Insider trading and market manipulation
Fraud and unregistered trading
Disclosure and prospectus violations
Registrant misconduct

Appeals & review

Enforcement proceedings are heard by the Capital Markets Tribunal, with appeals to the Divisional Court.

Appeal and review deadlines are short and strictly applied. Treat the decision date as the start of a clock.

Frequently Asked Questions

Will the OSC get my money back?: Generally no. It enforces securities law in the public interest. For individual losses, complain to the firm, then escalate to OBSI, or pursue a civil claim.
Where do I complain about my adviser?: Start with the firm in writing, then CIRO if it is a member, and OBSI for compensation up to its limit. The OSC handles conduct and registration concerns.
What is the Capital Markets Tribunal?: The OSC's adjudicative arm, separated to keep enforcement and adjudication distinct. It hears enforcement proceedings and registration reviews.

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General information about jurisdiction and process, not legal advice. LegalCounselNearMe is not a law firm and is not affiliated with Ontario Securities Commission (OSC). Procedures, forms and fees change — the official site is authoritative.