Update on SFC Practices in Cases of Wrongdoing by Licensed Firms

December 29, 2022 the Process Review Panel issued its annual report on the SFC. The report provides an update on the SFC’s operational practices in cases of possible wrongdoing by SFC licensed firms.

1. Closure of Enforcement Cases

The SFC Enforcement Division will establish a mechanism to monitor and control closure of investigations and to re-distribute workload to different case officers when necessary to ensure timely closure of investigations.

2. Follow-up Action to Substandard Sponsor Work

The SFC Enforcement Division will establish a mechanism to monitor and control closure of investigations and to re-distribute workload to different case officers when necessary to ensure timely closure of investigations.

3. Follow-up on Remedial Measures in SFC Inspections

The SFC Enforcement Division will establish a mechanism to monitor and control closure of investigations and to re-distribute workload to different case officers when necessary to ensure timely closure of investigations.

4. Delays in Responding to SFC Information Requests

The SFC set timeline within which the target of a complaint should respond to requisition of information takes into account a number of factors, including the nature of the complaint, the reason for any requested extension and whether the matter might pose imminent investor protection or market integrity concerns. There is no standard response timeline. The timeline in each complaint case will depend on the facts of that case.