The Ontario Securities Commission’s failure to act quickly on matters of concern, limited vetting of companies entering capital markets and ineffective enforcement tools are putting investors at risk, the province’s auditor general found as part of a review of the regulator in its annual report. (The Logic)

Talking point: The issues raised in the report are longstanding areas of concern for investor-protection advocates. The auditor general points out a ban on deferred sales charges and a partial ban on trailing commissions go into effect in June 2022 after more than a decade of work, “in part because of government intervention and heavy financial-industry lobbying.” The report points out the OSC does not have the power to seize assets to collect unpaid fines, which may pose a problem as the regulator seeks penalties and cease-trade orders against four foreign cryptocurrency-trading platforms.