Ontario Securites Commision - Investor offices
Investor News
JUNE 11, 2020

The Staff of the Ontario Securities Commission (OSC) today released a report on QuadrigaCX.

The downfall of crypto asset trading platform QuadrigaCX resulted from a fraud committed by Quadriga’s co-founder and CEO Gerald Cotten. On January 14, 2019, Quadriga announced that Cotten had died in India the previous month. By February 5, the Quadriga platform had ceased operations and filed for creditor protection. Over 76,000 clients were owed a combined $215 million in assets. The bulk of the asset shortfall—approximately $115 million—arose from Cotten's fraudulent trading on the Quadriga platform. In effect, Quadriga operated like a Ponzi scheme.

Read the entire report at


Cotten opened Quadriga accounts under aliases and credited himself with fictitious currency and crypto asset balances which he traded with unsuspecting Quadriga clients. He sustained real losses when the price of crypto assets changed, thereby creating a shortfall in assets to satisfy client withdrawals. Cotten covered this shortfall with other clients’ deposits.

Read the entire report at

Visit for an interactive investor education resource on crypto asset products and services. Learn about the risks of crypto assets, how crypto asset trading platforms work, the OSC's regulatory role, and the need to carefully research before making a decision to buy. Learn more

How Registration Protects You

How Registration Protects You

Registration helps protect you from unqualified or fraudulent individuals. Always check the registration of any person or business trying to sell you an investment or give you investment advice. Visit

Requesting Your DSC Fees Waived

COVID-19: Deferred sales charges

If you’re facing financial hardship due to the COVID-19 pandemic, one option you might be thinking of is selling your mutual funds. It’s important to know that some funds have a deferred sales charge (DSC) fee of up to 6% if you sell within a certain period.

Speak to your advisor, investment firm or mutual fund company before selling the fund. You may qualify to have your DSC fees waived or reduced depending on your personal circumstances and financial situation. Also, some mutual funds will allow you to redeem up to 10% of your holding without paying a redemption fee. Read our new article

Financial Health for Seniors

Financial Health for Seniors

Many older Canadians have complex financial needs which could include retirement planning, debt management, estate planning and financially supporting other family members. Visit our Growing Older hub for resources to help you plan for the future.

With the recent market volatility and ongoing economic uncertainty, you may be worried about your financial health. Give yourself a financial check-up today by using our Net Worth Calculator. You can also compare your household income and net worth to the average Canadian household income and net worth in your region.

If your financial health is not what you expect, it may be time to revisit your financial plan. And if you're working with someone to create or update your financial plan, here are some things you should expect from them.

Seniors' Month Resources

Seniors' Month Resources

June is Seniors' Month. Take a moment to recognize the contributions that older adults have made to communities across the province.

This year's theme is Stay Safe, Stay in Touch. Social isolation and elder abuse, including financial elder abuse, threaten the well-being of many seniors.

Visit the Ontario Ministry for Seniors and Accessibility website to find information on support for seniors. We've also put together a list of organizations and phone numbers for seniors including crisis support resources, on our Resources for Seniors page on

Personal Information Inventory

Personal Information Inventory

Our popular Personal Information Inventory document is available for download here.

Complete this document to help a trusted contact locate your personal and financial accounts and other records, in the event that you are unable to provide guidance. While it can be unpleasant to think about an emergency situation, recent events have emphasized the importance of planning ahead. Keep your Personal Information Inventory document in a safe place and tell your trusted contact where they can find it. 

Active and passive investing

Active and Passive Investing

Active and passive investing are two types of investing strategies. Each strategy has its benefits and drawbacks. While an active strategy involves the frequent buying and selling of investments with the goal of beating the market, a passive strategy typically tries to match market performance. Some investors and advisors blend active and passive approaches. Learn more

Reporting Wrongdoing

Reporting Wrongdoing

If you believe that an individual or firm has broken securities laws, acted fraudulently or otherwise acted improperly, always report it to the Ontario Securities Commission (OSC).

Reporting wrongdoing enables regulators to take action and may prevent it from happening to anyone else. Learn more

Re: Investing

Ask Us An Investing Question

Investing and the investment world can be complex. Our Re: Investing website offers clear, unbiased answers to your questions about investing, from a trusted source. Here are some recent questions and our responses:

“Do mutual funds split?”
“How do you open an investment account?”
“What is a Dividend Reinvestment Plan (DRIP) and how do I set one up?”

OSC Obtains Court Order Appointing Grant Thornton Limited as Receiver of Stableview

OSC Obtains Court Order Appointing Grant Thornton Limited as Receiver of Stableview

As a result of an application by the OSC, the Ontario Superior Court of Justice (Commercial List) made an order today appointing Grant Thornton Limited as receiver and manager without security, of all of the assets, undertakings and properties of Stableview Asset Management Inc., Stableview Yield & Growth Fund, Stableview Progressive Growth Fund, Stableview Insight Fund LP and Stableview Insight Fund GP Inc. (collectively Stableview).

The OSC sought the appointment of a receiver on the basis that it is in the best interests of Stableview clients, appropriate for the due administration of Ontario securities law and to ensure the orderly management and/or distribution of investors’ funds.  In its endorsement, the Ontario Court of Justice (Commercial List) concluded that Grant Thornton Limited should be appointed as receiver and manager on the terms set out in its order dated June 9, 2020.

Clients of Stableview who may have questions concerning the receivership should visit the Grant Thornton Limited website at




Proposed rule for Non-GAAP and other financial measures

Comments due: June 29, 2020

The Canadian Securities Administrators (CSA) published a second notice and request for comment on revisions to a proposed rule for Non-GAAP and Other Financial Measures (the proposed rule). The rule would establish disclosure requirements for issuers that disclose non-GAAP and other financial measures, which often lack standardized meanings, resulting in potentially misleading disclosure. Learn more


Proposed rule to restrict use of deferred sales charge option

Comments due: July 6, 2020

The Ontario Securities Commission (OSC) published for comment a proposed rule that would restrict the use of the deferred sales charge (DSC) option in the sale of mutual funds. The proposed rule is intended to address negative investor outcomes by limiting the circumstances in which mutual funds with the DSC option can be sold and by giving clients greater flexibility to redeem these investments without penalties. Learn more


Proposed new nationally harmonized crowdfunding rules

Comments due: July 13, 2020

The Canadian Securities Administrators (CSA) is seeking comment on proposed harmonized rules for start-up securities crowdfunding.

Proposed National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions would replace and enhance the requirements currently in effect in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick and Nova Scotia. Learn more


Proposed changes to tackle financial exploitation and diminished mental capacity of older and vulnerable clients

Comments due: July 20, 2020

The Canadian Securities Administrators (CSA) published for comment proposed amendments designed to clearly outline how registrants can address situations involving diminished mental capacity or the potential financial exploitation of vulnerable clients. Learn more




Always know the 10 most recent OSC investor warnings and alerts by bookmarking this Fact Card or embedding it on your website or blog.


First City Markets

First City Markets, found at www[dot]firstcitymarkets[dot]com, is not registered in Ontario to engage in the business of trading in securities. Learn more


Pinnacle Capital

Pinnacle Capital, offering investment services on its website found at www[dot]pinnacle[dot]capital, is not registered in Ontario to engage in the business of trading in securities. Learn more


COVID-19 Fraud Alerts

Watch our new COVID-19 fraud alert videos. Fraudsters are exploiting the fear of economic conditions and the COVID-19 pandemic.

*New* Quick High-Return Schemes. Fraudsters are targeting people experiencing financial hardship from COVID-19 with quick high-return schemes based outside of Canada. 

Fake government messages. Be careful of fraudsters posing as government agencies or departments by text or email.

Financial representative impostors. Be on alert for fraudsters posing your bank or investment firm advisor.

Pump-and-dump scams. This is a type of investment fraud. Fraudsters artificially increase the price of a stock they own by encouraging other investors to buy it. Fraudsters then sell their shares; the price falls and investors lose money. 

Work from home scams. Be on alert for fraudsters offering fake job opportunities and claiming you can earn high profits to replace lost income from COVID-19.


IOSCO Investor Alerts

Stay informed about the latest international investor warnings and alerts by visiting the International Organization of Securities Commissions (IOSCO) Investor Alerts Portal.




OSC in the Community

OSC in the Community is an outreach program that takes the OSC's regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk to people about making informed financial decisions and avoiding investment fraud.

To protect the health and safety of the public and staff, all OSC in the Community events will be delivered online or by phone until further notice. We will continue to monitor the situation and follow guidance from public health authorities.

  • June 11, 2020 - Ottawa 
  • June 15, 2020 - Toronto (North York)
  • June 15, 2020 - Muskoka 
  • June 16, 2020 - Grimsby 
  • June 16, 2020 - Township of Leeds and Thousand Islands 
  • June 17, 2020 - Ottawa
  • June 18, 2020 - Toronto (Etobicoke)
  • June 23, 2020 - Arnprior
  • June 24, 2020 - Kitchener

Learn more

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Here are 9 things to know before buying a GIC (Guaranteed Investment Certificate).

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