Industry News from OSB
The OSB contributes to an efficient marketplace by maintaining the integrity of the Canadian insolvency system thereby strengthening confidence in the Canadian economy.
The OSB values and recognizes the contributions of its employees across the organization who work together to help maintain the integrity of Canada's insolvency system and deliver results for Canadians. This includes employees in the regions carrying out regulatory duties, compliance monitoring and enforcement as well as those responding to public enquiries and statutory complaints. Employees at National Headquarters advance the mandate by developing policy, guidance and training for program operations, carrying out research and analysis, providing support for business applications and delivering trustee licensing services. Employees who deliver internal services across the organization are key to enabling program delivery. The following provides an overview of how the OSB delivers its mandate.
Licensed Insolvency Trustee Compliance
The OSB administers and enforces the laws and requirements governing insolvencies in Canada. In its oversight capacity, the OSB seeks to determine whether Licensed Insolvency Trustee's (LITs) are fulfilling their obligations, as set out in the legislative and regulatory framework, which include effectively managing estates and estate trust funds. To identify, assess and investigate LIT non-compliance, the OSB conducts ongoing monitoring activities, reviews stakeholders' complaints against LITs and reviews insolvency estate banking and management practices. It regulates LITs with potential professional conduct, civil and criminal sanctions for non-compliance.