Table of contents
Co-Operatives: Enhancing Transparency
Co-operative corporations are a unique part of Ontario’s marketplace. Run by their members and funded by either the government or members, they support the communities in which they operate. FSCO registers organizations conducting business as co-operative corporations in the province – the first step required to enable them to raise capital from members.
Co-operatives with more than 35 members or investors must file an offering statement with FSCO, and obtain a receipt from the Superintendent of Financial Services to be able to sell the offered securities. Any potential investor must receive a copy of the receipted offering statement before their share purchase can be completed.
To increase transparency and enhance consumer access to information, FSCO began posting basic information from all receipted co-operative offering statements on its website on July 1, 2016. These postings do not relieve co-operatives of their responsibility to make receipted offering statements available for inspection upon request. This change follows a recommendation in the 2014 Report of the Office of the Auditor General of Ontario.
In 2016, FSCO also published a report on the results of its 2015 Mandatory Information Return for Co-operatives, which revealed that only 50 per cent of the co-operatives in FSCO’s registry were active and in operation. FSCO has updated data in its registry as well as the status of each co-operative that completed the return.
Co-Operatives Registered in Ontario 2008-2017, as at March 31*
Description of Co-operatives registered in Ontario 2008-2017 image
CO-OPERATIVE LICENSING ACTIVITY
|Offering Statements ||22||22|
|Amendments Relating to Incorporation||12||9|
New Ontario Co-Operative Incorporations 2007-08 to 2016-17
Description of New Ontario co-operative incorporations image
STREAMLINING REGULATORY RESPONSIBILITIES FOR CO-OPERATIVES
The expert advisory panel that reviewed FSCO’s mandate recommended the elimination of overlapping responsibilities for the regulation and oversight of co-operative corporations. FSCO supports these recommendations, and is providing input to the Ministry of Finance (MOF) as it considers how to implement them.
Co-Operative Complaints 2012-13 to 2016-17
Description of Co-operatives complaints image
Return to top