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OSC Glossary


Acronym Category Description
GAAP Accounting  

Generally Accepted Accounting Principles are a set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and informal commonly accepted ways of recording and reporting accounting information.

(Source: Investopedia)

GAAS Auditing

The Generally Accepted Auditing Standards are a set of systematic guidelines used by auditors when conducting audits on companies’ finances, ensuring the accuracy, consistency and verifiability of auditors’ actions and reports.

(Source: Investopedia)

 GATT  Regulatory

General Agreement on Tariffs and Trade, or the World Trade Organisation, is a global body that investigates disputes regarding trade and commerce between countries. 

(Source: WTO website)


General Counsel Office is the OSC’s in-house legal, policy, strategy and risk-management resource to the OSC. It also oversees organizational integrity and ethical conduct.

(Source: OSC website, Branches & Offices Page)

 Glass-Steagall  Law

Glass-Steagall Act, was named for the Senators that introduced it [Banking Act of 1933], was passed by Congress in 1933 and prohibits commercial banks from engaging in the investment business. It was enacted as an emergency response to the failure of nearly 5,000 banks during the Great Depression. The act was originally part of President Franklin D. Roosevelt’s New Deal program and became a permanent measure in 1945. It gave tighter regulation of national banks to the Federal Reserve System; prohibited bank sales of securities; and created the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits with a pool of money appropriated from banks.  

(Source: New York Times Topics)