Ontario Securities Commission
The Commission seeks up to six Members (also known as Commissioners). Applicants with adjudication, regulatory and/or governance expertise as defined below are encouraged to apply. It is expected that some of the six vacancies will be filled by candidates with strong adjudication expertise.
In accordance with the Agencies and Appointments Directive, government appointments will respect the needs of the entity to which they have been appointed, but will also reflect the diversity of the people of Ontario and the need to deliver services and decisions in a professional, ethical and competent manner.
The Commission’s mandate is to provide protection to investors from unfair, improper or fraudulent practices; to foster fair, efficient and competitive capital markets and confidence in capital markets; to foster capital formation; and to contribute to the stability of the financial system and the reduction of systemic risk. To learn more about the Commission and its governance framework, please review the Ontario Securities Commission Charter of Governance.
Members must have demonstrated attributes relevant to the work of the Commission – independent perspective, integrity, duty of care, professional/business judgment, commitment to allocate necessary time, valuing public service, and respectful communication and cooperation with peers and staff. Members must be able to capably work with computers, technology and digital documents.
Collectively, Members of the Commission perform the following distinct functions:
- Adjudication – serve as a tribunal adjudicator
Members, other than the Chair & CEO, preside over hearings and confidential conferences, alone or as a member of a multi-person panel, in OSC adjudicative proceedings. Writing well-crafted and timely reasons for decisions made in those proceedings is an integral part of the adjudication function. Members may also be appointed to chair, or serve on, the Adjudicative Committee.
As adjudicators, Members should have an advanced understanding of the law, rules and policies in one or more of the following areas:
- administrative law
- products (different types of securities and derivatives, including exempt products)
- registrants (dealers and individuals), and their compliance obligations
- marketplaces (exchanges and other platforms)
- issuers, and their disclosure and other obligations
- mergers and acquisitions
- conduct, including fraud and insider trading.
Members must be able to interpret and apply relevant legislation, understand administrative law concepts, fairly assess the credibility and reliability of evidence, act impartially, independently and with an open mind, and listen actively to, and communicate clearly with, persons appearing before the tribunal, whether represented or not. Members need not be lawyers.
2. Regulatory – make policy and rules
Members approve and oversee the implementation of the Commission’s regulatory priorities and initiatives, make rules that have the force of law, adopt policies that influence the behaviour of capital market participants, guide staff on the completion of policy initiatives, and determine applications for exemptive relief.
As policy and rule-makers, Members should have an advanced understanding of the Canadian capital markets acquired through professional, industry or leadership experience in one or more of the following areas:
- corporate/commercial law
- debt/equity capital markets
- investment banking/mergers and acquisitions
- investor education
- investor/public relations
- markets and exchanges
- middle/back office
- public policy/regulation
- securities law
- structured products/derivatives
- wealth/asset management.
3. Governance – serve as a board of directors
Members are responsible for the overall stewardship and strategy of the Commission, oversee the management of the Commission’s financial and operational affairs, contribute at Board meetings and are appointed to chair, or serve on one or more of, the Board’s four standing committees – Audit and Finance, Governance and Nominating, Human Resources and Compensation, and Risk.
As board directors, Members should have an advanced understanding of corporate governance and leadership in one or more of the following areas:
- executive management
- financial literacy
- human resources/compensation
- information technology/cybersecurity
- public service
- risk management
- serving on a board of directors
- strategic planning.
Currently, Members perform the three distinct functions noted above. With future implementation of the proposed Securities Commission Act, 2021 made under Bill 269, Protecting the People of Ontario Act (Budget Measures), 2021, these functions would be performed by two different groups – Board Directors (regulatory and governance) and Adjudicators (adjudication). Successful applicants may subsequently be appointed to serve as either a Board Director or an Adjudicator upon implementation of the Securities Commission Act, 2021.
Members attend in-person or virtual biweekly Commission policy meetings, quarterly meetings of the Board and its four standing committees and special meetings, as needed. Members also preside at tribunal hearings (oral, electronic and written) and may attend quarterly and special meetings of the Adjudicative Committee. In-person meetings and hearings are held at the Commission’s offices in Toronto. Lengthy and complex meeting and hearing materials are provided on a digital platform. Members may represent the Commission at public events, as requested. Members also participate in ongoing adjudication, regulatory and governance professional development. Members are supported by staff of the Commission.
The approximate time commitment is 14 hours per week, with some weeks having significantly more or less time, and additional adjudication hours on specific days or for continuous blocks of time for longer hearings. In addition, Members must complete the Commission’s Orientation Program requiring approximately 25 hours and the Society of Ontario Adjudicators and Regulators/Osgoode PD Certificate in Adjudication requiring approximately 35 hours.
Paid by the Commission – Remuneration Schedule for Part-Time Commissioners
Eligible expenses are reimbursed by the Commission in accordance with the
To be considered, candidates must submit an application to the Public Appointments Secretariat by July 6, 2021. Please go to https://www.pas.gov.on.ca/Home/Advertisement/449 to read the full description of the role and apply on-line, and to www.osc.gov.on.ca to learn more about the OSC.
The OSC is committed to diversity and providing an inclusive workplace. It is our priority to ensure employment opportunities are visible and barrier-free to all under-represented groups, including, but not limited to, Indigenous, Black and racialized groups, people with disabilities, women and people from the LGBTQ2S community, to achieve an employee demographic profile reflective of the demographic profile of Ontarians.
If you require an accommodation during the recruitment process, please contact the Public Appointments Secretariat at www.pas.gov.on.ca