Adjudicator (Part-time)

The Capital Markets Tribunal, an independent tribunal that is a division of the Ontario Securities Commission (OSC), seeks applicants with adjudicative and regulatory expertise.

In accordance with the Agencies and Appointments Directive government appointments will respect the needs of the entity to which the appointments are made 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 Tribunal has exclusive jurisdiction to exercise the powers conferred on it under the Securities Act, the Securities Commission Act, 2021, and the Commodity Futures Act and other legislation, and to determine all questions of fact or law in any proceeding before it. Proceedings brought before the Tribunal relate to issues arising under the Commission’s mandate, which 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.

Adjudicators will preside over hearings and confidential conferences, alone or as a member of a multi-person panel. Writing well-crafted and timely reasons for decisions is an integral part of the adjudication function.

Adjudicators need not be lawyers. However, Adjudicators 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.

Adjudicators must also:

•  work professionally, constructively and efficiently
• demonstrate integrity, good judgment, sound analytical capability, and a commitment to continuous improvement
• be willing to allocate the necessary time
• be committed to public service
• communicate and work respectfully and cooperatively with peers and staff
• embrace Tribunal-related technology

Adjudicators must have an advanced understanding of the law, rules and policies in one or more of the following areas:

• finance
• 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
• market misconduct, e.g., fraud or insider trading

Applications are particularly encouraged from individuals who have experience chairing hearing panels or managing proceedings, or who have expertise in one or more of derivatives, market manipulation, trading, clearing and settlement, or crypto assets.

Adjudicators are appointed for a fixed term of two to five years as determined by the Lieutenant Governor in Council.

Adjudicators preside over hearings (oral and written) and participate in ongoing professional development. Hearings or parts of hearings that proceed orally may be conducted with some or all of the participants participating electronically (by telephone, videoconference or other electronic means) or physically present in a hearing room at the Commission’s offices in Toronto. Hearing materials, which are sometimes lengthy and complex, are provided on a digital platform. Adjudicators are supported by staff of the Commission’s Governance & Tribunal Secretariat.

The time commitment for hearings will vary. Adjudicators must generally be available as needed, sometimes on short notice, and year-round. Some hearings relate to case management, typically before a one-person panel, and may take an hour or less, at any time during the business day. Hearings of motions and some applications typically take one or two days and are before a three-person panel. Merits hearings and sanctions hearings in enforcement proceedings, which are also typically before three-person panels, vary in length but can span several weeks, sometimes over continuous blocks of time. There may be periods of time during which there are no hearing-related demands on an Adjudicator’s time. On average, an Adjudicator will spend approximately 40 days per year on hearing preparation, attendances, deliberation and decision writing.

Upon joining the Tribunal, Adjudicators must complete an orientation program, requiring approximately eight hours. Depending on previous experience, Adjudicators may be required to complete the Society of Ontario Adjudicators and Regulators/Osgoode PD Certificate in Adjudication requiring approximately 35 hours.

Remuneration: $788 for full day per diem paid by the Commission

Eligible expenses are reimbursed by the Commission in accordance with the Travel, Meal, Hospitality and Expenses Directive 2020 

To be considered, candidates must submit an application to the Public Appointments Secretariat by May 4, 2023. Please go to www.pas.gov.on.ca 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 and providing accommodation in accordance with the Accessibility for Ontarians with Disabilities Act and the Human Rights Code. 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.

The OSC is a proud partner with the following organizations: BlackNorth Initiative, Canadian Centre for Diversity and Inclusion, and Pride at Work Canada

If you require an accommodation during the recruitment process, please contact the Public Appointments Secretariat at www.pas.gov.on.ca.

Visit Accessibility at the OSC to review the OSC’s policies on accessibility and accommodation in the workplace.