Amid a planned restructuring, the Ontario Securities Commission (OSC) has restocked its bench with six new commissioners and re-appointed three existing commissioners.
Cindy Tripp, a founding partner of GMP Securities L.P., is joining the commission. Tripp recently served on the provincial government’s Capital Markets Modernization Taskforce, which recommended overhauling the OSC’s governance structure and spinning out its adjudicative function — reforms the government is now pursuing.
Historically, OSC commissioners have served as adjudicators, as the board of the commission, and provided oversight of the regulator’s policy work.
Now, assuming that the restructuring goes ahead as planned — with the adjudicative tribunal to be separated, creating a more definitive division between the regulator’s role as an adjudicator and its policy and operational work — commissioners are expected to retain the oversight and policy roles, while separate adjudicators would rule on tribunal cases.
The OSC is undergoing other notable reforms, such as separating the chair and CEO roles. The regulator’s mandate was also recently expanded to include promoting competition and capital formation, alongside ensuring investor protection, fair and efficient capital markets, and guarding against systemic risk. The provincial government is also consulting on a new approach to its securities legislation.
In the meantime, the new appointments come as the number of commissioners had dwindled to just eight of a possible 16 that can staff the commission.
Along with Tripp, the list of new appointees also includes Kevan Cowan, who was previously president of TSX Markets and the TSX Venture Exchange, and headed the now-defunct Capital Markets Authority Implementation Organization (CMAIO), which sought to help build a new cooperative capital markets regulator. That initiative was mothballed last year, after the federal government pulled its funding amid a lack of political will to see the project through.
The OSC’s remaining new appointees are Jennifer Fang, who has a long history in banking and business, including stints at JP Morgan & Chase and BMO Financial Group, and as managing partner at Highnoon Capital & Consulting Inc.; Dieter Jentsch, a former senior executive at Scotiabank; Hari Panday, the founder of ICICI Bank in Canada; and David Lewis, president of the BEworks Research Institute.
The six new commissioners were all appointed to two-year terms, effective Jan. 13.
Additionally, the OSC’s current lead director, Lorie Haber, has been re-appointed (his current term expires on Jan. 23), along with commissioners Cecilia Williams and Frances Kordyback.
“These individuals bring diverse and balanced perspectives to our policy and regulatory work in service of our multi-pronged mandate, and we look forward to working with them as we transition in the coming months to a new governance structure with an independent Capital Markets Tribunal,” said OSC CEO and chairman Grant Vingoe in a statement.