Despite a planned restructuring, the Ontario Securities Commission (OSC) is recruiting for new part-time commissioners who traditionally oversee the commission and preside over regulatory hearings.
The OSC is advertising for as many as six new part-time commissioners to join the agency. Part-time commissioners have traditionally served on regulatory tribunals and functioned as the OSC’s board of directors, overseeing the regulator’s staff and its policymaking activity.
However, in the latest provincial budget, the Ontario government said that it would seek to separate the regulatory and adjudicative functions of the OSC, while also separating the chair and CEO roles and expanding the agency’s mandate to include promoting competition and capital formation.
Assuming that the planned restructuring of the OSC takes place — with a new Capital Markets Tribunal being created as a separate division within the OSC — new commissioners “may subsequently be appointed to serve either as a board director or adjudicator,” said a government recruiting ad.
In the meantime, the OSC is looking to add commissioners with adjudication, regulatory and/or governance expertise. Applications are due by July 6.