The Ontario Securities Commission (OSC) issued a delegation on September 20, 2022, under subsection 3(1) of the Securities Act, R.S.O. 1990, Chapter S. 5, as amended. This delegation allows certain powers and duties of the OSC to be exercised by individuals defined as “Directors” under subsection 1(1) of the Act. The Chief Executive Officer (CEO) of the OSC is responsible for designating which positions within the Commission qualify as Directors for these purposes.
Effective April 1, 2024, the CEO designated various managerial and supervisory positions across multiple divisions of the Commission, including Corporate Finance, Registration, Inspections and Examinations, Trading and Markets, Enforcement, Investment Management, and the Office of Economic Growth and Innovation. Specific roles such as the Head of Sustainable Finance, Special Advisors, the Chief Accountant, and Associate Chief Accountant were also designated.
Additionally, the Business Processes Supervisor in the Corporate Finance Division was designated solely for the purpose of granting exemptions from fees for late filing of insider reports under Commission Rule 13-502 Fees. The CEO determined that, apart from the Business Processes Supervisor, all designated Directors could exercise the delegated powers and perform the duties as outlined in the 2022 Delegation and any future delegations, unless otherwise specified by the CEO.
This decision ensures a clear delegation of authority within the OSC, facilitating efficient administrative operations and compliance with the Securities Act.