**Summary of Securities Commission Decision**
**Key Facts:**
– 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.
**Reasoning:**
– The Chief Executive Officer (CEO) of the OSC has the authority to designate specific positions within the Commission to be considered “Directors” for administrative purposes.
– The CEO determined which positions should have the authority to exercise the delegated powers and duties.
**Outcome:**
– The CEO designated various managerial and supervisory positions across multiple divisions of the OSC as “Directors” under subsection 1(1) of the Act.
– Specific roles, including Managers in Corporate Finance, Trading and Markets, Enforcement, Investment Management, and other divisions, were designated.
– The Business Processes Supervisor in the Corporate Finance Division was designated solely for granting exemptions from fees for late filing of insider reports.
– The CEO confirmed that these designated Directors, except the Business Processes Supervisor, may exercise the delegated powers and perform the duties as outlined in the 2022 Delegation.
**Relevant Laws/Regulations:**
– Securities Act, R.S.O. 1990, Chapter S.5, as amended.
– Subsection 3(1) and subsection 1(1) of the Securities Act.
– Commission Rule 13-502 Fees.
This decision ensures that designated positions within the OSC have the authority to perform specific administrative functions, thereby streamlining the Commission’s operations.