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The Ontario Securities Commission (OSC) is a self-funded Crown corporation, accountable to the Ontario Minister of Finance. The OSC operates under the direction of the Commission.

Memorandum of understanding with the Minister of Finance

As required by the Agencies and Appointments Directive, a memorandum of understanding (MOU) with the Minister of Finance establishes the accountability relationship between the Commission and the Minister, including detailed reporting requirements. The MOU describes the roles and responsibilities of the Minister, the Chair, the CEO, the Board, the Chief Adjudicator, Adjudicators, and the Deputy Minister of Finance. The MOU remains in effect until it is renewed, usually every five years. When there is a change in the Minister or the Chair, both parties must agree to either affirm the current MOU or to revise it and sign a new MOU within six months of the appointment.

OSC priorities

The OSC is responsible for setting its strategic direction and priorities, and managing its operations. Each year, we are required to deliver a Statement of Priorities and Business Plan for the current fiscal year and an Annual Report. The OSC also supports and implements government policies which protect investors and foster fair and efficient capital markets, goals which are directly aligned with the provincial government’s priorities.

We publish a proposed statement of priorities for public comment on the OSC website and in the OSC Bulletin each year.

OSC conduct

The OSC is committed to the highest standards of ethical conduct in all of its activities. All members of the Commission and all employees are expected to comply with the OSC Code of Conduct and related policies. OSC By-law No. 1 governs the conduct of the affairs of the OSC, including matters related to management and administration.

As representatives of a Crown corporation, the members of the Commission and employees of the OSC are also subject to certain requirements of the Public Service of Ontario Act (PSOA), including those governing ethical conduct and political activity. The conflict of interest rules in the OSC’s Code of Conduct adhere to the requirements applicable to public servants and former public servants under the PSOA.

Expense disclosure

Information relating to travel, meal, and hospitality expenses of the OSC's senior executives and Members of the Commission is published on a quarterly basis, and annually for the top five claimants.


The OSC periodically undergoes reviews by legislative committees or independent committees appointed by the Government of Ontario. The most recent review was completed in January 2021 by the provincial Capital Markets Modernization Task Force.

OSC Service Commitment

The OSC strives to be an accessible, accountable and transparent organization. In fulfilling our regulatory functions, we are committed to being responsive to investors and those whom we regulate. The OSC Service Commitment reflects our commitment to accountability and transparency.

The OSC Service Commitment document sets out:

  • what you can expect when you deal with the OSC
  • how you can help us provide high quality service
  • our target timelines for: questions and complaints; records requests; dealing with reviews of offering documents, applications and other filings; and certain compliance reviews