Our structure

The Ontario Securities Commission (OSC) is the regulatory body responsible for administering and enforcing compliance with Ontario’s Securities Act, Commodity Futures Act and the administration of certain provisions of Ontario’s Business Corporations Act. The OSC performs three distinct functions in support of its mandate:

  1. making policies and rules   
  2. serving as the board of directors
  3. adjudicating

These roles and responsibilities are explained in detail in a Memorandum of Understanding (MOU) between the OSC and the Ontario Minister of Finance, and in the Ontario Securities Commission Charter of Governance.


The Commission

The Commission is composed of at least nine and not more than 16 Members, each of whom is appointed by the Lieutenant Governor in Council of the Province of Ontario according to the procedures of the Public Appointments Secretariat.

Ontario’s Securities Act requires the OSC to enter into a MOU with the Minister of Finance and to provide the Minister with any information about its activities, operations and financial affairs that the Minister requests, including an Annual Report. The MOU sets out the accountability relationship between the OSC and the Minister. The MOU remains in effect until it is renewed

Learn more about the Members of the Commission and the OSC’s governance practices.

Chair and Vice-Chairs

The Chair is both the Chair of the Board of Directors and the CEO of the Crown corporation, as set out in Ontario’s Securities Act and reflected in the Ontario Securities Commission Charter of Governance. The Lieutenant Governor in Council designates one Member to serve as Chair.   

The Lieutenant Governor in Council designates up to three Members to serve as Vice-Chair. A Vice-Chair assists the Chair & CEO in carrying out their duties and responsibilities. Vice-Chair responsibilities may be set forth in Ontario’s Securities Act, the regulations made under it, and the by-laws. A Vice-Chair also carries out any other functions and duties under authority delegated by the Board. Each Vice-Chair reports to the Chair & CEO.

The Chair & CEO and the Vice-Chairs are full-time Members. The other Members, including the Lead Director, are part-time Members and are independent of management and devote as much time as necessary to perform their duties.

Board of Directors

The Board is composed of the Members. The Board is responsible for the overall stewardship of the OSC, including strategic planning and annual budgets, financial review, reporting and disclosure, risk assessment and internal controls and board governance. The Board exercises its corporate oversight through regular and special meetings of the full Board and its four standing committees. Board meetings are held at least quarterly and special meetings are held as required. The Board also conducts strategic planning and priorities-setting meetings with senior management.

Lead Director

The Board has established the position of Lead Director. The Lead Director is a part-time Member who represents the part-time Members and provides leadership and oversight of the governance obligations of the Board and its committees.

The organization

Executive Director and Chief Administrative Officer (CAO)

The OSC is supported by the Executive Director and the Chief Administrative Officer (CAO) to manage and direct the OSC’s day-to-day operations. The duties and responsibilities associated with these positions are set out in Ontario’s Securities Act and Commodity Futures Act, and described in the Ontario Securities Commission Charter of Governance, and align with the OSC’s annual Statement of Priorities.

Branches and offices

Employees support the work of the OSC across several branches and offices that perform a range of regulatory, advisory, and corporate responsibilities. Learn more about how the OSC is organized and meet our leadership team.