Our structure

The Ontario Securities Commission is the regulator responsible for administering and enforcing compliance with Ontario’s Securities ActCommodity 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. Regulatory: making policies and rules 
  2. Governance: serving as the board of directors
  3. Tribunal: administering and adjudicating proceedings before the Capital Markets Tribunal

Through regulatory meetings, the OSC Board reviews and approves regulatory initiatives, priorities, policies and rules. The Board also discusses general oversight of the capital markets.

Through governance meetings, the Board manages and supervises the management of the OSC’s affairs, other than matters relating to the Capital Markets Tribunal’s adjudicative functions.

The Securities Commission Act, 2021 separates the OSC’s Tribunal function from its other functions. The Capital Markets Tribunal, a division of the OSC, has exclusive jurisdiction to exercise the powers conferred on it under Ontario’s Securities Act and Commodity Futures Act and to determine all questions of fact or law in any proceeding before it under those Acts. The Securities Commission Act, 2021 provides that the Tribunal be composed of at least nine Adjudicators appointed by the Lieutenant Governor in Council. On recommendation of the Minister of Finance, the Lieutenant Governor designates a Chief Adjudicator from among the appointed Adjudicators.


The following leadership roles are explained in detail in a Memorandum of Understanding between the OSC and the Ontario Minister of Finance, and in the Ontario Securities Commission Charter of Governance. The Memorandum of Understanding sets out the accountability relationship between the OSC and the Minister of Finance.

The Board of Directors

The Commission may have a maximum of twelve Board Directors. The Securities Commission Act, 2021, together with By-law No. 1, provide that the Board be composed of at least three and not more than eleven individuals appointed by the Lieutenant Governor in Council, plus the full-time Chief Executive Officer. The appointee Board Directors are independent of management and are appointed by the Lieutenant Governor. Though they are part-time appointees, they devote as much time as necessary to perform their duties. Appointments are made according to the procedures of the Public Appointments Secretariat.

The independent board of directors includes a Chair and two to 10 other appointees. The CEO is separate from the independent board.

Chair of the Commission

The Chair of the Commission is designated by the Lieutenant Governor in Council from among the independent Board Directors. The Chair reports to the Minister of Finance.

The Chair’s responsibilities may be set forth in Ontario’s Securities Act, the regulations made under the Securities Act, the Memorandum of Understanding, By-law No. 1, By-law No. 2 and government directives and policies. The Chair also carries out other functions and duties under authority delegated by the Board.

Learn more about the OSC’s Board of Directors and the OSC’s governance practices.

The organization

More than 700 employees support the work of the Ontario Securities Commission (OSC) across several divisions that perform a range of regulatory, corporate and advisory responsibilities. Learn more about how the OSC is organized and meet our leadership team.