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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 directionand 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.
Reviews
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 Commitmentreflects 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
As an expert with in-depth knowledge of regulatory bodies, particularly the Ontario Securities Commission (OSC), I bring a wealth of understanding regarding the roles, responsibilities, and operations of such organizations. My expertise is grounded in a comprehensive grasp of the concepts surrounding financial governance, accountability structures, and regulatory frameworks.
The OSC, a self-funded Crown corporation, holds a pivotal role in overseeing capital markets in Ontario. The accountability of the OSC is clearly defined through a Memorandum of Understanding (MOU) with the Minister of Finance, outlining roles and responsibilities of key figures within the organization, including the Chair, CEO, Board, Chief Adjudicator, Adjudicators, and the Deputy Minister of Finance. This MOU, renewed approximately every five years, establishes a framework for governance and reporting requirements, ensuring transparency and accountability.
Setting its strategic direction and priorities is a key function of the OSC. Annually, the organization delivers a Statement of Priorities and Business Plan, aligning its goals with government policies to protect investors and foster fair and efficient capital markets. The OSC engages the public by publishing proposed statements of priorities for comment, demonstrating a commitment to inclusivity and responsiveness.
Ethical conduct is a cornerstone of the OSC's operations. All members and employees are bound by the OSC Code of Conduct and related policies, with governance outlined in OSC By-law No. 1. Additionally, adherence to the Public Service of Ontario Act (PSOA) ensures that conflict of interest rules align with the standards applicable to public servants.
The OSC upholds transparency through regular expense disclosure, including travel, meal, and hospitality expenses of senior executives and Commission members. Periodic reviews, such as those conducted by legislative committees or independent committees appointed by the Government of Ontario, contribute to the organization's continuous improvement. The most recent review in January 2021 by the Capital Markets Modernization Task Force exemplifies the commitment to staying current and effective.
The OSC's Service Commitment further underscores its dedication to accessibility, accountability, and transparency. This document outlines expectations for interactions with the OSC, encouraging high-quality service and providing target timelines for various processes, including handling questions, complaints, records requests, and compliance reviews.
In conclusion, my expertise in the intricate workings of regulatory bodies, specifically the OSC, enables me to navigate and elucidate the complexities inherent in financial governance, accountability structures, and regulatory frameworks. The OSC's commitment to transparency, ethical conduct, and public engagement reflects a robust regulatory framework designed to safeguard investors and maintain the integrity of capital markets in Ontario.