Grant Vingoe has been named the Ontario Securities Commission's first chief executive officer under a new structure.Melissa Tait/The Globe and Mail
Grant Vingoe, the chair of the Ontario Securities Commission, has been named the organization’s first chief executive officer under a new structure the province is implementing at the regulator.
The move is part of a package of sweeping changes to how the OSC is governed that Ontario’s Progressive Conservative government is set to bring into force, reforms that were first recommended last year by a government task force.
Like most of Canada’s provincial securities commissions, the OSC’s leadership group has traditionally been comprised of a team of appointed commissioners. These commissioners have functioned like a board of directors, responsible for overseeing the regulator, while also serving as adjudicators, presiding over tribunals that issue fines and ban wrongdoers from trading.
As suggested by the Capital Markets Modernization Taskforce, chaired by Bay Street lawyer Walied Soliman, the province is splitting those responsibilities into two distinct spheres.
Mr. Vingoe, a former securities lawyer, will now function solely as CEO, reporting to an independent board of directors, as soon as the government’s new Securities Commission Act is brought into effect. The legislation is expected to be enacted in about a month.
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Earlier this month, the government announced a new slate for the board of directors, largely consisting of current commissioners, under the new structure. That new board is to be chaired by Heather Zordel, a former OSC commissioner and a securities lawyer at Gardiner Roberts LLP.
As part of these reforms, the government also announced Thursday it is nominating Timothy Moseley as the OSC’s first-ever chief adjudicator. Mr. Moseley, a former chief compliance officer at Canadian Imperial Bank of Commerce, is currently vice-chair of the OSC.
In his new role as chief adjudicator, he will be responsible for supervising and directing the new Capital Markets Tribunal – a separate wing of the commission that will issue verdicts on alleged misconduct. The government nominated nine other adjudicators to serve on the tribunal earlier this month.
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