New governance structure takes effect at OSC

For Immediate Release Capital Markets Tribunal

TORONTO – The Ontario Securities Commission (OSC) is today providing an update on structural and governance changes resulting from the proclamation of the Securities Commission Act, 2021, by the Government of Ontario (the government) on April 29, 2022.

The Securities Commission Act, 2021 was introduced in March 2021 to implement recommendations by the Ontario Capital Markets Modernization Taskforce regarding the governance and accountability of the OSC. These changes include splitting the Chair and Chief Executive Officer role into two distinct positions, and the separation of the regulatory and adjudicative functions at the OSC.

As previously announced, the government selected Grant Vingoe as the first dedicated Chief Executive Officer of the OSC.

The government appointed Heather Zordel non-Executive Chair of the OSC’s Board of Directors, which is responsible for the overall stewardship of the OSC, including strategic planning and board governance. The following members have been appointed or reappointed to the OSC’s Board:

  • Kevan Cowan
  • Mary Anne De Monte-Whelan
  • Jennifer Fang
  • Dieter Jentsch
  • Frances Kordyback
  • David Lewis
  • Hari Panday
  • Elizabeth Cynthia (Cindy) Tripp

The CEO will also be a member of the OSC’s Board of Directors.

Tim Moseley has been appointed as Chief Adjudicator of the Capital Markets Tribunal, an independent adjudicative division of the OSC. The following adjudicators have also been appointed to the Tribunal:

  • Sandra Blake
  • Andrea Burke
  • Geoffrey Creighton
  • James Douglas
  • William Furlong
  • Russell Juriansz
  • Dale Ponder
  • Cathy Singer
  • M. Cecilia Williams

Additional details, including an organizational chart, are available on the leadership section of the OSC’s website. Biographical information on all Capital Markets Tribunal adjudicators is available on the Tribunal’s website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at

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