Securities Law & Instruments

 

IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990,

CHAPTER S. 5, AS AMENDED (the "Act")

AND

IN THE MATTER OF

THE DESIGNATION BY THE EXECUTIVE DIRECTOR

OF POSITIONS FOR THE PURPOSES OF THE

DEFINITION OF DIRECTOR IN THE ACT

AND

IN THE MATTER OF

THE ASSIGNMENT OF CERTAIN POWERS AND DUTIES

OF THE ONTARIO SECURITIES COMMISSION

EXECUTIVE DIRECTOR'S DESIGNATION AND DETERMINATION

WHEREAS:

A. on June 30, 2005, the Ontario Securities Commission (Commission) issued an assignment (June 2005 Assignment) pursuant to subsection 6(3) of the Act, assigning certain of its powers and duties under the Act to each "Director" as that term is defined in subsection 1(1) of the Act, acting individually;

B. on March 27, 2006 the Commission revoked the June 2005 Assignment and replaced it with an amended and restated assignment (March 2006 Assignment);

C. on May 8, 2006 the Commission revoked the March 2006 Assignment and replaced it with an amended and restated assignment (May 2006 Assignment);

D. on March 16, 2007 the Commission revoked the May 2006 Assignment and replaced it with an amended and restated assignment (March 2007 Assignment);

E. under subsection 1(1) of the Act, "Director" means the Executive Director of the Commission, a Director or Deputy Director of the Commission, or a person employed by the Commission in a position designated by the Executive Director;

F. the assignments listed above, including the March 2007 Assignment, each provide that the Executive Director of the Commission shall from time to time determine which one or more other Directors, in each case acting alone, should, as an administrative matter, exercise each of the powers or perform each of the duties assigned by the Commission in paragraph 2 of the particular assignment, each of which powers may also be exercised and duties performed by the Executive Director alone;

G. on October 24, 2005, the Executive Director issued a designation and determination (October 2005 Designation) whereby the Executive Director, among other things, (i) revoked all previous existing designations and determinations, (ii) designated certain positions, whether or not in an acting capacity, for purposes of the definition of "Director" contained in subsection 1(1) of the Act, and (iii) determined that, in addition to the Executive Director acting alone, each Director (other than certain specified Directors) may exercise the powers and perform the duties assigned by the Commission to Directors in the June 2005 Assignment until otherwise determined by the Executive Director;

H. in May 2007 a restructuring of the Capital Markets Branch of the Commission resulted in two new branches, that together replaced the Capital Markets Branch: the Compliance and Registrant Regulation Branch and the Market Regulation Branch. Each of these branches has its own Director;

I. the Executive Director considers it necessary and desirable to amend the October 2005 Designation to: update the references therein to reflect the March 2007 Assignment; reflect the restructuring of the former Capital Markets Branch; and to clarify that the Designation shall apply to any Commission assignment in effect from time to time, until otherwise determined by the Executive Director;

NOW THEREFORE, the Executive Director hereby:

1. revokes the October 2005 Designation;

2. designates each of the following positions, whether or not in an acting capacity, for the purposes of the definition of "Director" contained in subsection 1(1) of the Act:

(a) each Manager and Assistant Manager in the Corporate Finance Branch of the Commission,

(b) each Manager and Assistant Manager in the Compliance and Registrant Regulation Branch of the Commission,

(c) each Manager and Assistant Manager in the Market Regulation Branch of the Commission,

(d) each Manager and Assistant Manager in the Enforcement Branch of the Commission,

(e) each Manager and Assistant Manager in the Investment Funds Branch of the Commission,

(f) the Chief Accountant of the Commission, and

(g) the General Counsel of the Commission;

3. designates the Supervisor - Insider Reporting Group and each Senior Legal Counsel and Senior Accountant in the Corporate Finance Branch of the Commission for the purposes of the definition of "Director" contained in subsection 1(1) of the Act, but solely for the purpose of granting exemptions from fees for the late filing of insider reports on Form 55-102F2 under Commission Rule 13-502 Fees; and

4. determines that, in addition to the Executive Director acting alone, each Director, other than the Supervisor - Insider Reporting Group, and each Senior Legal Counsel and Senior Accountant in the Corporate Finance Branch of the Commission, may exercise the powers and perform the duties assigned by the Commission to Directors in the March 2007 Assignment and any successor assignment in effect from time to time, until otherwise determined by the Executive Director.

DATED AT TORONTO this 16th day of August, 2007.

"Peggy Dowdall- Logie"
Executive Director