OSC 2008 Annual Report

	Delivering on our commitment "Throughout the 2007-08 fiscal year, the OSC continuously monitored and improved the efficiency and effectiveness of its operations."
	Peggy Dowdall-Logie EXECUTIVE DIRECTOR

The OSC strives to conduct itself as an efficient and accountable regulator of the capital markets in Ontario.We work to deliver regulatory services in a businesslike manner to our stakeholders, who include investors, issuers of securities and intermediaries. We endeavor to be responsive to the dynamic nature of the securities markets.

The Commission has set out four strategic goals for the organization to achieve in order to meet its statutory mandate. Management and staff have been diligent in working to achieve those goals throughout the 2007-08 fiscal year. Many of the results of that effort are discussed in this Annual Report.

Throughout the 2007-08 fiscal year, the OSC continuously monitored and improved the efficiency and effectiveness of its operations. This commitment to operational excellence requires management and staff to communicate effectively with stakeholders, demonstrate financial efficiency and accountability, and conduct themselves with professionalism and integrity. We co-operate with other securities regulators, both in Canada and internationally; we work with other financial market standards setters, law enforcement agencies and governments; and we make the best use of our resources.

During 2007-08, the OSC experienced a number of positive changes to its Executive Management Team, which enhanced the organization's collective expertise and experience. Former Investment Funds Branch Director Susan Silma was appointed Director of the new Compliance and Registrant Regulation Branch and Brigitte Geisler joined the OSC as Director of the new Market Regulation Branch. Both bring impressive experience to those roles.

Leslie Byberg, who has been involved in a number of high-profile policy projects as manager of the Investment Funds Branch, was named Acting Director of the Investment Funds Branch. Gayle Fisher has joined the Commission as the new Chief Human Resources Officer and Director.

A new senior advisory position was created to work with the Chair and Executive Director on enforcement and ethics. James "Sasha" Angus was appointed Special Advisor to the Chair and Executive Director, effective January 7, 2008.

These changes have contributed to our overall effort to improve the efficiency and effectiveness of the OSC. The Executive Management Team is better positioned to work with staff to deliver on our commitment to operational excellence.

I want to express my thanks and appreciation to the OSC staff for their dedication to fulfilling the mandate of the Commission. They have worked hard to achieve the Commission's goals on behalf of our various stakeholders. The OSC's achievements in 2007-08 demonstrate that we have a great team that is providing effective regulation of the capital markets of Ontario.

Sincerely,

Peggy Sign

The organizational structure of the OSC

The OSC is comprised of 13 Branches and Offices that have various responsibilities as part of the collective effort to achieve the Commission's mandate. Certain Branches administer or enforce the regulation of the capital markets in Ontario. Other Branches and Offices provide support to the Commission across a range of regulatory activities, policy initiatives and organizational functions.

The Executive Director is the senior staff member and reports to the Chair. In turn, the OSC relies on a matrix reporting structure for its Executive Management Team. This structure is meant to optimize the respective skills of Directors on the management team and more clearly reflect their individual responsibilities and accountabilities. Under this structure, certain Directors have dual reporting lines - to the Chair and to the Executive Director (see organizational chart, page 26). Other Directors report to the Executive Director, while the Secretary to the Commission reports to the Chair.

The Corporate Finance, Compliance and Registrant Regulation, Investment Funds and Market Regulation Branches administer the regulatory framework for public companies, intermediaries, investment funds, and markets and self-regulatory organizations, respectively. The Enforcement Branch is responsible for upholding Ontario securities law through surveillance, case assessment, investigations and litigation.

The Economic Analysis, Strategy & Project Planning Branch, General Counsel's Office, Office of the Chief Accountant, Communications & Public Affairs Branch and Office of Domestic & International Affairs provide advice and support in their respective areas to the Commission, executives and staff. The Corporate Services Branch maintains the OSC's internal systems and infrastructure, while Human Resources provides service in employee relations and related matters.

The Office of the Secretary is responsible for ensuring the fair and efficient operation of the Commission's administrative proceedings, reviews and appeals. Staff also administer the Commission's policy agenda and request-for-comments procedures.

The development of the OSC's organizational structure is a vital element in making progress toward fulfilling the Commission's mandate to provide protection to investors and to foster fair and efficient capital markets and confidence in those markets.