Accountability to Ontario’s investors and market participants is a driving force in the planning and implementation of the OSC’s operational priorities. OSC management and staff are accountable to fulfill the OSC’s dual mandate and they work with integrity, professionalism and efficiency to do so every day.
In preparing our 2010 budget, the OSC worked hard to conform with the budgetary priorities of the Government of Ontario. We will ensure that our spending is restrained without jeopardizing the OSC’s capacity to fulfill its mandate effectively. Staff are being redeployed as appropriate in order to fulfill our important enforcement and compliance functions.
We are aware of the challenges facing market participants–such as public companies, investment dealers and fund managers. As a result, the OSC, in consultation with the Government of Ontario, decided to freeze the activity and participation fees at the levels currently charged to market participants for the 12 months ending March 31, 2010. We will use a portion of our accumulated operating surpluses to ensure that this decision will not constrain the OSC’s ability to fulfill its regulatory mandate. [See the Management’s Discussion and Analysis (MD&A) section for further details.]
In 2008–09, the OSC continued to make the best use of our resources throughout the organization:
- We improved our annual business planning process in order to contribute to overall organizational efficiency;
- Staff better aligned the various business planning initiatives with the OSC’s mandate and strategic goals;
- We advanced our performance measurement programs; and
- We are committed to continue attracting, retaining and motivating staff with the necessary skills.
During 2008–09, the OSC continued its evolution as an organization. There was, for example, a transition in the leadership of the Enforcement Branch. We welcomed Tom Atkinson as the OSC’s Enforcement Director after his predecessor, Michael Watson, accepted an appointment to the RCMP’s Integrated Market Enforcement Program. In the interim, I had the pleasure of working closely with a talented and dedicated team of professionals in the Enforcement Branch.
The OSC’s ongoing evolution brings new expertise, experience and perspectives to the organization, which only makes it a stronger team. Overall, I believe the OSC is well positioned to continue to face the challenges of regulating the capital markets of Ontario.
The OSC’s ability to fulfill its mandate was tested by developments in the marketplace in 2008–09. Once again, staff responded by demonstrating their commitment to the mandate and goals of the OSC. Their collective effort enables the OSC to be a flexible, efficient and accountable organization.
Executive Director and Chief Administrative Officer
Ontario Securities Commission