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:

  1. On May 25, 2016 (the 2016 Assignment), the Commission issued an amended and restated 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.
  2. 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.
  3. The 2016 Assignment provides 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 Assignment, each of which powers may also be exercised and performed by the Executive Director, acting alone.
  4. On April 18, 2017, the Executive Director issued a designation and determination (the 2017 Designation) whereby the Executive Director, among other things: (i) revoked the previous existing designation and determination, (ii) designated certain positions, whether or not in an acting capacity, for the 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 an assignment issued by the Commission pursuant to subsection 6(3) of the Act on December 14, 2015 and any other successor assignment in effect from time to time, until otherwise determined by the Executive Director.

The Executive Director considers it desirable to amend and restate the 2017 Designation to reflect: (i) the addition of the Office of Mergers and Acquisitions, (ii) the addition of the position of Manager in certain Branches of the Commission, (iii) the elimination of the position of Assistant Manager in certain Branches of the Commission, (iii) the addition of the position of Associate Chief Accountant of the Commission, and (iv) the deletion of the delegation to Senior Legal Counsel and Senior Accountants in the Corporate Finance Branch of the authority to grant exemptions from fees for late filing of insider reports.

NOW THEREFORE, the Executive Director:

  1. revokes the 2017 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:
    1. each Manager in the Corporate Finance Branch of the Commission,
    2. each Manager in the Commission’s Office of Mergers and Acquisitions,
    3. each Manager and Registration Supervisor in the Compliance and Registrant Regulation Branch of the Commission,
    4. each Manager in the Market Regulation Branch of the Commission,
    5. each Manager in the Enforcement Branch of the Commission,
    6. each Manager in the Investment Funds and Structured Products Branch of the Commission,
    7. each Manager in the Derivatives Branch of the Commission,
    8. the Chief Accountant and the Associate Chief Accountant of the Commission, and
    9. the General Counsel of the Commission;
  3. designates the Business Processes Supervisor 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 Business Processes Supervisor in the Corporate Finance Branch of the Commission, may exercise the powers and perform the duties assigned by the Commission to Directors in the 2016 Assignment and any successor assignment in effect from time to time, until otherwise determined by the Executive Director.

DATED at Toronto this 13th day of March, 2020.

“Leslie Byberg”
Executive Director
Ontario Securities Commission