New organizational structure at the OSC to align with strategic plan

The OSC implemented a new organizational structure on April 1. It will better align the OSC’s functional capabilities with the market it regulates, while enabling it to deal with complex, interrelated matters in a faster and more effective manner. It also streamlines some of the OSC’s regulatory functions and creates more interconnected teams. 

Capital markets are evolving quickly and present new challenges for regulators, reflecting shifts in investor behaviour, technological innovation, demographics, and economic conditions. In preparation for the accelerated pace of change ahead, the OSC underwent a strategic review to examine how it regulates today and to identify how best to focus resources for the future. The OSC’s new strategic plan will be released this spring and will set out the OSC’s direction for the next six years. Developing the plan provided the impetus for the OSC to look at its operating model and structure to ensure it has the capability, flexibility, and resources to accomplish its goals.

Changing OSC leadership roles

The OSC’s realigned leadership roles and new organizational structure further strengthens its commitment to safeguard investors and maintain the integrity of financial markets. Below are some of the structural and leadership changes:  

• Leslie Byberg was appointed Executive Vice President, Strategic Regulation, bringing her extensive regulatory expertise to the oversight of regulatory functions of thought leadership, regulatory and economic research, including behavioural insights, sustainable finance, investor experience, and economic growth and innovation. 
  
  The Investor Office and the Office of Economic Growth and Innovation will be included within Strategic Regulation.
  
  The executive oversight of these functions under Leslie ensures regulatory policy and processes are informed by current and forward-thinking understanding of capital markets, which will enhance the experience of individual investors, promote confidence in Ontario’s capital markets, reduce regulatory burden and facilitate financial innovation. 
• Sonny Randhawa was appointed Executive Vice President, Regulatory Operations, bringing his expertise in capital formation and continuous regulatory effectiveness to this new role.  
• Deana Djurdjevic was appointed Chief Operations Officer (COO), bringing her extensive experience in building, leading and transforming businesses and teams in the Canadian capital markets, to leading the operations of the OSC. 
• Naizam Kanji, is taking on an expanded role as General Counsel and Executive Vice President, Legal. 
• The Enforcement function is taking on a stronger and more strategic position in the organization, with the appointment of an Executive Vice President of Enforcement. The OSC is currently recruiting for this role. 

Grant Vingoe remains Chief Executive Officer (CEO) of the OSC. His term was extended for five years in February. Board chair, Kevan Cowan, said under Vingoe’s leadership, the OSC has delivered on critical initiatives to better protect investors, modernize regulation for market participants, and provide new avenues for raising capital.

Strategies to help eclipse your debt

The rising cost of living left many Canadians taking on more debt. While debt can be a useful financial tool, it can also become overwhelming if you have trouble making debt repayments. Find out strategies to pay down debt.

Where to go when you need help

Resources for investors is a newly developed resource to help people who may be experiencing distress, whether related to investment losses or other challenges. It features a curated list of websites and tools to help address investor inquiries and connect people to community supports. From mental health resources to crisis helplines, these connections can provide vital assistance during difficult times.

Important after-tax paperwork

Once you’ve filed your taxes, keep your eyes peeled for your tax notice of assessment. It has helpful information that includes your upcoming RRSP contribution limit. And remember to check your official online CRA account if CRA emails to say you have mail. It’s important to be aware if there are questions about your return. Learn more about what to do if your tax return is reviewed or audited.

Sprucing up your homebuying knowledge

Just as tulip bulbs are popping up, so too are for sale signs in front of homes. If you’re considering taking the homebuying plunge this spring, take a look at buying your first home. It has information to help you determine how much you can afford, estimate how much you’ll need for a down payment, plus tips for saving up and a mortgage calculator.

Regulatory Updates & Initiatives

Here are some recent developments and publications: 

• The OSC published its 2024 Annual Service Commitment Review. These standards provide investors, registrants and market participants with clarity on the timelines they can expect when interacting with the OSC. 
• The OSC and the Autorité des marchés financiers (AMF) published a multilateral Staff Notice on the results of a targeted review undertaken by staff of the two commissions. The review included investment funds managed by 24 Investment Fund Managers (IFMs) whose principal regulator is either the OSC or the AMF. Investment funds managed by the IFMs included conventional mutual funds, exchange-traded funds, scholarship plans and alternative funds to reflect a fair representation of fund types and sizes. 
• Register now for OSC Dialogue 2024: Inviting, thriving and secure capital markets taking place on May 22, 2024, at the Metro Toronto Convention Centre. It’s a full-day conference that convenes business leaders, senior regulators, and international policy experts to discuss current and future trends in capital markets and securities regulation and the steps underway to ensure our capital markets are best in class. 
• International Monetary Fund (IMF) and IOSCO are holding their first joint conference in Washington D.C. on April 15. The conference theme is “Stabilizing the Future: Managing the Nexus between Growing Capital Markets and Stability Implications.” 
• The CSA released two new reports: the Oversight Review Report of the Canadian Investment Regulatory Organization and the 2023 Annual Activities Report on the Oversight of CIRO and Canadian Investor Protection Fund. 

Shaking up the status quo

Generally people prefer to avoid change — even when it might make sense to mix things up. This is a behavioural bias known as the status quo bias. It can help you save time and energy to do what’s familiar, but sometimes it may be better to change things up.

Targeting your tax refund

Are you getting a tax refund? If you are getting money back, it can be a good idea to put that money towards a financial goal. For example, you could use your tax refund to:

• Shore up your emergency fund.
• Add to your TFSA.
• Set money aside for savings goals like a vacation.

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