OSC extending chairman’s term until 2015

When Wetston was first brought aboard as chair and CEO of the OSC in November 2010, it was expected that a new national securities commission would be up and running in relatively short order, and he was seen by some as a caretaker chair until that transition was complete. The federal government was aiming to have a national regulator operational by July 1 of this year, however that was derailed by the Supreme Court of Canada decision last December ruling the proposed legislation to create a national regulator unconstitutional.

The federal government has still not abandoned the idea of a national regulator, and has said that it is working with interested provinces towards that end. But, that initiative remains uncertain. And, in the meantime, the existing provincial regulators have had to resume the job of fulfilling their existing mandates.

To that end, earlier this year, Wetston unveiled the OSC’s first-ever strategic plan, which, among other things, promises to create a new Office of the Investor to champion investor issues within the commission, prioritized policymaking, and a greater research capacity.

The government notes that, under his leadership, the OSC has also intensified efforts to detect and prevent abuses, such as fraud, illegal distributions and insider trading. And, that the OSC is also helping to develop important parts of the G20 financial reforms, including a robust framework to regulate over-the-counter derivatives.

“As the financial system becomes more globalized, sound securities regulation, informed oversight and strong enforcement are becoming increasingly critical. Under Howard’s leadership, the OSC is well positioned to become a leading 21st century securities regulator with a strong reputation for enforcement, investor protection and financial services leadership. I am pleased that Howard’s term has been extended so he can continue this important work,” said Dwight Duncan, Ontario Minister of finance, in a release.

“I am honoured that my term as chair of the OSC has been extended,” added Wetston. “I will continue to work to ensure the OSC remains proactive in discouraging regulatory arbitrage, fostering market confidence, and strengthening enforcement to reduce financial crime and safeguard investors.”

Prior to joining the OSC, Wetston was serving as chair and CEO of the Ontario Energy Board, a position he took in 2003. From 1999 to 2003, he was vice chair of the OSC, and before that he was a federal judge, among other jobs.