Mary Condon, a former commissioner with the Ontario Securities Commission (OSC), is joining the board of the group that’s charged with implementing a new co-operative capital markets regulator.
Condon joins the board of the Capital Markets Authority Implementation Organization (CMAIO), and will be appointed an initial director of the Capital Markets Regulatory Authority, if the proposed regulator comes into being.
Later this month, the Supreme Court of Canada will hear a constitutional challenge to the proposed new co-operative regulator that is being proposed by the federal government and several provinces. Quebec opposes the creation of the new authority, and a Quebec court previously ruled that certain aspects of the proposed regulator’s structure don’t respect the division of powers between the feds and the provinces.
Condon teaches securities law and serves as associate dean at Osgoode Hall Law School. She was previously vice chairwoman of the OSC, and later a commissioner. On the CMAIO board, she replaces Howard Wetston, a former OSC chairman, who stepped down from the board after being appointed to the Senate in 2016.
“I am pleased to participate in the development of the new co-operative securities regulator, which will bring new tools and legislation to bear in delivering on its mandate of protecting investors, fostering fair, efficient and competitive capital markets, and contributing to the stability and integrity of the Canadian financial system,” Condon says in a statement.