The OSC is appointing Ontario’s former auditor general to lead the enforcement effort

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Bonnie Lysyk, the former auditor general of Ontario, has been put in charge of the operations of the Ontario Securities Commission.

He was named senior vice-president of legal affairs at Canada’s largest capital markets regulator on Monday and will fill the vacancy left by Jeff Kehoe, a veteran prosecutor who resigned in February after seven years.

Unlike many previous OSC officials, Lysykan accountant and auditor by training, not a lawyer. In a statement, the OSC said it will draw on his extensive experience leading professional, multi-disciplinary organizations and his extensive experience in auditing, finance, risk management, forensics, and governance when investigating misconduct and enforcement of capital markets. Ontario securities law.

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“Bonnie is well-positioned to take strong action against those who seek to harm Ontario investors,” said Grant Vingoe, chief executive officer of the OSC. “He joins, and leads, an impressive team of professionals in our Enforcement Division – united by a passion for investor protection and the integrity of our capital markets.”

His appointment comes after Vingoe unveiled a new strategic plan in May, promising a tougher and more visible crackdown on capital markets. He He is committed to building the authority’s reputation as an effective law enforcer by actively prosecuting serious financial crimes, taking novel and complex files, and increasing the collection rates of fines imposed.

The market watchdog operates at arm’s length from the Ontario government, but the strategic plan also reflects government goals such as ensuring that market players are not burdened with an undue regulatory burden.

Lysykwho before taking his role as auditor of Ontario was the auditor of the province of Saskatchewan and deputy auditor general of Manitoba, is not known for his hard work and his appointment to the OSC suggests that the regulator is willing to distance himself from the views of giving in to political ambitions. Last year, he wrote a report that was highly critical of the Doug Ford government’s decision to remove valuable land from the protected Greenbelt for housing development.

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To create that report, he put together a team that included financial analysts and environmental experts who intercepted documents and emails after the Ontario government’s decision, which was heavily criticized for Ford’s relationship with developers and the timing of the decision to remove legal protections from the Ontario government. parcels of land to allow real estate development.

The analysis of Lysyk and his team, released in August 2023, sent shockwaves through the government. It concluded that the areas removed from the Greenbelt in December 2022 “were not selected using an objective and transparent selection process” and said there was “no evidence” to support the argument that protected land was necessary to meet the government’s construction target. 1.5 million houses in the next 10 years.

In September, a month after Lysyk’s report was published, the Ford government reversed its Greenbelt decision.

His appointment to the OSC is not the only announcement made by the regulator on Monday.

Josée Turcotte, former executive director at the Office of the Superintendent of Financial Institutions, has been appointed acting officer and chief of staff at OSC, effective October 15. He will oversee business strategy and business operations, human resources, strategic project management. and information and security services.

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Prior to his time at the banking regulator, where he oversaw the emerging risk operations unit, Turcotte was chief legal officer of the Liquor and Gaming Commission of Ontario and served as senior vice-president, corporate secretary and head of administration at HSBC Bank. Canada.

“Josée brings a wealth of regulatory knowledge, experience and strategic acumen and is a skilled leader of diverse teams in the private and public sectors,” Vingoe said in a statement. “He was able to skillfully manage major operational changes focused on strengthening the organization’s culture. His strategic, legislative and planning advice will be invaluable as we embark on our ambitious plan to make Ontario’s capital markets more inviting, prosperous and secure.”

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