Bonnie Lysyk, the former auditor general of Ontario, has been appointed as the head of enforcement at the Ontario Securities Commission (OSC). This announcement comes after Jeff Kehoe, the previous head, stepped down earlier this year. Unlike her predecessors, Lysyk is not a lawyer but brings a wealth of experience in accounting, auditing, finance, risk management, forensics, and governance to her new role.
The OSC CEO, Grant Vingoe, expressed confidence in Lysyk’s ability to protect investors and uphold the integrity of capital markets. He emphasized the importance of decisive action against those who seek to harm Ontario’s investors. This appointment aligns with the OSC’s new strategic plan, which aims to enhance enforcement efforts and prosecute financial crimes more vigorously. The regulator is committed to building a strong reputation as an effective enforcer in the financial industry.
Lysyk’s background as a provincial auditor in Saskatchewan and Manitoba, along with her reputation for thorough and critical analysis, positions her well to lead the Enforcement Division at the OSC. Her past work, such as the report on changes to the Greenbelt, demonstrates her commitment to transparency and accountability in government decisions. This appointment signals the OSC’s commitment to independent and robust enforcement practices, free from political influence.
In addition to Lysyk’s appointment, the OSC also announced Josée Turcotte as the new chief operating officer and chief of staff. Turcotte brings a wealth of regulatory knowledge and experience from her previous roles in banking regulation and corporate governance. Her strategic leadership will be instrumental in driving the OSC’s ambitious plan to strengthen Ontario’s capital markets and ensure their security and vitality.
Overall, these executive appointments reflect the OSC’s dedication to enhancing enforcement measures, promoting transparency, and protecting investors in Ontario’s capital markets. With Lysyk and Turcotte at the helm, the OSC is poised to tackle emerging risks, prosecute financial misconduct, and foster a regulatory environment that is conducive to growth and innovation.
