Maureen Jensen is resigning as chair of the Ontario Securities Commission, effective April 15.
Staff of Canada’s largest securities regulator received the news in a memo Tuesday morning, the Financial Post has learned.
Sources say OSC vice-chair Grant Vingoe will take over as acting chair while a search in undertaken for Jensen’s replacement.
In the memo, Jensen said she has thought “long and hard” about the decision to step aside, and said she informed the provincial Minister of Finance, to whom she reports, of his decision on Monday.
Doug Ford’s Conservative government has taken an active position on some OSC matters — a surprise to longtime industry players — since being elected in June of 2018. For example, in September of that year, shortly after the OSC and Canada’s 12 other provincial and territorial securities regulators rolled a proposal to ban certain mutual fund fees, Ontario Finance Minister Vic Fedeli issued a statement saying his government “does not agree with this proposal as currently drafted.”
Ontario was subsequently the lone province that did not adopt the ban.
More to come …