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Position/Title
Member (Part-Time)
Agency
Ontario Securities Commission - Capital Markets Tribunal
Advertisement Date
30-May-2025
Closing Date
20-Jun-2025
File Number
PAS-250034
Position Type
Part-Time
Remuneration
PAID BY COMMISSION
Roles and Responsibilities

The Capital Markets Tribunal, an independent division of the OSC, seeks applicants with adjudicative, regulatory and/or capital markets expertise.

In accordance with the provincial government’s Agencies and Appointments Directive, appointments will respect the Tribunal’s needs, but will also reflect the diversity of the people of Ontario and the need to deliver services and decisions in a professional, ethical and competent manner.

The Tribunal has exclusive jurisdiction to exercise the powers conferred on it under the Securities Act, the Securities Commission Act, 2021, and the Commodity Futures Act and other legislation, and to determine all questions of fact or law in any proceeding before it. Proceedings brought before the Tribunal relate to issues arising under the OSC’s mandate, which is to provide protection to investors from unfair, improper or fraudulent practices; to foster fair, efficient and competitive capital markets and confidence in capital markets; to foster capital formation; and to contribute to the stability of the financial system and the reduction of systemic risk.

Adjudicators will preside over hearings and confidential conferences, alone or as a member of a multi‑person panel. Writing well-crafted and timely reasons for decisions is an integral part of Adjudicators’ work.

Adjudicators need not be lawyers. The Tribunal welcomes applications from any candidate who would be able to interpret and apply relevant legislation, understand administrative law concepts, fairly assess the credibility and reliability of evidence, act impartially, independently and with an open mind, and listen actively to and communicate clearly with persons appearing before the Tribunal, whether represented or not.

Adjudicators must also:

  • work professionally, constructively and efficiently
  • demonstrate integrity, good judgment, sound analytical capability, and a commitment to continuous improvement
  • be willing to allocate the necessary time
  • be committed to public service
  • communicate and work respectfully and cooperatively with peers and staff
  • embrace Tribunal-related technology
Qualifications

Adjudicators must have an advanced understanding of the law, rules and policies in one or more of the following areas:

  • finance
  • administrative law
  • products (different types of securities and derivatives, including exempt products)
  • registrants (dealers and individuals), and their compliance obligations
  • marketplaces (exchanges and other platforms, including those related to crypto assets)
  • issuers, and their disclosure and other obligations
  • mergers and acquisitions
  • market misconduct, e.g., fraud or insider trading
Term
2 years
Fixed term of two to five years as determined by the Lieutenant Governor in Council
Time Commitment
Meet as required
Time Commitment Adjudicators preside over hearings (oral and written) and participate in ongoing professional development. Oral hearings, or parts of oral hearings, may take place by videoconference or in a hearing room at the Tribunal’s offices in downtown Toronto. Hearing materials, which are sometimes lengthy and complex, are provided on a digital platform. Adjudicators are supported by staff of the OSC’s Governance & Tribunal Secretariat. The time commitment for hearings will vary. Adjudicators must generally be available as needed, sometimes on short notice, and year-round. Some hearings relate to case management, typically before a one-person panel, and may take an hour or less, at any time during the business day. Hearings of motions and some applications typically take one or two days before a three-person panel. Merits hearings and sanctions hearings in enforcement proceedings, which are also typically before three person panels, vary in length but can span several weeks, sometimes over continuous blocks of time. There may be periods of time during which there are no hearing-related demands on an Adjudicator’s time. On average, an Adjudicator will spend approximately 40 days per year on hearing preparation, attendances, deliberation and decision writing. Upon joining the Tribunal, Adjudicators must complete an orientation program of approximately eight hours. Depending on previous experience, Adjudicators may also be required to complete the Certificate in Adjudication presented by the Society of Ontario Adjudicators and Regulators (SOAR) and Osgoode Professional Development (OPD), requiring approximately 35 hours.
Expenses
Yes
Eligible expenses are reimbursed in accordance with the Travel, Meal, Hospitality and Expenses Directive Per diem of $788 for a full day
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