13:24:06 EDT Thu 02 May 2024
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Globe says OSC has five-year plan to get roughy-tough

2024-02-06 08:03 ET - In the News

The Globe and Mail reports in its Tuesday edition that the Ontario Securities Commission chief executive officer Grant Vingoe is having his term extended for five years to April, 2029. The Globe's Jameson Berkow writes that Mr. Vingoe, 66, has been with the OSC in various capacities since 2015 and became its first dedicated CEO in April, 2022, when the chair and CEO roles were separated. Mr. Vingoe told The Globe he will use the time to implement an "ambitious" six-year strategic plan. While the exact details of the plan remain months away from public release, he said the primary goal is to make the regulator more efficient, promising "a more impactful, harder approach to enforcement." He added: "We are seeing a period with greater multinational fraud and greater use of technology, whether it is deep fakes or other techniques of manipulation, that are very complex cases requiring the analysis of large amounts of data. We have a very capable group of enforcement personnel today, but we can even increase those capabilities in terms of litigation, enforcement and data analytics." The OSC's enforcement division has grown from 160 staff in 2016 to 175. Mr. Vingoe's toolbox includes using the OSC's power to freeze assets.

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