The Financial Post reports in its Thursday edition that a pair of new commissioners with connections to Premier Doug Ford's Progressive Conservative Party have been appointed to the Ontario Securities Commission. The Post's Barbara Shecter writes that Mary Anne De Monte-Whelan and Heather Zordel were added to the roster of the OSC on Wednesday, following a four-month period which saw eight commissioners depart after their appointments were not renewed.
Ms. De Monte-Whelan is a former investment banker who was also an adjunct lecturer at the University of Toronto. Ms.
Zordel is a partner in the securities group at mid-sized law firm Gardiner Roberts LLP. She also sits on the board of Toronto Hydro and is serving a three-year term as a part-time member of the Condominium Authority of Ontario.
Both also have ties to the Progressive Conservative Party.
In September, Finance Minister Vic Fedeli issued a terse statement saying the Ford government disagreed with a freshly issued OSC proposal to scrap some commissions tied to mutual fund sales.
The Finance Minister has the final say on rules. The OSC fee proposal was backed by 12 other regulators under the umbrella of the Canadian Securities Administrators.
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