upclose stock market arrows green and red

With its mandate being expanded, the Ontario Securities Commission (OSC) has appointed a second executive director to oversee several of its branches.

Sonny Randhawa — until recently the OSC’s director of corporate finance  has been named acting executive director, alongside existing executive director Leslie Byberg, the OSC announced Wednesday.

The appointment comes amid an ongoing restructuring and as the OSC expands its mandate to include fostering capital formation and competition.

Under the new organizational structure, Randhawa will oversee the regulator’s newly created innovation office, along with its Investor Office, the Office of the Chief Accountant, and the regulatory strategy and research branch.

The commission is seeking Randhawa’s replacement as head of the corporate finance branch. In the meantime, the current head of the investment funds breach, Raymond Chan, now wears an additional hat as director of corporate finance.

Byberg will continue to oversee the regulator’s other major divisions — including its enforcement branch, compliance & registrant regulation, corporate finance, derivatives, investment funds and structured products, market regulation, and the Office of Mergers & Acquisitions.

Meanwhile, the restructuring will see the OSC’s adjudicative function hived off into a separate tribunal, along with the splitting of the chair and CEO roles.

At the same time, the OSC recently launched a new Office of Economic Growth and Innovation to lead its efforts in those areas.

Randhawa will “oversee critical OSC regulatory operations, including investor education and outreach, regulatory strategy and research, financial reporting leadership, as well as efforts to facilitate financial innovation and modernize regulation,” OSC chair and CEO Grant Vingoe said in a release.

“Sonny brings extensive experience working on the frontline of novel policy issues in collaboration with external stakeholders and other regulators in Canada and around the world. His knowledge and expertise will prove invaluable in preparing the OSC to take on an increasingly complex and diverse mandate and respond to accelerated change in the financial markets,” Vingoe added.

Prior to joining the OSC, Randhawa was senior manager at BDO Canada.

“I look forward to working with staff across the OSC as we move forward with efforts to modernize regulation and facilitate financial innovation while promoting safe, fair, efficient and competitive capitals markets in Ontario,” said Randhawa.