David Brown announced today that after more than seven years he plans to step down as chair of the Ontario Securities Commission, effective June 30, 2005.

Brown said he told the Minister in charge of the OSC, Gerry Phillips, chair of Management Board of Cabinet, of his decision last week and confirmed it by letter today. “I have long believed that for an organization to maintain its vitality, there comes a time when the CEO should step aside to provide the organization with essential opportunities for renewal,” Brown said. “This is one of the toughest decisions I have had to make — it will be hard to say goodbye.”

Brown was first appointed chair of the OSC in April, 1998. On April 14, 2003, he was re-appointed for a second five-year term. He also served as head of the technical committee of the International Organization of Securities Commissions and a senior member of the Canadian Securities Administrators.

Brown told OSC staff and commissioners that he was proud of the many accomplishments during his seven years as head of the organization. “Although I will leave with considerable regret, it will be with the knowledge of the tremendous resources that all of you contribute to securities regulation in Ontario, across Canada, and indeed around the world,” Brown said.

“Capital markets and their regulators have faced enormous challenges,” said Brown. “My proudest achievement has been our willingness and ability to design regulatory responses that work for Canada. With the help of governments, self-regulatory organizations and professional bodies, we have been able to maintain a Canadian regulatory framework that is respected by regulators and market participants all over the world.”

Brown also noted the part he played in renewing the debate for a single securities regulator for Canada. He complimented Phillips on his work in pushing for a single securities regulatory body with a common set of securities laws and one fee structure.

Prior to his appointment to the OSC, Brown was a senior corporate law partner for Davies Ward Phillips and Vineberg, where he worked for 28 years. Brown received his Bachelor’s degree in Civil Engineering from Carleton University in 1963 and a law degree from the University of Toronto in 1966. He was appointed Queen’s Counsel in 1984.