Order in Council 905/2025

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas the Protecting the People of Ontario Act (Budget Measures), 2021 enacted the Securities Commission Act, 2021 which continues the Ontario Securities Commission (the “Commission”);

And whereas pursuant to subsection 11(1) of the Securities Commission Act, 2021, the Commission’s board of directors shall appoint a Chief Executive Officer of the Commission;

And whereas pursuant to subsection 13(1) of the Securities Commission Act, 2021, despite subsection 11(1), the Lieutenant Governor in Council shall, on the recommendation of the Minister of Finance or such other member of the Executive Council to whom the administration of the Securities Commission Act, 2021 may be assigned, appoint a Chief Executive Officer who shall exercise the powers, perform the duties and carry out the functions set out in subsection 11(2) and section 12 of the Securities Commission Act, 2021 during the first two years after subsection 13(1) of the Securities Commission Act, 2021 comes into force;

And whereas pursuant to section 15 of the Securities Commission Act, 2021, the Public Service Pension Plan established under the Public Service Pension Act does not apply to the Commission’s directors, employees or adjudicators or to the Chief Executive Officer, except as authorized by order of the Lieutenant Governor in Council;

And whereas sections 11, 13 and 15 of the Securities Commission Act, 2021 came into force by proclamation on April 29, 2022;

And whereas pursuant to Order in Council 138/2022, all employees of the Commission are designated as a class of employees required to be members of the Public Service Pension Plan;

And whereas pursuant to Order in Council 812/2022, the Chief Executive Officer is designated and entitled, for the term of their appointment, to be a member of the Public Service Pension Plan;

And whereas pursuant to Order in Council 810/2022, the Chief Adjudicator is designated and entitled, for the term of their appointment, to be a member of the Public Service Pension Plan;

And whereas the Commission seeks to confirm that the class of employees required to be members of the Public Service Pension Plan includes the Chief Executive Officer;

And whereas the Commission seeks to confirm the Chief Executive Officer and Chief Adjudicator as persons considered to be Special Members under the Retirement Compensation Arrangement, being Schedule 1 to Order in Council 1298/2021;

Therefore:

1. Pursuant to paragraph 2 of subsection 2(1) of the Public Service Pension Plan set out in Schedule 1, as amended, to the Public Service Pension Act, 1989 and section 15 of the Securities Commission Act, 2021, paragraph 1 of Order in Council 138/2022 dated January 27, 2022 is amended by adding the words “and, for greater certainty, this includes the Chief Executive Officer” after “employees required to be members of the Plan”, effective April 29, 2024.
2. Pursuant to section 6.0.1 of the Public Service Pension Act, the definition of “Special Member” under section 3 of Schedule 1 to Order in Council 1298/2021 dated September 23, 2021 is amended by striking out paragraph (b) and substituting the following, effective April 29, 2022:
   2. with respect to the Ontario Securities Commission,
      1. for the period of time ending on April 28, 2022, persons appointed as members of the Ontario Securities Commission and designated as eligible to be Members; and
      2. for the period of time beginning on April 29, 2022:
         1. any person appointed as Chief Executive Officer and designated as eligible to be a Member; and
         2. any person designated as Chief Adjudicator and designated as eligible to be a Member;