Inside the one-year pilot that puts issuers, exchanges, pension money and private capital around one table at Ontario's securities regulator — and the two committees it has temporarily replaced.
The Ontario Securities Commission has confirmed the membership of its new OSC Capital Markets Advisory Committee, a one-year pilot body first announced in April that will give the regulator a single, senior-level sounding board on market trends, proposed rules and strategic priorities. The committee has 13 members in total — two OSC executive vice-presidents serving as co-chairs, plus 11 external members drawn from issuers, exchanges, private capital, pension and asset management, dealers, market data and industry associations.
The group’s first meeting is scheduled for this month. Members were selected through a competitive application process that opened in April, when the OSC invited capital markets participants including issuers, exchanges, private market participants, institutional investors, investment dealers, portfolio and fund managers, fintechs and academics to put their names forward.
For Canadian readers watching the regulatory file, the announcement matters less for the individual names than for the structural choice behind it: the OSC is consolidating advice that used to flow through several specialist channels into one cross-market forum, and it is testing that idea on a twelve-month clock.
The 13 People Named to the OSC Capital Markets Advisory Committee
The committee is co-chaired by two recently appointed senior OSC executives. Susan Greenglass, who was named executive vice-president, regulatory operations, shares the chair with Naizam Kanji, who recently took on the role of executive vice-president, strategic regulation.
The 11 external members and their affiliations, as announced:
| Member | Role and organization |
|---|---|
| Joseph Bastien | Associate director, inclusive economy, Shareholder Association for Research and Education |
| Chad Bayne | Partner, emerging and high growth companies, Osler |
| Carlos Cardone | Managing director, Investor Economics – ISS STOXX |
| David Cusson | CEO, Ventum Financial Corp. |
| Clare Devlin | Managing director, active ownership, CPP Investments |
| Rhonda Goldberg | Executive vice-president and general counsel, IGM Financial Inc. |
| Margaret Gunawan | Managing director, general counsel, Americas (ex-US), BlackRock Canada |
| Arne Gulstene | Head of issuer services, Computershare Canada |
| Mohit Talwar | Partner, Maverix Private Equity |
| Rajeeve Thakur | Vice-president, regulatory affairs and enterprise compliance, TMX Group Ltd. |
| Katie Walmsley | President, Portfolio Management Association of Canada |
What Greenglass and Kanji Say the Committee Is For
In statements accompanying the announcement, both co-chairs framed the committee as an early-warning and calibration mechanism rather than a rule-making body. Greenglass said the members will help inform the regulator’s approach as Ontario’s capital markets continue to evolve and stay responsive to emerging risks, opportunities and investor needs.
Kanji pointed to competitive pressure as the driver. Ontario’s capital markets, he said, are operating in an increasingly dynamic and competitive global environment, and the expertise of the committee’s members is intended to help the OSC identify long-term trends, support innovation and keep Ontario a leading destination for investment and capital formation.
That language lines up with the regulator’s 2024–30 strategic plan, which the committee is explicitly meant to help advance.
The Three Jobs Assigned to CMAC Members
The OSC has set out a narrow but influential mandate for the committee. Members are expected to:
- Comment on proposed rules: provide input on regulatory initiatives and draft rules as they are developed.
- Pressure-test strategic priorities: advise on whether the OSC’s priorities align with market realities and with investor protection.
- Flag trends early: share insights on global and domestic market developments, emerging risks and opportunities for innovation.
Notably, the committee is advisory. It sits alongside — not above — the OSC’s existing standing committees, which continue to supply more specialized, technical feedback on narrower files.
Two Existing Committees Paused During the Pilot
The most consequential procedural change is what the OSC has switched off. Its Market Structure Advisory Committee and its Investment Funds Technical Advisory Committee have both been put on pause for the duration of the pilot.
When the pilot was announced in April, the regulator described CMAC as an “integrated forum” for input that had previously been gathered through multiple separate committees. In practice that means market structure questions — trading venues, order handling, data — and investment fund technical questions will, for now, be raised in a room that also contains private equity, pension stewardship, issuer services and dealer leadership.
Whether a generalist table can carry technical detail as well as a specialist one is the question the pilot will effectively answer. It is a familiar trade-off in Canadian regulatory design, and it arrives during a stretch in which several files are moving at once across the country’s oversight bodies — a crowding effect this publication has tracked in its coverage of Canada’s busy financial regulation calendar this September.
Reading the Membership Mix: Private Capital, Pensions and Issuer Services
The following is general industry context rather than OSC commentary, but the composition of the roster is itself informative. Private market representation through Maverix Private Equity, stewardship expertise through CPP Investments, transfer-agent and issuer-services perspective through Computershare Canada, and exchange-side compliance through TMX Group together cover the full lifecycle of a listed or privately held company — formation, capital raising, ownership engagement and ongoing disclosure.
Asset management is represented on both the manufacturer and adviser sides, with IGM Financial, BlackRock Canada and the Portfolio Management Association of Canada at the table, while Investor Economics – ISS STOXX brings market data and flows analysis. Investor-side advocacy comes through the Shareholder Association for Research and Education.
What that mix suggests is a regulator looking to hear about capital formation and private markets in the same conversation as fund distribution and investor protection, rather than in separate silos. For business readers, that is the practical signal: the topics most likely to surface early at CMAC are the ones that cut across categories.
Why Ontario’s Regulator Is Worried About Competitiveness
Kanji’s framing — a “competitive global environment” — reflects a broader concern about where companies choose to list and where capital chooses to settle. Ontario hosts the country’s largest concentration of listed issuers, dealers and asset managers, and the OSC’s own strategic plan ties investor protection to keeping those markets attractive.
That concern is not abstract. Canadian market performance and currency moves have been volatile through 2026, with the benchmark index recently posting a one-month low on a 1.11% decline, and disclosure and reporting frameworks continuing to shift, as seen in OSFI’s finalized IFRS 18 reporting templates for insurers. Advisory bodies like CMAC are one of the cheaper tools a regulator has for staying close to that churn between formal consultations.
The One-Year Clock and What Happens at Renewal
The pilot runs for one year. If the OSC decides to renew the committee, current members are permitted to re-apply for another one-year term — they are not automatically reappointed, and the competitive application process would apply again.
The immediate milestone is the inaugural meeting this month. Beyond that, the OSC has not published a schedule of meetings, a public agenda, or a date for a decision on renewal or on the status of the two paused committees. Those details are Not specified in the announcement.
Frequently Asked Questions
Does the Capital Markets Advisory Committee make rules?
No. It is an advisory body. Members provide input on proposed regulatory initiatives, strategic priorities and market trends; rule-making authority remains with the OSC.
Are the Market Structure and Investment Funds committees being permanently disbanded?
Not according to the announcement. Both have been paused for the duration of the one-year pilot, with no stated decision on their status afterwards.
How were the 13 members chosen?
Through a competitive application process opened in April 2026 to issuers, exchanges, private market participants, institutional investors, investment dealers, portfolio and fund managers, fintechs and academics.
Can members serve more than one term?
Yes, if the committee is renewed after the pilot. Existing members would need to re-apply rather than continue automatically.
