Ontario confirms Maureen Jensen as new OSC chair

The Ontario government has confirmed the appointment of Maureen Jensen as the new chair and chief executive officer of the Ontario Securities Commission.

Ms. Jensen, the first woman to hold the regulator's top job, has been appointed to a two-year term, which is shorter than the typical five-year term for OSC chairs.

The Ontario government has pledged to participate in a new federal-provincial securities regulator, which will replace individual provincial securities commissions in jurisdictions that opt to join the new body. If the regulator is created as planned over the next two years, Ms. Jensen will be the last person to head an independent OSC.

Ontario Finance Minister Charles Sousa announced Mr. Jensen's nomination last month to replace departed chair Howard Wetston. The nomination required approval from the province's all-party Standing Committee on Government Agencies. Ontario Conservative finance critic Tim Hudak issued a statement last week supporting Ms. Jensen, signalling there would be no opposition to the appointment.

Ms. Jensen, who was the OSC's executive director for the past five years, said in a statement Thursday the regulator is entering a critical period as it supports plans for the new Cooperative Capital Markets Regulatory System.

"At the same time, the OSC will continue to focus on enhancing the retail-investor experience, providing greater access to capital for businesses and strengthening our enforcement program through new tools such as no-contest settlements and a whistleblower program," she said.