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Originally published: October 2, 2018
Tim Moseley was appointed one of two Vice-Chairs in November 2017 and had previously served as an OSCOSC See Ontario Securities Commission.+ read full definition Commissioner and as Chair of the Adjudicative Committee. The Investor Office recently sat down with Tim to talk about his background, his role at the OSC, and the importance of looking at things from different perspectives.
I’m a litigation lawyer by background – I was working in two leading Toronto law firms for a number of years, following which I worked in the Enforcement branch of the OSC for six years as Enforcement Counsel. For the last two of those years, I was the manager of what was then the litigation group. After that, I was at one of Canada’s major banks, first as Head of Litigation for Canada, then the global Chief Compliance Officer for over ten years.
I returned to the OSC three years ago as a Commissioner and was appointed to my current role as Vice-Chair in November 2017. I’m fortunate to have gained a wide breadth of experiences and knowledge along the way. As OSC Vice-Chair, I try to bring a comprehensive viewpoint on the complex issues that investors and other participants in the capital market face today, and how the OSC can advance investor protection and improve efficiency as a regulator of the capital market.
On the role of Vice-Chair…
It’s a privilege to serve the public interest. As a Vice-Chair and previously as a Commissioner, our most important responsibilities are to ensure that investors are protected from unfair, improper or fraudulent practices, that they have access to a fair and efficient capital market, and that we manage systemic risk.
The investmentInvestment An item of value you buy to get income or to grow in value.+ read full definition industry is experiencing fundamental changes. Investor needs and expectations are evolving. New innovations and technological advances are disrupting the conventional ways of providing investment products and services.
As a regulator, we’ve been studying how these changes impact the capital market and stakeholders such as investors. I work with an incredible group of talented professionals. It’s rewarding to work closely with staff, in my capacity as executive sponsor to several policy projects. In that role, I can help ensure that the OSC has the right resources and strategy to deal with the challenges facing investors.
I also regularly meet with external stakeholders, including investor advocates, industry representatives and individuals in academia and the legal communities. I’ve been doing a lot of learning, reading and listening over the past year. I’ve met with OSC staff to discuss how to achieve the Commission’s priorities and plan our next steps, but I’ve also met with external stakeholders from across the investment industry to better understand their views and concerns, and to establish good lines of communication. Their feedback and observations help us better understand the issues and ultimately, it leads us to better policy decisions.
On considering different perspectives…
In life, getting different perspectives on an issue is important. I think that for all the substantive issues the Commission has identified and is addressing, there’s no easy mathematical answer. It’s all about balancing interests and priorities.
If you look at the advisor-client relationship, for example, I’ve seen that from the perspective of being an investor. I’ve seen that from the perspective of private law practice, where I acted on behalf of firms that are advising clients. I’ve seen that as a member of the enforcement branch here, leading enforcement cases for all sorts of issues. I’ve seen it as a senior compliance person, trying to work hard with the bank internally and with regulators to minimize any problems and promote good practices. I’ve also seen it from the perspective of teaching about it at law and MBA courses on business ethics. And I’ve seen it for the past few years as an adjudicator on some cases, and on policy as a vice-chair. I’m fortunate to have the multiple perspectives, which help put things into context and help us understand what’s realistic, what’s not, what’s too burdensome, and what’s practical.
On the evolution of the OSC…
Investor protection has always been an important component of the OSC’s mandate. Three years ago, we established the Investor Office, which is unique in Canada and demonstrates the Commission’s continuing commitment to understanding and meeting the needs of ordinary, Main Street investors. It also reflects our increased sophistication in approaching investor engagement, education, policy, outreach and research issues.
In terms of the OSC as a workplace, we continue to have a strong commitment to diversity. Personally, I am dedicated to advancing equality and promoting diversity. As a member of the LGBT community, I’m proud of the LGBT employee group at the OSC and of the OSC’s strong commitment to a respectful and inclusive workplace.
Hundreds of dedicated and professional people work here, serving investors and the capital marketsCapital markets Where people buy and sell investments.+ read full definition, and I’m proud to be a part of it.
Any final thoughts?
There is lots of good financial advice out there. It’s also important that investors ask questions – both of themselves and others they know. It would be great for investors to encourage their family and friends to do the same thing. If they have questions or concerns about what they’re seeing out there, please let the OSC know.