Order in Council 138/2022

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 will come into force on proclamation and continues the Ontario Securities Commission (the “Commission”) and, among other things, provides for various matters related to employment and funding;

And whereas pursuant to subsection 3.6(6) of the Securities Act and paragraph 2 of subsection 2(1) of Schedule 1 to the Public Service Pension Act (“PSPA”), Order in Council 1842/98 was made providing that all employees of the Commission were designated as a class of employees required to be members of the Public Service Pension Plan set out in Schedule 1 to the PSPA (the “Plan”);

And whereas subsection 3.6(6) of the Securities Act is proposed to be repealed by amendments enacted by the Protecting the People of Ontario Act (Budget Measures), 2021;

And whereas the Commission wishes to continue to designate all employees of the Commission as a class of employees required to be members of the Plan in accordance with section 15 the Securities Commission Act, 2021 which provides that the PSPA does not apply to the Commission’s directors, employees or adjudicators or the Chief Executive Officer, except as authorized by order of the Lieutenant Governor in Council;

And whereas Her Majesty the Queen in right of Ontario as represented by the President of the Treasury Board (the “Crown”) has requested that the Commission indemnify the Crown against any and all liabilities incurred in connection with the Commission’s participation as an employer under the Plan;

And whereas the Commission has agreed to indemnify the Crown against liabilities incurred in connection with its participation as an employer under the Plan by executing an amended and restated indemnification agreement, effective on the day that section 15 of the Securities Commission Act, 2021 is proclaimed into force;

Now therefore pursuant to section 15 of the Securities Commission Act, 2021 and paragraph 2 of subsection 2(1) of the Plan:

1. all employees of the Commission are designated as a class of employees required to be members of the Plan;
2. Order in Council 1842/98 is revoked on the day this Order is effective; and
3. this Order is effective on the day that section 15 of the Securities Commission Act, 2021 is proclaimed into force.