OSC head to step down

David Brown will resign as chairman of the Ontario Securities Commission at the end of June 2005.

Brown, 65, has served in the post for seven years and was appointed to a second 5-year term in April 2003.

“I have long believed that for an organization to maintain its vitality, there comes a time when the CEO should step aside to provide the organization with opportunities for renewal,” Brown says in a letter to OSC management. “It will be hard to say goodbye.”

During this tenure, Brown helped renew the debate for a single securities regulator for Canada.

Before his appointment to the OSC, Brown was a senior partner with Toronto-based Davies Ward Phillips & Vineberg.