This month, we spotlight Johanna Superina, Senior Vice President, Investigations, Litigation & Professional Practice, Enforcement. Johanna’s group sits at the centre of the OSC’s efforts to detect, investigate and prosecute misconduct, supporting investor protection and confidence in Ontario’s capital markets.
Johanna oversees four enforcement teams and their important work:
- Criminal Investigations and Prosecutions – Investigates securities-related fraud, market manipulation, and breaches of Capital Markets Tribunal or court orders and bans.
- Regulatory Investigations – Handles suspected contraventions of Ontario securities law, often arising from internal referrals or compliance reviews.
- Regulatory Litigation – Represents the OSC in contested proceedings before the Tribunal.
- Market Abuse – Focuses on identifying and addressing insider trading, market manipulation and conduct undermining fair markets.
“Our work is about moving cases through the full enforcement lifecycle,” said Johanna. “That includes investigations, litigation, and criminal prosecutions. It allows us to respond to a wide range of misconduct, from market manipulation and insider trading to serious fraud, all with the goal of protecting investors and reinforcing confidence in Ontario’s capital markets.”
Partnerships with Crown prosecutors and police agencies—including the Ontario Provincial Police and the Royal Canadian Mounted Police—are central to achieving visible and effective enforcement outcomes for the OSC. On the criminal side, Johanna’s group conducts investigations that may result in prosecutions under the Securities Act or, in appropriate cases, proceed as Criminal Code charges often through these partnerships.
The OSC also recently launched a joint initiative with the Canadian Securities Administrators and Canadian Investment Regulatory Organization to combat fraudulent investment websites, pooling intelligence and resources to protect investors from online scams.
“Those relationships are critical when we’re dealing with the most serious misconduct,” said Johanna. “They allow us to use the right tools, in the right forum, to support the public interest.”
Given the increasingly global nature of misconduct, international cooperation is equally important. Through the International Organization of Securities Commissions and bilateral relationships, the Enforcement team works with regulators around the world to obtain documents, testimony and other evidence required to advance investigations.
These partnerships are also essential when enforcing outcomes such as sanctions, particularly where assets or respondents are located outside Ontario. Working with international counterparts, and receiving cooperation in return, helps ensure the OSC’s enforcement orders can be implemented effectively and have meaningful impact.
The OSC’s Whistleblower Program is another critical source of intelligence for enforcement. Launched in 2016 as the first program of its kind by a Canadian securities regulator, the program marks its 10th anniversary this July. The Program provides a clear and secure avenue for individuals to come forward with high-quality information that may be difficult for the OSC to detect through traditional means. Whistleblowers may also be eligible for financial awards for timely, specific and credible tips about misconduct that lead to impactful enforcement outcomes.
Delivering on these outcomes requires close collaboration across the Enforcement portfolio, led by Bonnie Lysyk, EVP of Enforcement, including teams focused on investigations, litigation, case assessment, evidence support, and intelligence sharing to ensure tips are acted on efficiently and effectively.
Maintaining professionalism and integrity throughout investigations is of critical importance to Johanna and her team. The OSC’s investigation guidance reflects a commitment to fairness, transparency and clear communication throughout the investigative process. The guidance aims to enhance cooperation and efficient investigations and provides a framework for escalating certain summons-related issues within the OSC.
Johanna also sits on the Capital Markets Tribunal’s Securities Proceedings Advisory Committee (SPAC). SPAC is an advisory committee to the Governance & Tribunal Secretariat and provides comment and advice on various policy and procedural initiatives related to Tribunal proceedings. The Tribunal recently issued an announcement seeking applications for new SPAC members. Interested individuals are invited to submit their résumé, outlining relevant experience, to gknakowski@osc.gov.on.ca by February 6, 2026.
Looking ahead, fraud remains a central focus for the division, particularly where investor harm is significant. Referrals from across the OSC, whistleblower tips and the important work of Johanna’s team continue to shape enforcement priorities.
“Backed by experienced teams and advanced tools, Enforcement is well equipped to protect investors by effectively investigating, prosecuting and disrupting misconduct occurring within Ontario’s capital markets and reaching in from beyond our borders,” said Johanna.
For more information about the OSC’s enforcement work, please visit the OSC website.
In each OSC Guide, we shine a spotlight on the leaders and teams that you can expect to interact with at the OSC. Stay tuned to meet more of the OSC team next month!
