The Ontario Securities Commission (“OSC”) has recently revised the mandate of its Investor Advisory Panel (“IAP”) so as to allow it to bring forward for the Commission’s consideration policy issues that may emerge as a result of the IAP’s investor consultation activities and comment on the potential implications for investors posed by those issues and advising and commenting on the effectiveness of investor protection initiatives implemented by the OSC.
The IAP had recommended in its Annual Report that its mandate be broadened to allow it to comment on regulatory issues of concern for Ontario investors which may allow for comments on the developments in capital markets outside of the strict policy and rule making process emanating from the OSC. It had also requested the ability to comment on proposed regulation coming from self-regulatory organizations and stock exchanges, and comment on developments in securities regulations in other jurisdictions.
The OSC has also indicated that the Office of the Investor will serve as the liaison between the IAP and the OSC, and provide administrative support to the IAP. The relationship between the IAP and that the Office of the Investor will be further defined once the Office of the Investor is established. FAIR Canada looks forward to the provision of greater detail about the relationship between the IAP and the Office of the Investor. The IAP’s Annual Report set out its recommendations on how to improve its interaction with the OSC. Click here to see its Annual Report.
Three members of the IAP did not renew their term and the OSC will be appointing new members in the near future. The deadline for applications for appointment to the IAP was August 17, 2012.