Investors Scrutinizing the Regulators

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Securities Regulation In CanadA


Fox Guarding the Hen House

   

 

 

OSC Investor Advisory Committee (IAC)

 

 

Why did the OSC need an

Investor Advisory Committee?

 

Proceedings of the Standing Senate Committee on Banking, Trade and Commerce Issue 14 - Evidence

16 June 2005

"Mr. Brown: Yes, I think if we are to establish the credibility that we are hoping to, to get concerned people to sit on the panel, we do have to have a mechanism for assuring them that their advice will be listened to and for somehow demonstrating to the public that we are giving this advice appropriate attention."

- David Brown, ex-Chair of the OSC

 

OSC Announces Membership of Investor Advisory Committee

29 November 2005

"We believe that direct investor input is critical to the health of Ontario's capital markets and we are looking to the IAC to play a key role in our efforts to address issues of importance to retail investors,"

- David Wilson, Chair of the OSC.


Quarterly Meeting of the Investment Dealers Association of Canada

17 January 2006

"We’re making it a priority to bring retail investors inside the circle of policy development."

"The OSC has recently established a new forum to address the concerns of retail investors, the Investor Advisory Committee. As I mentioned, partnership is crucial, which is why both the IDA and the Mutual Fund Dealers Association have been invited to send observers to future committee meetings." 

"We’re determined to ensure that when aggrieved investors call the OSC to find out where to take their case, they get an answer that meets their needs – an answer they can understand. "(page 6)


A follow up to the Investor Town Hall: Reporting on our progress

25 July 2006

"In the June 2005 Town Hall report, we committed to respond to these concerns by:

  • creating an investor advisory committee to help identify and address issues affecting investors, and to ensure the views of consumers of financial services are represented

What we're working on:

  • Upcoming IAC meetings will involve consultation with various OSC departments (Investment Funds, Corporate Finance) on proposed policies that will affect retail investors.

  • A survey of the Chair and members of the IAC will be conducted in 2007 to evaluate the OSC’s
    support and assistance to the committee, to collect their views on opportunities to improve committee operations and to get their recommendations for the future.

  • All our organizations will work together to develop continuing opportunities for investors to have their concerns heard, including future Town Hall meetings at the appropriate time."


"Momentum for Change: Providing the Regulation Canada Needs"

10 November 2006

"One of the OSC's organizational priorities is to take actions to better understand and address the needs of retail investors. This past year, we took an important step by establishing the Investor Advisory Committee. The committee members - some of whom are with us today - have been giving us good advice on some of the key initiatives we have in progress. They will issue a report on their work early in the New Year."

- David Wilson, Chair of the OSC, Dialogue with the OSC


“A Regulatory Priority: Fostering Confidence in Our Capital Markets”

22 February 2007

"One of the OSC’s organizational priorities is to improve our understanding and address the needs of investors. This past year, we established the Investor Advisory Committee to consult on issues affecting consumers and ensure their views are well-represented." (page 11)

- David Wilson, Chair of the OSC.


A common objective: Strong investor protection and effective compliance and enforcement

26 April 2007

"Here are a few areas where the OSC has been working on behalf of investors:

  • Regular consultations with the OSC's Investor Advisory Committee.

Investor protection is embedded in our mandate."

- David Wilson,  Chair of OSC, Economic Club of Toronto


Safeguarding the integrity of Ontario’s securities markets (page 17)

OSC 2007 Annual Report

Working with investors

The OSC is working to better understand and address the needs of investors, particularly retail investors. Moreover, we strive to ensure investors’ interests and needs are appropriately represented in all our operations. Senior OSC staff met five times last year with the Investor Advisory Committee (IAC). The IAC members are volunteers who have knowledge of securities issues as they affect retail investors, as well as experience representing the needs of investors on a broad scale. The IAC is one of 13 advisory committees established by the OSC to provide input and advice on important issues related to securities regulation.

In its consultations with OSC staff and management, the IAC provides advice on issues that affect investors and ensures investors’ views are communicated to the Commission. The IAC identified the adviser-client relationship, the complaints process, and disclosure and transparency as three key issues to be examined by the committee in 2007-08.


Consultative Committees

 

"The OSC recognizes the critical importance of consulting directly with investors in carrying out its mandate. The Investor Advisory Committee (IAC) provides advice to the OSC on issues affecting investors, and ensures that the views of consumers of financial services are accessible to the Commission."

The IAC provides advice and guidance on any aspect of the OSC that has an impact on investors, including complaints handling and compliance practices.

Membership
The IAC is comprised of volunteers from Ontario who have knowledge of securities issues as they impact retail investors, as well experience representing the needs of investors on a broad scale. The committee is chaired by Professor Eric Kirzner. The group meets five times per year."


Working together: The 2007 Investor Forum

24 October 2007

"Many investors expressed a desire for clearer avenues to offer input and feedback on the issues that matter to them.

The Investor Advisory Committee has provided valuable input and advice about regulatory policymaking. The OSC is currently examining how best to continue to obtain this valuable, constructive input from investors."

 

Who was on that committee?

 

 

Eric Kirzner (Chair)

Eric Kirzner is a professor of finance at the Rotman School of Management at the University of Toronto. He is currently a director and chair of the audit committee of Deutsche Bank (Canada), an independent advisor to CIBC Securities Inc.'s investment committee, a director of the Canadian Derivatives Clearing Corporation, a director of Market Regulation Services, and vice-chair of the Investment Dealer's Association equity trading committee.

William Gleberzon

Canada’s Association for the Fifty-Plus

Co-director of Canada’s Association for the Fifty-Plus (CARP). Co-author of CARP’s submission to the Standing Senate Committee on Banking, Trade and Commerce on Financial Services.

Robert Goldin

MacGold Direct

Investment dispute consultant and forensic financial auditor.

John Hollander

Doucet McBride LLP

Civil litigator with Ottawa-based Doucet McBride LLP, concentrating in securities negligence matters.

Gloria Hutton

Private investor

Private investor with first-hand experience of the redress process who made a submission to the Ontario Legislature’s Standing Committee on Finance and Economic Affairs.

Richard Manicom

Private investor

Information technology consultant and private investor who has been active on various issues including the recent mutual fund settlement.  Former Assistant Commissioner,
Information Technology Branch Revenue Canada

Poonam Puri

Osgoode Hall Law School

Associate Professor of Law, Osgoode Hall Law School, York University, specializing in securities law, corporate law and corporate governance.

Pamela J. Reeve

Private investor

Private investor who has submitted comments on the OSC's Fair Dealing Model, and complaint handling to the Senate and federal Department of Finance.

Kelly Rodgers

Rodgers Investment Consulting

Consultant to private clients, foundations and aboriginal communities on investment policy, portfolio management and evaluation. Founding member of the Canadian Investment Funds Standards Committee.

Ellen Roseman

Toronto Star

Business columnist with the Toronto Star, author of numerous consumer guides on financial matters. Ms. Roseman teaches personal finance courses at the University of Toronto's School of Continuing Studies.

Whipple Steinkrauss

Consumer Council of Canada

Consumer Council of Canada Board Member. Author of a paper to the Ontario Standing Committee on Finance and Economic Affairs regarding the five-year review of securities legislation.

 

The inaugural meeting of the OSC’s new Investor Advisory Committee. The IAC was established in November 2005 to offer advice and guidance on aspects of the OSC that have an impact on investors.

OSC Chair David Wilson greets Dr. Pamela J. Reeve, a member of the Investor Advisory Committee, at the IAC’s first meeting at the OSC.

 

What ever happened to the report that was created?

 

The Investor Advisory Committee Report

The IAC provided input to the OSC to be forwarded to Ms. Caroline Cakebread, the editor for Canadian Investment Review, who was engaged by the OSC to compile the IAC report.


The Investor Advisory Committee Report

(This report has not been released by the OSC)

February 2007

This document was accessed through a request to the Freedom of Information Office.

It has never been made available to the public by the OSC or the Committee.  Nevertheless the original intent had been to publish a report of the IAC as stated by David Wilson, Chair of the OSC, in his keynote remarks at the Dialogue with the OSC on the 10th of November 2006;

 

"They will issue a report on their work early in the New Year." (see above)

 

The IAC was dissolved by the OSC in December 2007.

 

There is no mention in the Ontario Securities Commission's Statement of Priorities for Fiscal 2008/2009 to re-establish the IAC.

04 April 2008

 

 


Regulators control terms of engagement

26 May 2008


Listening to retail investors

29 April 2008


Consultation framework needs makeover
The British approach to financial reforms should be considered for use in Canada

05 December 2007


OSC's long-awaited town hall 2
Small investors can circle Oct. 24 on the calendar.

19 March 2007

"So why the 2½-year gap? The OSC says it wants to show results and has spent much of the past two years acting on advice from the first meeting, including the establishment of an Investor Advisory Committee."