Investors Scrutinizing the Regulators

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Securities Regulation In CanadA


Fox Guarding the Hen House

   

 

Presentations to the Finance Committee

(Ontario Standing Committee on Finance and Economic Affairs)

 

 

Request to Hon. Gerry Phillips for Government Review

16 March 2004


Response from Hon. Gerry Phillips

19 May 2004


Hon. Gerry Phillips speech to Economic Club of Toronto

"As part of that commitment, we will be recommending to the Legislative Assembly that a committee hold hearings on the Five-Year Review Committee Final Report Reviewing the Securities Act."

23 June 2004

 

 

Flashback to August 26, 1988

Report of the Standing Committee of the Ontario
Legislature on Government Agencies

August 26, 1988

 

Ontario Standing Committee on

Finance and Economic Affairs

Evidence Transcripts

 

 

 

18 Aug 2004

PDF

 

19 Aug 2004

PDF

Excerpts

Well, I don't know if you're familiar with the section of the Securities Act that states very clearly that the OSC can require the court to order restitution to a company or individual.  So I would like to ask all of you when Mr Brown or his predecessor made the decision that they wouldn't bother dealing with individuals, and on whose authority did the head of the OSC make that decision?  As I'm aware, there has been no amendment to the Securities Act, has there? Can someone answer that question?

Sandra Gibson, Investor, Ontario

 

On the basis of our experience, an independent organization with the authority of law is needed to monitor the industry and order financial redress where investors are defrauded or victimized by corporate negligence. In other words, I would ask you to initiate changes to ensure that regulators fulfill their stated objective of protecting the interests of investors in this province.

Gloria Hutton, Investor, Ontario

 

"You get better consumer protection in Ontario if you're buying a used car"

Whipple Steinkraus, V.P. Consumers Council of Canada

 

Meanwhile, I scouted for other ways to obtain restitution. I mentioned my letter to Mr McGuinty. He referred me to the Ontario Securities Commission, as did the Ministry of Finance. The OSC referred me to the Investment Dealers Association. From the time I wrote to the OSC, in line with the advice from Queen's Park, until the IDA hearing into what it referred to as "the matter," three years and seven months had passed. I learned that a number of other investors had also complained against our financial adviser. I was surprised, therefore, when IDA concluded that he had been correctly supervised.

Ernest Wotton, Investor, Ontario

 

"The industry now has a self-reporting system, so claims of wrongdoing sometimes have to be reported to the very people who may be benefiting from the wrongdoing. This is unacceptable. If the complaint is serious and raised to a higher level, it can sometimes be passed along to an industry trade association, which is by the industry and for the industry, and in the end the client or the complaint gets not much satisfaction, in my experience."

Larry Elford, Ex-broker, Alberta

 

"I have three concerns, and the three concerns are this. The IDA receives complaints routinely. Those complaints deal with, "I lost money. My investment advice was bad. What do I do about it?" Well, the IDA routinely gives them a legal opinion -- "You have no claim because of" -- and provides the reasons why. I've got a problem with that. First of all, they are the industry representative. They don't disclose that they're the industry representative. They're in conflict. Second, they're not lawyers. It's not a lawyer writing the letter, but it's a legal conclusion. Third, they are discouraging the client. These are clients who then come to me, and I've got the letter from the IDA saying that they have a bad claim, and I then settle it with the broker for large money because it was a good claim."

John Hollander, Lawyer, Ontario

 

SCFEA Presentations/Submissions

Submission

Robert Kyle

Ex-Industry, Investor Advocate


Diane Urquhart

Ex-Industry, InvestorAdvocate


Lillian Morgenthau

CARP 50PLUS


Whipple Steinkrauss

Consumers Council of Canada


Duff Connacher

Democracy Watch


Larry Elford

Ex-Industry, Investor Advocate


Eugene Elleman

Social Investment Organization


David Yudelman

Tell It Better.com


John Hollander

Doucet McBride LLP


Bill Weissglas

Weissglas/Meier 

Mediation/Arbitration Services Inc.


Joe Killoran

Ex-Industry, Investor Advocate


Sandra Gibson

Investor


Gloria Hutton

Investor


Robert Verdun

Investor Advocate

 


Ernest Wotton

Investor


Glorianne Stromberg

ex-OSC Commissioner


Jim Roache

Investor


Paul Winkler

Trajan Publishing Corporation


Stan Buell

Small Investor Protection Association


Jocelyne Robidoux

Investor


J. Edward DeToro

Investor


Dr. Joel Fried

Associate Professor of Economics,

University of Western Ontario


Al Rosen

Rosen & Associates


Peter Schnobb

Investor

 

Consumers assail the system

01 September 2004


The OSC swamp

28 August 2004


OSC struggles under load

28 August 2004


Fallacy of a sole securities regulator

26 August 2004


Assante lawsuit bears a closer look

26 August 2004


Separating the judge from the prosecutor

23 August 2004


Stricter rules on mutual funds urged

20 August 2004


OSC doesn't operate in political vacuum

20 August 2004


Alberta key to single securities regulator, says Crawford

19 August 2004


OSC urged to create separate tribunal for securities offences

19 August 2004

OSC needs reform to preserve 'integrity'

19 August 2004


OSC Chair Supports Priority Recommendations at Standing Committee of the Legislature

18 August 2004


Ontario pushes single regulator idea

18 August 2004


Osborne report says OSC should split off adjudicative function

18 August 2004


Report favours independent securities tribunal

18 August 2004


Almost five years later, where's the review?

17 August 2004


Investors want more time at hearing on OSC

16 August 2004


Small investors unhappy with OSC

13 August 2004


Illuminate OSC's inner workings: Parliamentary hearings begin next week

12 August 2004


OSC set to release structural review

11 August 2004


Let the sun shine on regulators

August 2004


Hearings into securities legislation begin Aug. 18

August 2004


Hearings set that could lead to securities system reform

03 August 2004


Province sets Oct. 18/2004 date for report on Ontario regulatory system

19 July 200