Following Tuesday’s $1 million pledge by the Ontario Securities Commission (OSC) of new funding for the Canadian Foundation for Advancement of Investor Rights (FAIR Canada), the investor advocacy group Wednesday revealed that the Investment Industry Regulatory Organization of Canada (IIROC), will also be kicking in $700,000.
FAIR Canada says IIROC will be contributing two yearly installments of $350,000 per year. IIROC helped found FAIR Canada in June 2008 with an initial $3.75 million grant, which was expected to run out by the end of this year.
According to its most recent financial statements for the year ended June 30, 2011, FAIR Canada reported expenses of $924,067, and revenue of just over $750,000.
The new funds from the OSC and IIROC come from money they have collected through enforcement actions leading to monetary sanctions and settlements.
“On behalf of staff and the board of directors of FAIR Canada, I want to express my appreciation and gratitude to the OSC and IIROC for making use of their enforcement/restricted funds to finance our work representing the interests of investors and consumers of financial services,” said Ermanno Pascutto, executive director of FAIR Canada.
“There is very little funding available for consumer groups in Canada and the use of these funds for this purpose will benefit both the investing public and the Canadian financial markets,” he added.