(April 10 – 11:30 ET) – The Ontario Securities Commission is creating a new foundation to advance the development of educational programs, OSC chair David Brown announced today. The Foundation for Investor Education will support initiatives designed to deepen the knowledge and sophistication of Ontario’s investing public.
“The Foundation will assist in raising the level of awareness of Canadians about financial matters, about saving, about debt and planning for retirement and to raise awareness starting at a very early age,” says Brown. “It will pursue this goal through educational products and support, industry and community partnerships, and research.”
More than two-thirds of Canadians are now invested in capital markets, says Brown. But, many people are less confident of their investment knowledge at a time when new financial products and new ways of accessing the markets and market information are available. “It is time to broaden the scope of securities regulation and specify a mandate for investor education,” he says.
The Foundation is expected to be up and running later this year. It will be managed by a Board composed of representatives from the OSC, the financial services sector and educational experts. Funding will come from monies collected through settlements in OSC enforcement proceedings. The Foundation will work through community partners to provide the most direct impact on people.
Investor Education Week is organized across Canada by the Canadian Securities Administrators, the umbrella organization for Canada’s 13 provincial and territorial securities commissions. Canada is one of 21 countries in the Western Hemisphere to participate in Investor Education Week.
-IE Staff