The Ontario Securities Commission Friday announced the creation of an Investor Advisory Panel that will provide input on the work of the commission, including proposed rules and policies, the annual statement of priorities, concept papers and specific issues.

“The Investor Advisory Panel will encourage input from a range of investors that can be fed directly into the OSC’s important initiatives. While we currently receive comments from investors through our notice and comment process, we believe investors could be better represented in that process,” says OSC Chair David Wilson.

“I am confident that the panel will be an effective voice for Ontario investors as well as a great asset to the Commission and its work.”

The panel will be made up of seven members, including a panel chair. Panel members will be selected to ensure the panel is representative of a broad range of investors.

Mary Condon, one of the part-time Commissioners who worked on the development of the panel, adds: “Input from a broad range of investors will assist the OSC in better understanding the needs of different investors and in developing policies that better protect investors. We are looking for candidates with specific skills to assist the panel in responding to notices and requests for comment issued by the Commission. We’re hoping that some of the members will have experience in consulting with the people of Ontario.”

Applications for membership in panel will be solicited within a few weeks.

The OSC hopes to complete the member selection process by late May and have the panel in place for a first meeting in June.

FAIR suggestions for panel’s composition

Investor advocates, FAIR Canada, are applauding the OSC’s decion to create the panel, and they have some advice for how it should be constructed.

For one thing, FAIR recommends that the members of the panel be paid for their efforts, a measure, which it says, could “could be modeled on a combination of the UK Financial Services Consumer Panel and OSC commissioner payment systems.”

It also calls for the panel to provide plenty of transparency into its work, including: publishing a specific, written mandate; a transparent selection process for panel members; and transparency of the panel’s work, including recommendations made about OSC initiatives, and responses to those recommendations.

Finally, it says that an OSC staffer should be assigned to assist the panel with logistical matters.

“FAIR Canada looks forward to continuing to work with the OSC and other investor advocates on strengthening the investor voice in Ontario,” it says.

IE