The Ontario Securities Commission (OSC) has expanded the mandate of its Investor Advisory Panel (IAP) to allow it to do more than just comment on proposed OSC rules.

The OSC is seeking several new members for its independent advisory panel, and Friday it published its responses to a number of questions it has received from potential applicants.

The OSC notes that it recently broadened the IAP’s mandate “to include bringing forward policy issues that may emerge as a result of the panel’s investor consultation activities, commenting on the potential implications for investors posed by those issues, and advising and commenting on the effectiveness of investor protection initiatives implemented by the commission.”

It also indicates that the OSC has considered adding at least one full-time member to the panel, as the UK’s Financial Services Consumer Panel has done, but that it has decided against it.

The IAP’s annual operating budget also remains at $50,000, but the commission will consider funding IAP research initiatives beyond that on a case-by-case basis, it says. “For example, the OSC is currently considering a proposal to fund a large-scale research project co-sponsored by the IAP and the Investor Education Fund,” it notes.

Additionally, it notes that panel members can continue their other investor advocacy, or businesses, activities as long as they comply with the panel’s confidentiality and conflict of interest provisions.

The deadline for applications for appointment to the panel is August 17.