The Ontario Securities Commission is seeking applicants for its new investor advisory committee.

In Friday’s OSC Bulletin, the commission calls for applications from those who would like to participate on a new IAC, and it sets out the new body’s mandate.

“The panel will provide comments in response to public requests for comment by the commission on proposed rules, policies, concept papers and discussion drafts,” it explains, adding that it will also provide commentary on the OSC’s proposed annual Statement of Priorities and will consider specific issues at the request of the commission.

The proposed new panel will receive funding of up to $50,000 per year, allowing it to retain professional services to assist in drafting comment letters. It will also have administrative support in the Office of the Secretary to the commission.

The panel, comprised of seven members, will meet at least quarterly in Toronto, and it will report annually to the commission on its activities for the preceding year. Members will serve a term of two years, which may be extended by the chair of the commission for one additional term.

They will also be paid for their time, receiving $275 per meeting ($550 per meeting for the chair of the panel), up to a maximum of 12 meetings per year. For meeting preparation or post-meeting follow-up work, they will receive $275 per day ($550 per day for the chair); up to a maximum of three days of work per meeting. And they may also claim some travel expenses.

A selection committee consisting of three commissioners will interview short-listed candidates, and the chair of the OSC will appoint the panel members based on the recommendations of the selection committee.

Applications are due by April 30.

IE