The Ontario Securities Commission is seeking new members for its Securities Advisory Committee.

The SAC, which meets monthly, provides advice to the commission and staff on a variety of legal matters, including amendments to the Securities Act, formulation of rules, commission policies and staff notices, and other matters. The SAC is also expected to provide general advisory services to the commission and staff on an informal basis relating to emerging trends in the marketplace.

The SAC reports to the commission at least annually on its work over the previous year and identify issues that SAC considers should be addressed by the commission.

The OSC is now looking for prospective candidates to serve on the SAC for a three-year term beginning in January 2005. It says that those who make a commitment to serve on SAC must be in a position to devote the time necessary to attend meetings, be an active participant, and undertake the work involved, which sometimes must be dealt with on an urgent basis. SAC members must have an excellent knowledge of securities legislation and policies, and have significant practice experience in the securities area.

The OSC says that expertise in an area of special interest to the commission at the time an appointment is made will also be a factor in selection. SAC members are expected to have excellent technical abilities and a strong interest in the development of securities regulatory policy. SAC members will be selected in part to ensure that the SAC is reasonably representative of the full spectrum of securities law practice.

Individual practitioners, with the support of their firms, are invited to apply in writing for membership on SAC to the Office of the General Counsel of the Commission, indicating areas of practice and relevant experience by October 15.

The SAC currently consists of 12 Ontario solicitors practising in the area of securities law plus one U.S. securities lawyer.