OSC’s Investor Advisory Panel Releases 2017 Annual Report
For Immediate Release IAP
TORONTO – The Investor Advisory Panel (the Panel) released its 2017 Annual Report summarizing its recommendations, activities, submissions, consultations, and meetings during the calendar year.
In 2017, the Panel continued to focus on critical areas of investor protection: discontinuing embedded commissions and other forms of conflicted compensation; introducing a best interest standard; enhancing risk profiling; addressing proficiency and titles; strengthening the Ombudsman for Banking Services and Investments (OBSI) and oversight of self-regulatory organizations (SROs) and necessary changes to the Cooperative Capital Markets Regulator (CCMR). Specifically, the Panel raised concerns about the fact that the CCMR, as currently proposed, does not incorporate the OSC’s investor-friendly governance structures (namely the Investor Office and the Panel) and only a few of its newer practices are designed to improve investor protection.
“The Panel understands that OSC staff is working toward proposals for implementation of these priorities, but members are also becoming frustrated with the slow pace,” said Letty Dewar, Chair of the Investor Advisory Panel.
Looking ahead to 2018, the Panel will continue to focus on its key priorities and will look to initiatives that support the investor voice in Canada in the future. “The Panel will seek to address the chronic imbalance between industry and investor influence in the regulatory environment and try to improve investor voice representation,” said Dewar.
About the Panel
The Panel is comprised of nine members appointed by the Chair of the Ontario Securities Commission following a public application process and on the advice of a selection committee consisting of two Commissioners and a Vice-Chair. Members of the Panel are appointed for terms of up to two years, with possible reappointment for one additional term. (See Appendix A of the 2017 IAP Annual Report for biographies of panel members).