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CSA Proposal to Establish an Investor Advisory Panel
Letter Summary:
The CSA would appreciate greater detail on the selection criteria and intended composition of the Panel’s membership, and how consideration of candidate/member experience, professional background, and subject matter expertise can be balanced with the need to control for conflicts and/or implicit interests relating to professional commitments or other economic interests of candidates/members. Consideration should also be given to familiarity with a range of regulated registration categories and business models, and an interface through which items relating to areas under the supervision of a self-regulatory organization can be effectively communicated. We particularly note prior proposals and discussions relating to formalized investor advisory mechanisms for IIROC and the New SRO, of which we were supportive, and would encourage formalized communication and coordination with such a body. We would also appreciate greater detail on any anticipated communication and/or coordination with similarly-purposed advisory bodies of provincial securities regulators, such as the OSC’s IAP.
Overview of the Council’s Comments:
We strongly support the CSA’s efforts to gain insights from an investor perspective through the proposed creation of an Investor Advisory Panel. As noted above, we believe the Panel could be improved through additional resourcing and consideration of an expanded mandate, either initially or following some series of initial Panel milestones.