The Ontario Securities Commission (OSC) announced on Monday that it’s seeking new members for its independent Investor Advisory Panel (IAP), which provides the regulator with input on policy initiatives that impact the average investor.
Specifically, the OSC seeking candidates to fill upcoming vacancies on the IAP as the appointments for several of the panel’s members are due to expire in May and October. The members of the panel are paid for their service and receive two-year appointments.
The IAP, which was launched in August 2010, has advocated for several reforms that the Canadian Securities Administrators (CSA) is currently considering, such as a possible ban on embedded fees and the introduction of a best interests standard.
In addition to the IAP’s basic mandate of providing the OSC with input on investor-related initiatives, it also sometimes comments on policy initiatives by other organizations that impact retail investors as well as studies investor-related issues, such as industry risk-profiling practices and seniors’ issues.
The IAP “is an important voice for investors in the regulatory process, and new members will be selected to ensure that the panel continues to represent a broad range of relevant experience, skills, knowledge and perspectives,” the OSC says in a statement.
OSC chairwoman Maureen Jensen will appoint the new members of the panel based on the recommendations of a selection committee comprised of an OSC vice chair and two commissioners. Applications are due by April 28.