The Ontario Securities Commission (OSC) is launching a new advisory committee to provide the regulator with feedback on possible compliance challenges for investment funds.

The OSC announced on Tuesday that the Investment Funds Technical Advisory Committee (IFTAC) will replace its Investment Funds Product Advisory Committee (IFPAC).

The new committee — which will be headed by Melissa Schofield, senior legal counsel in the OSC’s investment funds and structured products branch — will provide input to OSC staff on technical challenges in complying with the rules for investment funds, and unearth opportunities for reform.

“The IFTAC provides an opportunity for stakeholders to engage with the OSC to further smart and effective regulation that promotes capital market efficiency while protecting investors and market integrity in the investment funds and structured products space,” the OSC said.

Now, the OSC is seeking industry volunteers to serve on the committee for a two-year term.

Applications to join the committee from industry representatives with operational and compliance experience in the investment funds sector are due by June 21.