On May 30, 2023, the Ontario Securities Commission's Investor Advisory Panel (IAP) released its report with respect to its activities in 2022 (the IAP Report). The IAP's mandate is to solicit and represent the views of investors on the OSC's policy and rule-making initiatives. It is noted in the IAP Report that the IAP held 11 meetings with OSC staff, made eight submissions or reports on proposed policies (four to the securities regulators and four to other bodies), and held 22 meetings with outside organizations.
The IAP Report focused on a number of areas where investor protection could be enhanced, including by:
- Granting binding decision making authority to the Ombudsman for Banking Services and Investments (OBSI) and mandating the use of OBSI as the single, fully integrated dispute resolution service for banking and investment related complaints;
- Providing investors with accurate information about the risks of the crypto asset market and clear information about the costs of products and services they purchase; and
- Using technology (such as what has been proposed in various access equals delivery proposals described here) to provide information to investors in an efficient and environmentally responsible manner and in a way that reduces costs and unnecessary burdens for issuers.
For 2023, the IAP intends to focus on continuing to review the impact of disruptive technologies for retail investors, as well as encouraging the OSC to prioritize investor protection within its multi-branched mandate.
Comments on the application and related documents are due by June 27.
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