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FAIR Canada Newsletter
April 2011 |
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Investor Engagement in Securities Regulation |
Investor Advisory Panel Symposium
 | | (L-R) Ellen Roseman, Adam Phillips, Ann Smith, Barbara Roper, Lori Schock and Ilana Singer |
FAIR Canada, in association with the Canadian Securities Transition Office, held a symposium on April 6, 2011 to learn about the experiences of investor advisory panels in the United Kingdom and the United States. Moderated by FAIR Canada Board Member Ellen Roseman, the symposium brought together representatives from both U.K. and U.S. regulators and investor advisory panels, including:
- Adam Phillips, Chairman, U.K. Financial Services Consumer Panel
- Ann Smith, Head of Secretariat Team, Corporate Services, U.K. Financial Services Authority
- Barbara Roper, Director of Investor Protection, Consumer Federation of America and Member, U.S. Securities and Exchange Commission Investor Advisory Committee
- Lori Schock, Director, Office of Investor Education and Advocacy, U.S. Securities and Exchange Commission
The discussion focused on the design, membership, funding, and operation of the panels, as well as the successes they have experienced and challenges they have faced in carrying out their mandates.
The panelists discussed the importance of consumer engagement in securities regulation, and stressed the importance of retail investor input early on in policy development. Leadership and staffing were said to be essential in keeping a panel focused and effective and the discussion also noted the importance and efficacy of regular communication among all stakeholders.
Follow these links for more information on the U.K. and U.S. investor advisory panels. |
National Securities Regulator - Supreme Court of Canada Reference
 On April 13 and 14, the Supreme Court of Canada heard oral arguments on the constitutionality of the proposed Canadian Securities Act. FAIR Canada was an intervener in the reference, and argued that the Canadian government has the authority to enact the proposed legislation and that the proposed legislation would regulate Canada's capital markets for the benefit of all Canadians.FAIR Canada believes that the creation of a national securities regulator, with investor protection as its top priority, would provide greater protection for retail and other investors, while at the same time ensuring that the Canadian securities markets operate as efficiently as possible.
The governments of both Québec and Alberta referred the proposed legislation to their respective Courts of Appeal. Both Courts have ruled that the proposed legislation is outside the power of the federal government. The Supreme Court's decision, expected to be released within ten to twenty-four months, will take precedence over the provincial Courts' decisions. Click here to view the Supreme Court hearing (the FAIR Canada oral argument takes place on day two, at approximately 10:00 am and is about 15 minutes in duration.)
FAIR Canada Executive Director Ermanno Pascutto appeared on BNN's Headline with Howard Green on April 14, 2011 and the Honourable Hal Jackman to discuss the SCC reference. Click here to see the interview.
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FAIR Canada presents to the Conference Board of Canada about Financial Scandals Report
Ilana Singer, Deputy Director of FAIR Canada, presented the findings and recommendations of FAIR Canada's report A Decade of Financial Scandals to the Conference Board of Canada's Corporate Ethics Management Council.
Ilana Singer was recently interviewed about the FAIR Canada Report on the CBC's Lang & O'Leary Exchange. Click here to see the interview (the segment, entitled Enforcement Gap, begins at minute 46:46). |
Recent Submissions
FAIR Canada supports IIROC's initiative to clarify obligations and continues to call for a requirement for members to put the interests of their clients first.
FAIR Canada supports the IIROC initiative but calls for a shift to a model which prioritizes the best interests of clients.
FAIR Canada opposes incorporation as it could result in weakened oversight of registered representatives, as well as undermine investor protection. |
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