Investors

Minutes of the February 27, 2012
Meeting of the Investor Advisory Panel (“IAP” or “Panel”)
10:00 am – 12:00 pm
By Teleconference



Attendees:
Anita Anand, Chair
Nancy Averill
Paul Bates
Stan Buell
Steve Garmaise
Michael Wissell

Invitees:
Mary Condon, Vice-Chair, Ontario Securities Commission
Allan Krystie, Senior Administrator (secretary to the meeting)
Chava Schwebel, IAP Research Assistant

1. Introduction from the Panel Chair

  • The Chair told members that the Panel’s letter to the Commission regarding OBSI was also forwarded to the OBSI board.
  • The Panel heard that OBSI continues to engage in discussions with various levels of government and that it is believed that the Panel’s letter will make a positive contribution to the public discussion.

2. Update on OBSI

  • Mary Condon was scheduled to address the Panel, however, she was unavailable at the time of the meeting. The Chair agreed to contact Ms. Condon after the meeting.

3. Empirical outreach

  • The Chair advised that a request to fund a research initiative had been submitted to the OSC earlier in the month.
  • The Chair had discussions about the proposal with Ms. Condon, who noted that she would follow-up with OSC staff later in the week.
  • The Chair suggested that the Panel consider alternative forms of outreach in the event that the funding is not approved, as the Panel would like to incorporate the outreach data in its submission regarding the OSC’s 2012 – 2013 draft Statement of Priorities.
  • The members identified and discussed options for research that may not require additional funding.
  • The Panel agreed to explore these options further but would wait for the Commission’s response prior to considering further action.

4. Past and Present Submissions

  • The Panel was informed that a Member attended an OSC consultation regarding the accredited investor and minimum amount prospectus exemptions.
  • The Panel agreed that most of the comments about the initiative were coming from the industry, and discussed the importance of bolstering investor representation as well as the Panel’s role in this capacity.
  • The Panel discussed the draft comment letter regarding the CSA’s review of the minimum amount and accredited investor exemptions that had been previously circulated and discussed revisions to its content.
  • The Panel agreed that the CSA should also consider reviewing other exemptions, and that this issue should be kept on its radar screen.
  • The Chair agreed to revise the comment letter and circulate an updated draft to the members.

5. Any new business:

  • A member advised that he was preparing a research proposal which he will submit to the Chair for consideration.
  • The Chair thanked all of the Panel members for their participation in the meeting.

Meeting adjourned.