Tuesday, 16 August 2011

Ontario Securities Commission Ignores Retail Investor Viewpoint

Tireless (judging by the quantity and depth of commentary he produces) investor advocate Ken Kivenko of CanadianFundWatch recently sent me the following news on recent machinations of our regulator the Ontario Securities Commission.

"OSC has selected for its new Investment Fund Products Advisory Committee: The IFPAC will advise OSC staff on emerging product developments and " innovations " occurring in the investment fund arena and will discuss the impact of these developments [ on investors?], as well as emerging issues. We put forward a candidate, albeit after the deadline We were not aware of the opportunity. Ref. http://www.osc.gov.on.ca/en/NewsEvents_nr_20110602_osc-members-ifpac.htm All members announced are industry participants – not a single investor or investor advocate. Another missed opportunity by the OSC Investment Funds Branch. However Manulife and RBC are in; they're part of the “gang of five” that are working to clip OBSI's wings or dismember it. It really doesn't matter since we've warned of leveraged ETF's ,SPAC's and CFD's in the past and all were unleashed on retail investors despite our stated concerns. News Release at http://www.newswire.ca/en/releases/archive/August2011/11/c3174.html"

There are many highly knowledgeable non-industry investors around to sit on such committees and provide the retail investor viewpoint but OSC seems to do little bring them into the process. As that famous song phrase goes, when will they ever learn?

1 comment:

Pacific said...

Another fine example of "Buyer Beware" - but in this case the Commission should be watching out for the little guy.

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