TORONTO, Aug. 21, 2014 /CNW/ - The Ontario Securities Commission (OSC) announced today the allocation of $2.5 million in funds collected from monetary sanctions and settlements to the Canadian Foundation for Advancement of Investor Rights (FAIR Canada), a national charitable organization dedicated to advancing investor interests.
"We are pleased to provide funding to FAIR Canada to support the long-term continuation of their work on behalf of investors in Ontario and across the country," said Howard Wetston, Q.C., Chair and CEO of the OSC. "The work conducted by FAIR Canada has been extremely valuable to the OSC as we look to further educate, engage and protect retail investors in Ontario."
Providing protection to investors is central to the OSC's mandate. The OSC's support is consistent with its own investor focused initiatives such as the Office of the Investor, which leads the OSC's efforts to identify and understand investor issues and concerns through investor engagement and research. The Office works closely with the OSC's Investor Advisory Panel and the Investor Education Fund to support their mandates.
The OSC's financial contribution to FAIR Canada will support its operation and ongoing pursuit to advance the education of the public, government and regulators about capital markets, savings, investments and investment practices. FAIR Canada, in addition to providing education through conferences, roundtables and symposia, conducts and publishes research and is a national voice for investors in securities regulation.
Of this one-time commitment of funds by the OSC, $500,000 will be provided to FAIR Canada to cover its day-to-day operating expenses and $2 million will be placed in trust with the FAIR Canada Jarislowsky Endowment Fund for long-term funding of the organization.
The OSC administers and enforces securities legislation in the province of Ontario. The OSC's statutory mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.
SOURCE Ontario Securities Commission