The Canadian Foundation for the Advancement of Investor Rights (FAIR) was recently launched.
FAIR aims to be the advocacy organization for Canadian retail investors in securities regulation who lack the legal, accounting and financial resources available to other stakeholders, such as industry, listed issuers, financial institutions, and their legal and other advisors. The nonprofit and independent foundation will seek to advance the interests of such investors and promote the integrity and fairness of Canadian capital markets by:
- making submissions to securities regulators, stock exchanges, government and other bodies on priorities, policy, legislative change and enforcement;
- proactively identifying emerging issues that affect investors and seeking reform to mitigate harm to investors; and
- identifying actual conduct by issuers, registered persons and other market persons that is, or may be, detrimental to investors, and, where appropriate, encouraging action to enhance investor rights and protections.
FAIR’s founding executive director is a former executive director of the Ontario Securities Commission (OSC). Joining him on the board of the foundation are two former chairs of the OSC, a former executive director of the British Columbia Securities Commission, the director of the Consumer Council of Canada, and two cofounders of the Canadian Coalition for Good Governance.
The Investment Industry Regulatory Organization of Canada (IIROC) has provided startup funding for the foundation, using moneys derived from disciplinary hearing fines levied against firms and individuals regulated by IIROC’s predecessor organizations - the Investment Dealers Association of Canada and Market Regulation Services Inc.