Who will serve on the CSA’s new Investor Advisory Panel?

The Canadian Securities Administrators’ (CSA) new Investor Advisory Panel (CSA IAP) is coming this September.

It was one of the key priorities set out by Louis Morisset, chair of the CSA and president and CEO of the AMF, when he spoke with Wealth Professional last December. 

“We’re able to easily get the perspective of the industry through several associations, but it’s more difficult to get the investors’ perspective,” he said at the time.

Following a consultation period that ended in February 2022, the CSA has been busy convening the experts who will make up the initial members of the panel.

Selection included a public call for applications and assessment based on factors including diversity, geographical location, expertise and experience to ensure broad and diverse representation of investors’ views.

The task of the CSA IAP is to “provide meaningful insights into retail investors’ interests” as well as helping to shape CSA policy and strengthen Canada’s capital markets while boosting investor protection,” according to a CSA statement.

The panel will also “promote coordination and enhancement of pan-Canadian investor-related issues.”

Its establishment was one of the key priorities set out by the CSA under new chair Stan Magidson who took up the role at the start of July.

Who’s on the panel?

The first members of the CSA IAP will serve two or three years from September 1, 2022, with the option for one renewal of their term.

The members are:

• Guy Lemoine – Chair, former President of the Quebec Financial Markets Administrative Tribunal (2003-2008) as well as former Vice-President and Commissioner of the Commission des valeurs mobilières du Québec (CVMQ) (1990-2003). Mr. Lemoine is a private practice lawyer who has served on the boards of several organizations, including FAIR Canada, of which he was co-president between 2019 and 2021.
• Cristie Ford, a Professor of Law at the Peter A. Allard School of Law, University of British Columbia, with a research focus on financial and securities regulation, administrative law, regulatory design, access to justice, and the relationship between innovation and regulation.
• Eric Spink, a private practice lawyer with experience in a variety of roles, including law reformer, government official, securities regulator, and adjudicator. He served as a member of the Consumer and Investor Advisory Council of OBSI between 2013 and 2018.
• Ryan Clements, an Assistant Professor, Chair of Business Law and Regulation at the University of Calgary, Faculty of Law. His research focuses on securities law, crypto assets, fintech, and investment funds. He previously served as a Senior Policy Advisor with the Alberta Securities Commission (ASC), and on IIROC’s crypto-asset working group. He currently serves on the ASC New Economy Advisory Committee.
• Susan Milburn, a long-serving Saskatchewan financial advisor at Raymond James Ltd., and currently a member of IIROC’s Proficiency Committee, a national advisory committee reviewing and recommending proficiency requirements for industry participants.
• Millie Acuna, the Manager, Asset Building Programs at SEED (Supporting Employment & Economic Development) in Winnipeg and a member of the FCAC Consumer Protection Advisory Committee.
• Line Deslandes, an executive with 20 years of experience in the Financial Services and Capital Markets Industry. She held several high-ranking positions in the securities law sector in Quebec, United States, and England, including for State Street Global Advisors. She also consulted for the African Development Bank and the World Bank, and served on the board of FAIR Canada from 2019 to 2021.
• Annick Kwetcheu Gamo, a specialist in financial education, financial coach and the founder of the Quebec non-profit organization Code F., Santé financière pour tous! (Financial Health for all!) as well as the founderof Code F. Technologies financières inc., a social Fintech developing an AI-based solutions to improve citizens’ financial health.
• Jason Alcorn, an Associate Professor at the Faculty of Law of Université de Moncton. He previously served as Senior Legal Counsel and Special Advisor at the Financial and Consumer Services Commission of New Brunswick (FCNB).

Link with OSC equivalent

The Ontario Securities Commission has its own Investor Advisory Panel and there are two cross-appointees:

• Neil Gross, Chair of the OSC IAP, is cross-appointed until he completes his term on the OSC IAP on October 31, 2022, after which he will remain a member of the CSA IAP. Mr. Gross is a former Executive Director of FAIR Canada and a lawyer with over 35 years’ experience focused on investor protection issues. He has served on the OSC IAP since 2017.
• Brigitte Catellier, who joined the OSC IAP in 2021, will be cross-appointed as of November 1, 2022. Ms. Catellier is Associate Director of the Investor Protection Clinic at Osgoode Hall Law School, where she is an adjunct professor. She is a Fellow of the Chartered Governance Institute and Vice-President, Corporate Governance at Meridian Credit Union.

CSA chair Stan Magidson said that the panel has the experience necessary to support investor protection across Canada.

“Their contributions will support the CSA in its long-standing commitment to provide beneficial regulatory outcomes for retail investors and will complement the work of existing investor panels and CSA member committees,” he said.

The CSA has acknowledged the work of Ken Kivenko of Kenmar Associates whose advocacy work for retail investors inspired the creation of the CSA IAP.