OSC announces new members for Small Business Advisory Committee

ontario securities commission

Tim Babcock, the vice president of the TSX Venture Exchange; Kay Schonberger, an associate at RBC Capital Markets in mergers and acquisitions; and Melanie Cole, a partner at Aird & Berlis LLP, are among the new members of an Ontario Securities Commission (OSC) committee.

The OSC announced the new membership of its Small Business Advisory Committee (SBAC) on October 1.

The committee also provides feedback on the effectiveness of corporate finance policies and initiatives related to small business.
 

The 14-member Small Business Advisory Committee (SBAC) advises OSC staff on current business practices and emerging trends affecting small businesses in both the public and private markets.

The committee also provides feedback on the effectiveness of corporate finance policies and initiatives related to small business. Members serve two-year terms, and, as a committee, meets on an as-needed basis. Jo-Anne Matear, manager of the OSC’s corporate finance branch, chairs the committee.

The committee includes members from a number of law firms, as well as from several financial institutions.

In late September, the OSC also announced the new members of the Investment Funds Technical Advisory Committee (IFYAC) for the 2021-2023 term.

Chaired by Melissa Schofield, senior legal counsel of investment funds and structured products, the 16-member committee is largely made up of individuals from financial institutions, as well as one college, and an association.

The IFTAC provides an opportunity for stakeholders to engage with the OSC over smart and effective regulation in the investment funds and structured products space.

The IFTAC advises OSC staff on technical compliance challenges in the investment funds product regulatory regime and highlights opportunities for improving alignment between investor, industry and regulatory goals.

RELATED: OSC demands crypto trading platforms bring operations into compliance with securities regulations

In recent months a slew of cryptocurrency cases has kept the OSC busy.

In August alone, the OSC flagged four different companies: Aux Caves FinTech Co. Ltd. from the Seychelles; Polo Digital Assets, Ltd. (Poloniex), operating in the Seychelles; Bybit Fintech Limited (Bybit) from the British Virgin Islands; and Mek Global Limited, incorporated in the Republic of Seychelles;, and PhoenixFin Pte. Ltd., incorporated in Singapore, (collectively, KuCoin).

The ongoing issues with the companies led two regulators to issue guidelines to cryptocurrency companies to rein in advertising that runs afoul of securities law. The new guidelines were introduced in late September.

The Canadian Securities Administration and Investment Regulatory Organization of Canada (IIROC) said the new guidelines will help crypto trading platforms understand and comply with requirements under securities law and IIROC rules for advertising, marketing and social media use.

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.