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December 2018
FAIR Focus
Happy Holidays from FAIR Canada 
FAIR Canada held its Annual General Meeting on November 28, 2018. We shared with our members what we have accomplished this past year and the challenges that lie ahead.
 
A key focus of FAIR Canada's efforts this past year was our Canada wide consultations in partnership with the Canadian Centre for Elder Law,resulting in the joint   Report on Vulnerable Investors: Elder Abuse, Financial Exploitation, Undue Influence and Diminished Mental Capacity. We were pleased to see support for our recommendations by consumers, community based organizations and industry stakeholders, including the Canadian Network for the Protection of Elder Abuse and the Investment Funds Institute of Canada. We were also encouraged by the inclusion of some of its recommendations in the Ontario Securities Commission's Seniors Strategy and the New Brunswick Financial and Consumer Services Commission's Recommendations and Results of Consultation. We will continue our efforts on behalf of vulnerable Canadians as the Federal Minister for Seniors and the Federal Minister of Finance work to create a bank code of conduct for seniors as announced in the Fall Economic Statement.
 
We also worked intensively to try to improve the financial consumer complaint process and joined forces with other consumer advocates asking that regulators require the rules of the MFDA and IIROC conform with the 90 day internal review period set out in NI 31-103 and to end the practice of calling any part of the internal process that of an "internal ombudsman". We still await progress from the Joint Regulators Committee on implementing the recommendations in the independent reviewer report on OBSI issued in June 2016.
 
FAIR Canada continues to believe that individual Canadians benefit from having a professional voice that can represent their interests during the policy-making process . We ask that you consider supporting our work through a donation, as we approach the giving season.



FAIR Canada's Board of Directors and Staff wish you a safe and happy holiday!

FAIR Canada's AGM held in Toronto 

FAIR Canada is pleased to announce that its annual general meeting was held on November 28, 2018  in Toronto. Members elected 9 directors to the FAIR Canada Board of Directors. 

The following directors were elected:

Preet Banerjee - management consultant 

Stephen Jarislowsky - portfolio manager and philanthropist

Guy Lemoine - retired vice-president of the Quebec Securities Commission (Vice Chair) 

Ermanno Pascutto - FAIR Canada founder and former executive director of the Ontario Securities Commission (Chair)

Rossa O'Reilly - former chairman of the CFA Institute and managing director of  CIBC World Markets

Ellen Roseman - Toronto Star business columnist and University of Toronto continuing studies instructor on investing (Vice Chair)

Dawn Russell - former dean of Dalhousie Law School and current president of St. Thomas University

Marc Ryan - retired general counsel for Bell Canada and BCE Inc

Larry Waite - retired president and CEO of the Mutual Fund Dealers Association of Canada

More information about FAIR Canada's Board of Directors, its mandate and membership of its committees is available on  FAIR Canada's website.

FAIR Canada: Year in Review 

It has been a busy year here at FAIR Canada! 

If you haven't had a chance to take a look at all of our work, please click on the links below to review all of our accomplishments from July 1, 2017  to October 30, 2018 : 


                                   
      PRESS                                TV                                   RADIO 


                                          

OPEN LETTERS                EVENTS                    SUBMISSIONS



FAIR Canada at the Standing Committee on Finance 

Frank Allen (Executive Director) and Marian Passmore (Director of Policy and COO) of FAIR Canada appeared before the Standing Committee on Finance on November 8 2018 to present their views on Bill C-86


A Summary of Ontario's Exempt Market Report: Institutional versus Retail Investors

From a review of the Ontario Exempt Market Report, 2018 ( OSC Staff Notice 45-716) one can see that retail investors' interactions with the exempt market are different than institutional investors. Individual investors contribute only 2% of the total capital in the exempt market but are a large proportion (77%) of its 28,500 investors.
 
$54 billion of the $91.6B of the total capital raised in the exempt market in 2017 was provided by institutional investors to foreign (predominantly US-based) issuers. The foreign issuers were mostly large and well-established U.S.-based issuers in the financial and non-financial sectors placing fixed income securities with institutional investors. Retail investors contributed a significantly higher proportion of their invested capital in real estate or mortgage-related issuers than institutional investors. Of the total capital invested by retail investors, 39% was in real estate or mortgage-related issuers whereas only 10% of institutional funds went to such issuers. Instead, institutional investors allocated most of their capital to financial issuers (53%). 

In addition, retail investors were sold equity investments (about 90% of capital invested) whereas institutional investors invested mainly in debt or other fixed income securities (almost 70%).  Both institutional and retail investors investing  in real estate and mortgage-issuers were doing so largely with non-reporting issuers. Institutional investors also invested more in more traditional sectors whereas retail investors were attracted to agriculture or crop production as a result of the legalization of cannabis. 

Click here to read more.

Media FAIR in the Media

Investment Executive -  Skepticism dogs CMRA's progress
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