Small Investor Protection Association (S.I.P.A.)

Stan Buell, President and Founder of the Small Investor Protection Association has been appointed to the OSC Investor Advisory Panel. Stan has extensive experience dealing with regulators and Governments on investment issues. Stan made presentations to the Senate Standing Committee on Banking Trade and Commerce, the House of Commons Finance Committee, the Expert Panel on Securities Regulation, and the Financial Literacy Task Force amongst others. He also represents SIPA with the Common Front for Retirement Security (CFRS) and participates in CFRS presentations.

The Panel will provide input on the work of the Commission, including rules, policies and the annual Statement of Priorities, as well as specific issues requested by the Commission. The panel will be chaired by Anita Anand, a leading academic in the area of securities law. She is an Associate Professor and past Associate Dean (JD Programme) at the University of Toronto Faculty of Law where she teaches securities regulation and corporate law.

The OSC received applications from 119 individuals. The members were selected based on their experience with investor issues and public policy development, as well as specific skills to assist the Panel in responding to requests for comment issued by the OSC. Members will serve a term of two years. It is anticipated that the Panel will hold its first meeting in September.

June 21 to June 23, 2010 - SENIORS SEMINARS EASTERN ONTARIO

Seniors’ seminars are planned in eastern Ontario on Monday June 21AT Millbrook, Tuesday June 22 at Beaverton, Wednesday June 23 at Apsley, Thursday June 24 at Lindsay, and Friday June 25 at Haliburton.

These seminars are sponsored by local Members of Parliament and organized by Judy Muzzi, Past President of the United Senior Citizens of Ontario. These seminars bring together service suppliers for seniors including Government agencies and non Government organizations. The seminars are held in Legion Halls except in Lindsay where the Moose Lodge will be the location this year.

Once again Judy has invited Stan Buell to participate and speak about investments and investor protection. Tax Free Savings Accounts and Reverse mortgages will be discussed along with other topics. If you live in these areas you should plan to attend as there is a great deal of information to help seniors and retirees. I will look forward to speaking with you.

April 29, 2010 - Submission to Task Force on Financial Literacy

The Small Investor Protection Association (SIPA) was founded a decade ago because we are concerned about the lack of investor protection and the fact that many Canadians are losing their savings due to investment fraud and wrongdoing with little hope of recovery from such a life-altering event.

Our comments are therefore directed to this paramount issue of small investors losing their savings due to fraud and wrongdoing. However, we do recognize the importance of raising fiduciary literacy so that all Canadians will understand that they must manage their money properly. They must know the impact of debt service and the effect of compounding. They must know about risk management and that in addition to market risk, there is product risk and advisor risk.

April 12, 2009 - CBC TV Can You trust Your Financial Advisor?

On April 12, 2009 the CBC aired a program entitled "Can You Trust Your Financial Advisor?" on CBC Sunday News with Carol MacNeil and Evan Soloman. Bruce Livesey, CBC producer, arranged to interview a number of SIPA members over the last several months and selected five of them to participate in this program. Other members have participated in prior productions. These programs help to raise public awareness of the risks they face when they place their trust in the investment industry and the current regulatory system. We owe all of the CBC staff special thanks for their production of these programs. We also owe thanks to SIPA members and the public who participated in the programs or made comments on the CBC website at http://www.cbc.ca/sunday/2009/04/041209_3.html. We encourage all Canadians to visit the CBC website and offer comment. NOTE: Unfortunately this program is no longer available on the CBC website.

April 3, 2009 - SIPA makes presentation at Financial Investigative Training

The Canadian Police College invited SIPA to make a presentation at their initial Financial Investigative Training Course in Toronto. SIPA made a one hour presentation on April 3, 2009 which included a power point presentation entitled "Looking after the Investor" and was followed by a question and answer period.

March 2009 - SIPA is witness to HOC Finance Committee

In August 2008 SIPA made a submission to the HOC Finance Committee on behalf of Small Investors, and was invited to appear as a witness in Ottawa on March 31^st, 2009. There were six witnesses allowed five minutes each. This was followed by members’ questions. The week prior we submitted an eight page document for translation into French and distribution to committee members. Our five minute oral presentation highlighted the items in our written submission.

A transcript of this committee meeting on March 31 is available on the Finance Committee website at the following link:

June 2008 - SIPA participates in Seniors' Seminars

SIPA is once again invited by the United Senior Citizens of Ontario to participate in a series of seminars for seniors in eastern Ontario. The seminars include presentations by Government services and seniors organizations. Stan Buell will speak to seniors about savings and investments. Seminars are scheduled for Haliburton on June 20th, Beaverton on June 24th, and Lindsay on June 25th.

June 6, 2008 - Retirement Planners Association of Canada

Stan Buell, president of SIPA, made a Power Point presentation "Trust" to the Ontario South Chapter of the Retirement Planners Association of Canada (RPAC) in Campbelville, Ontario.

May 28, 2008 - Expert Panel Luncheon Roundtable

Stan Buell represented SIPA at a luncheon roundtable on Wednesday, May 28^th at 12 p.m. at the Fairmont Royal York, 100 Front Street West in Toronto. Dan Braniff represented the Common Front for Retirement Security. Informal discussions were held with members of the panel led by Tom Hockin, Chair of the Expert Panel. SIPA also made a formal written submission to the Expert Panel.

December 21, 2007 - SIPA submits comments to the OSC and the IDA

On December 21, 2007 SIPA made a submission "Comments on Proposed Amendments to IDA Complaint Handling Requirements - Client Complaint Handling Rule & Guidance Note and Amendments to By-Laws 19 and 37 and Policy No. 2" to the OSC and the IDA. Dr. Pamela J. Reeve, Member SIPA Advisory Committee prepared the submission. Dr. Reeve heads SIPA's initiative on complaints handling and is a former member of the OSC Investor Advisory Committee.

October 17, 2007 - SIPA talks to Rotary Club of North York

Stan Buell was invited to speak to the Rotary Club of North York on Wednesday October 17th, 7:30 a.m.. The meeting was held at Upstairs@Loblaws located at 5095 Yonge Street, Empress Walk Plaza.

September, 2007 - Joint N.P.S.C.F./SIPA/U.S.C.O. submission to Ombudsman

SIPA has associated with the U.S.C.O. and the N.P.S.C.F. to make presentations and submissions to Government agencies. In August joint representatives met with Ontario Ombudsman staff and in September a joint formal submission was made.

August 9, 2007 - SIPA talks to Rotary Club of Toronto - Forest Hill

Stan Buell was invited to speak to the Rotary Club of Toronto on August 9th about investment issues and investor protection. After the talk the president, Albert S. Frank, a securities litigation lawyer, offered to participate in SIPA's Pro Bono legal consultation program.

July 10, 2007 - SIPA talks to Kiwanis Club in Barrie

The Kiwanis Club of Barrie Golden K invited Stan Buell to speak about the Small Investor Protection Association and our activities. The meeting was held at the Army Navy and Air Force Club (ANAF) in Barrie. Members are all retirees (men only) and there were 45-50 in attendance.

June 26 to 29, 2007 - SIPA participates in Seniors' Seminars

SIPA was invited by the United Senior Citizens of Ontario to participate in a series of seminars for seniors in eastern Ontario. The seminars include presentations by Government services and seniors organizations. Stan Buell spoke to seniors about savings and investments. Seminars were held at Haliburton, Beaverton and Lindsay.

June 24, 2007 - SIPA participates in the OBA Access to Justice Summit

The Ontario Bar Association invited SIPA to participate in the Access to Justice Summit held at the OBA offices at 20 Toronto Street, Toronto, Ontario June 24 to 26. OBA President James Morton, Chair Access to Justice Summit Heather McGee, Minister of Justice Hon. Ron Nicholson, Ontario Ombudsman Andre Marin and Chief Justice Hon. Heather Forster Smith addressed participants at the opening session on Sunday. This was followed by workshops and finally a wrap-up session on June 26. SIPA representatives were Stan Buell, Dimitri Lascaris LLB, and Dr. Pamela Reeve. They were accompanied by Art Field, President N.P.S.C.F. and Marie Smith, President U.S.C.O.

May 29, 2007 - SIPA supports MPP Michael Prue's Private Member's Bill on Excessive Executive Compensation in Public Companies

SIPA, the U.S.C.O. and the N.P.S.C.F. participated in the Press Conference in the Media Studio at the Ontario Legislature Queen's Park on May 29th at 11:00 a.m. and were present in the Legislature when the Bill was presented at 1:30 p.m. in the afternoon.

The Bill would amend legislation to require executive compensation to be approved every year at annual general meetings.

SIPA invited members and the public to attend to show support for this important initiative for the benefit of investors.

March 8, 2007 - SIPA Presentation to CAW Retirees Brampton

Stan Buell, president of SIPA, made a Power Point presentation "It's a Matter of Trust" to a group of CAW Retirees in Brampton at Legion Hall #629.

November 29, 2006 - Linda Leatherdale's Moneyline show on Rogers TV

Linda Leatherdale's Moneyline show on November 29th was all about income trusts. Linda talked with a panel comprising Dr. Al. Rosen, Rosen & Associates Limited; Tim Wach of Gowling, Lafleur, Hendersom LLP; and Stan Buell, Small Investor Protection Association. The show airs live on Wednesday, November 29th from 7:30 pm to 8:30 pm. and there are repeat broadcasts on Rogers TV as indicated on the Rogers TV schedule.

November 16, 2006 - Coalition for the Protection of Investors

SIPA associates with a group of organizations and prominent individuals to support a submission by the Coalition to the Quebec Government with a series of recommendations for implementation. A Press Release on November 16, 2006 provides notice of this initiative and a Backgrounder provides details of the participants and the recommendations included in the Coalition's submission.

September 12, 2006 - Presentation to Standing Committee on Justice Policy

Stan Buell, president of SIPA, and Marie Smith, President of U.S.C.O., made a joint presentation to the Ontario Standing Committee On Justice Policy regarding Bill 14 Access to Justice. Our presentation argued that the reduction in limitation periods from six years to two years reduces access to justice and will impact negatively on seniors.

August 29, 2006 - United Senior Citizens of Ontario - Annual General Meeting

SIPA made a Power Point presentation at the USCO Annual General Meeting in Kitchener Ontario. SIPA addressed the issue of seniors losing their savings due to widespread wrongdoing in the investment industry and described the impact on victims. The event was a gathering of excutives from seniors groups across Ontario. SIPA and USCO have already co-operated on several initiatives and commitments have been made to continue this co-operation. SIPA has agreed to speak to other organizations that are part of USCO.

January 17, 2006 - Linda Leatherdale's Moneyline on Rogers TV

SIPA participates on Linda's Moneyline program On Rogers TV Tuesday January17th from 7:00 pm to 8:00 pm. Linda's guests are Dr. Al Rosen, Accountability Research Corporation, well know critic of business income trusts; Dr David Yudelman, former bank executive and author of the Scorpion and the Frog; and Stan Buell, president of SIPA. The program focuses on Income Trusts, investor protection and the Open Letter to Political Leaders submitted by Stan Buell representing SIPA, Judith Muzzi representing the United Senior Citizens of Ontario, and Dr. David Yudelman who authored the report and submission. Many others contributed to the submission.

Linda will review these issues and after discussion with the panel will take calls from viewers. Linda is an outspoken critic and supporter of the need for improved investor protection. Linda stands up for ordinary Canadians and helps many to resolve their problems.

November 15, 2005 - Linda Leatherdale investigates Income Trusts

Linda is investigating Income Trusts and her program will feature Dr. Al Rosen of Rosen Associates. Dr. Rosen is Canada's best known outspoken critic of income trusts and has published many articles on income trusts. Many investors have seen their distributions drop or be eliminated. Investors in Heating Oil Partners have suffered significant loss when bankruptcy was declared. Tune in to Linda's Moneyline program airs on Rogers TV Tuesday November 15 from 7:00 pm to 8:00 pm.

The format for Moneyline is an initial discussion of pertinent issues followed by an opportunity for listeners to call in. The program is live and unrehearsed. Linda has a reputation for standing up for the little guy and speaking out in a no-nonsense fashion.

October 11, 2005 - Linda Leatherdale's Moneyline on Rogers TV

SIPA participated on Linda's Moneyline program On Rogers TV Tuesday October 11 from 7:00 pm to 8:00 pm. Linda's program focuses on Investor month in Ontario and her guests are Terri Williams, President Investor Education Fund, and Stan Buell, President Small Investor Protection Association. SIPA's website provides a direct link to the Investor Education website which provides information and interactive tools for investors.

July 26, 2005 - ROB TV - Howard Green interviews SIPA on Limitation Periods

On July 26, 2005, SIPA appeared on ROB TV Business News with Howard Green who interviewed Stan Buell, SIPA President, about the Ontario Limitations Act.

Business News with Howard Green aired at 7:00 p.m. on July 26th and featured Chris Diceman, vp, telco & wireless, DBRS; Craig Donohue, CEO, Chicago Mercantile Exchange; and Stan Buell, president, Small Investor Protection Association.

July 20, 2005 - Press Release - LIMITATION PERIODS

On July 20, 2005, Joe Tascona issued a Press Release announcing a Petition to the Ontario Government to amend Bill 213 the Limitation Act to provide an exemption for claims by victims of financial services industry wrongdoing so that no time limitation period applies to such claims.

On July 21. 2005, the National Post published an article "Tory MPP on side with extending limitation" that quotes an Attorney General spokesperson saying "We're looking at everything right now" and added that changing the limitation period has not been riled out.

July 18, 2005 - Press Conference Queen's Park - LIMITATION PERIODS

SIPA participated in a Press Conference at the Legislature Media Room at Queen's Park, Toronto on Monday, July 18th at 10:30 a.m. We believe the reduction of the Limitation Period from six years to two years is a serious erosion of Ontarians rights and will have particular impact on seniors who have experienced life-altering events which include the loss of life savings due to investment industry wrongdoing.

This provincial erosion of investors' rights is further justification for the federal government to step in and provide a national authority to provide investor protection for all Canadians as recommended by the CARP/SIPA report presented to the Hon. Tony Ianno in September 2004.

SIPA's view on limitation periods is supported by Ontario M.P.P. Joe Tascona, Opposition Critic to the Attorney General; Canada's Association for the Fifty Plus (CARP); and the United Senior Citizens of Ontario Inc. Representatives of these groups will be present with Mr. Tascona at the press conference on Monday to make statements and respond to questions.

June 28, 2005 - OSC Report on Town Hall Event

The Ontario Securities Commission released a report on the Town Hall Event. It is available from the OSC. SIPA members can access it on this website by visiting the Members' Pages and looking in the SIPA Archives.

May 31, 2005 - Town Hall Meeting - Toronto

The Ontario Securities Commission Investor Town Hall Meeting was held Tuesday, May 31st at 6:30pm at the Canadian Broadcasting Centre, 250 Front Street, Toronto. This FREE event was open to the public, with pre-registration on the OSC website, or registration at the door.

Investors had the opportunity to ask questions to a panel of the top regulators in Ontario including the Ontario Securities commission (OSC), Investment Dealers Association (IDA), the Mutual Fund Dealers Association, and the Ombudsman for Banking Services and Investments (OBSI).

Mike Hornbrook of CBC Radio was the moderator. Linda Leatherdale, money editor for the Toronto Sun and host of Moneyline on Global TV, and James Daw, columnist with the Toronto Star, received questions from the audience.

Anyone unable to attend could submit questions to the OSC at Telephone: 416-593-7744, Toll Free: 1-800-465-9670 or by e-mail to: townhall@osc.gov.on.ca.

Members could submit their questions to the Small Investor Protection Association by e-mail to sipa@sipa.to or by post to: SIPA, P.O.Box 325, Markham, ON, L6B 1A8. Questions were be given to the moderator for presentation to the panel but there were so many questions from the floor that the OSC undertook to provide answers to all questions submitted at a later date.

April 14, 2005 - Standing Senate Committee on Banking Trade & Commerce

SIPA made a written submission "It's a Matter of Trust" to the Standing Senate Committee on Banking Trade & Commerce on February 14th, 2005. The Senate Committee invited SIPA to participate on a panel before the Committee on April 14th in the Victoria Building, 140 Wellington Street in Ottawa. SIPA participated on a panel including CARP (the Canadian Association of Retired Persons) and retired lawyer Mr. Claude Gingras.

February 5, 2005 - Warren on the Weekend invites SIPA

Warren on the Weekend is an open-line talk show featuring Peter Warren originating from CKNW 980 AM Radio, Vancouver every Saturday and Sunday.
SIPA participated in the Peter Warren Radio Show Saturday, February 5, 2005 at 12:00 p.m. (Pacific Time) -- (3:00 p.m. Ontario) to talk about Mutual Fund market-timing and investor problems. This is a live show and listeners can call in. The program airs in provinces from B.C to Ontario.
Visit website www.peterwarren.ca for details of the Peter Warren program:
The program airs on stations CKNW (B.C.) - CJME - CINT - Talk 640 (Ontario).

January 27, 2005 - SRO Conference 2005, Toronto

The IDA invited SIPA to attend this annual SRO Conference 2005 on January 27, hosted by Canada’s Self-Regulatory Organizations at the Metro Toronto Convention Centre in Toronto, Ontario.
RCMP Commissioner Giuliano Zaccardelli gave a passionate Luncheon Keynote Speech on wrongdoing and crime in a corporate context. Commissioner Zaccardelli said : "The single most important factor needed for societies to work effectively and for citizens to flourish is – trust. Trust is the bedrock of a civilized society."
The Speakers Program included panel discussions on up-to-the-minute issues such as Trading Practices and Issues and Best Practices: Technology as a Catalyst to Compliance. A series of concurrent sessions led by SRO staff provided detailed, practical and relevant information on common issues faced by new and experienced industry participants.

January 10, 2005 - SIPA Presentation to IMET Toronto

Superintendent Craig Hannaford invited SIPA to meet with the IMET group. SIPA made a presentation entitled "Save Our Seniors" highlighting the impact on small investors of investment industry wrongdoing.
The Federal Solicitor General Wayne Easter in November 2003 launched the Integrated Market Enforcement Teams (IMETs) in Canada. The IMETs are designed to respond swiftly to major capital markets fraud and market-related crimes. They are made up of highly skilled Royal Canadian Mounted Police investigators, lawyers and other investigative experts working together to detect, investigate and deter serious capital markets fraud. They work closely with securities regulators, federal and provincial authorities, and police of local jurisdictions.

November 1, 2004 - Dialogue with the OSC: Facing the Issues

The OSC invited SIPA to participate in this annual conference Dialogue with the OSC. Industry panelists join OSC staff members to present in-depth discussions on the major regulatory issues of the day.
The Ontario Securities Commission’s annual conference was held Monday, November 1, 2004, at the Metro Toronto Convention Centre. The theme of this year's conference was "Facing the Issues".
SIPA participated in the panel "Empowering Investors" to discuss the role of activist institutional investors, retail investor advocacy groups, and civil remedies for investors.

October 9, 2004 - Warren on the Weekend invites SIPA

Warren on the Weekend is an open-line talk show featuring Peter Warren originating from CKNW 980 AM Radio, Vancouver every Saturday and Sunday.
SIPA participated in the Peter Warren Radio Show Sunday, October 9, 2004 at 11:40 a.m. (Pacific Time) -- (2:40 p.m. Ontario) to talk about an Investor Protection Agency proposed in the CARP/SIPA Report and investor problems. This is a live show and listeners can call in. The program airs in provinces from B.C to Ontario.
Visit website www.peterwarren.ca for details of the Peter Warren program:
The program airs on stations CKNW (B.C.) - CJME - CINT - Talk 640 (Ontario)

September 28, 2004 - Media Conference to present CARP/SIPA Report "Giving Small Investors a Fair Chance: Reforming the mutual Fund Industry"

SIPA members were invited to attend a media conference Tuesday, September 28,
2004, 11:15 a.m., at CARP - 27 Queen Street E. (corner Victoria) - Suite
1304, Toronto. Special guest: The Hon. Tony Ianno, Federal Minister for Families & Caregivers, Responsible for Seniors

CARP in partnership with the Small Investor Protection Association (SIPA)
presented Minister Ianno their Report & Recommendations to enhance
investor protection against deficient regulations, abusive industry sales
practices, excessive fees, inadequate governance, lax regulatory
enforcement. Fundamental change is essential and this Report provides practical
recommendations on how to proceed.

August 18, 2004 - Standing Committee on Finance and Economic Affairs

PUBLIC HEARINGS ON THE FIVE YEAR REVIEW COMMITTEE FINAL REPORT: REVIEWING THE SECURITIES ACT (ONTARIO)

The Standing Committee on Finance and Economic Affairs met pursuant to section 143.12(5) of the Securities Act to conduct a review of the Final Report of the Five Year Review Committee, and specifically the Report's priority recommendations, including:

Securities regulation in Canada and a single regulator system; and
The appropriate structure for the adjudicative tribunal role of the Ontario Securities Commission.

Hearings were held in Toronto on August 18, 19, 23 and 24.

Oral presentations and written submissions to the Committee Clerk were received until 5:00 p.m. on Tuesday, August 24, 2004.

Stan Buell, president of SIPA, was out of province and unable to make an oral presentation. A written submission to the Standing Committee was submitted on August 11, 2004 and is available on the SIPA website. Several members of SIPA made oral presentations and some made written presentations. In 2000 SIPA made a written submission to Mr. Purdy Crawford, chair of the Five Year Review Committee.

August 15, 2004 - SIPA talks to Toronto East Rotary Club

April 30, 2004 - SIPA submission on Fair Dealing Model

SIPA submitted comments on the OSC Fair Dealing Model. The proposals would not be considered acceptable unless there are concurrent changes to provide adequate investor protection with improved enforcement and a satisfactory dispute resolution mechanism that is not industry or industry sponsored. Feedback to SIPA suggests that the current system is not providing investors with a Fair Deal. While the intent of the Fair Dealing Model is good it fails to provide for a solution to the problem of small investors losing their life savings due to industry wrongdoing. .

April 9, 2004 - Stromberg Submission on Mutual Funds

Glorianne Stromberg, former OSC commission and securities lawyer,. submitted comments on the CSA National Instrument 81-107 Independent Review Committee for Mutual Funds. The proposed changes are not seen as beneficial to small investors nor acceptable in its present form. SIPA has recommended this revision be revised or withdrawn.

April 6, 2004 - SIPA Submission on Mutual Funds

SIPA submitted comments on the CSA National Instrument 81-107 Independent Review Committee for Mutual Funds. The proposed changes are not seen as beneficial to small investors nor acceptable in its present form. SIPA has recommended this revision be revised or withdrawn.

February 27, 2004 - SIPA Five Year Review of Investor Protection

SIPA released a Five Year Review ~ the Small Investors' Perspective of Investor Protection in Canada on February 27, 2004. The report presents a composite view of how small investor's see the industry and investor protection. It is based largely upon anecdotal evidence corroborated by factual evidence.

The report contains many statements by small investors as well as some by industry participants. It includes quoted statements of over 50 small investors and some astonishing statements by registered representatives.

The purpose of this report is to bring attention to issues that effect small investors and to help provide better insight to those leaders who have a sense of truth and justice and are interested in resolving the problem of seniors and others losing their life savings due to industry wrongdoing.

November 16, 2003 - Warren on the Weekend invites SIPA

Warren on the Weekend is an open-line talk show featuring Peter Warren originating from CKNW 980 AM Radio, Vancouver every Saturday and Sunday.
SIPA participated on the Peter Warren Radio Show Sunday, Nov. 16, at 12:05 (Pacific Time) -- (3:05 p.m. Ontario) to talk about the investment industry and investor problems. This is a live show and listeners can call in.
Details of the Peter Warren program can be viewed on the website:
www.peterwarren.ca The program airs on stations CKNW (B.C.) - CJME - CINT - Talk 640 (Ontario)

November 10, 2003 - SIPA calls for mutual fund investigation

Revelations in the media about the mutual fund scandals in the United States have caused concerns that similar situations exist here in Canada. SIPA has received anecdotal evidence from members and the public that many have suffered significant losses investing in mutual funds.

Although the causes of the losses vary SIPA is concerned that not only are there problems with the sale and distribution of mutual funds but it may be that there are problems with the governance of the funds. This is a serious issue that is currently being investigated in the United States.

New York State Attorney General Eliot Spitzer uncovered wrongdoing in mutual fund trading and is critical of the SEC handling of the Putnam scandal. Recognizing that most small investors are investing in mutual funds and that many RRSPs hold mostly mutual funds, SIPA has called on the OSC to investigate the Canadian situation and to make their findings known.

SIPA's letter to the Ontario Securities Commission insists that the OSC conduct an in-depth investigation of our mutual fund industry.

November 1, 2003 - SIPA launches new initiative - Call for public support

March 19, 2002 - BCSC Deregulation Project - Toronto Meeting

The British Columbia Securities Commission iheld meetings across Canada to discuss their initiatives to reduce the burden of regulation and improve protection for market participants and investors. The BCSC Deregulation Project representatives at the meeting were Brent Aitken, chair, Brenda Benihan, project leader, and Adriana Barseli, lead counsel.

Stan Buell, SIPA president attended the meeting to express views on behalf of small investors at the Tuesday afternoon session "New Enforcement and Public Interest Powers & New Civil Remedies for Investors. The team made a power point presentation outlining their deregulation concepts. They foresee a system with a general requirement for participants in the industry to do what is right. They believe that too much regulations encourages participants to search for loopholes. A broader interpretation is needed with improved enforcement powers to encourage participants to follow the rules.

As an example of the direction they are headed, they believe the regulators need the power to prohibit unfair practices which include high pressure sales tactics. They also believe the commissions need the power to order disgorgement of profit and the payment of restitution.

With regard to new civil remedies, they believe investors should have increased rights to sue including a class action regime specifically for investors.

On behalf of small investors Stan Buell commented that the major problem faced by small investors with a complaint today is that there is no acceptable complaint process mechanism. He said that small investors who have lost everything do not have the resources to pursue civil litigation.

March 7, 2002 - Meeting with OSC Regulatory Burden Task Force (RBTF)

The RBTF is consulting with OSC staff and outside parties and will report to the OSC with recommended changes to enable the OSC to carry our its mandate more efficiently.
SIPA participated in a meeting with the Regulatory Burden Task Force in the Commissioner's Board Room at the Ontario Securities Commission in Toronto. Partcipants present at the meeting were: Keith Gray, member of the RBTF; Gar Pink, member of the RBTF; Stan Buell, President of SIPA; Robert Goldin, President of MacGold Direct (and member of SIPA); Anthony Davidson, Director of Standards Enforcement at the Financial Planners Standards Counsel (and member of SIPA).
A number of issues were raised for consideration including:
- improved KYC forms that better define client's investment needs
- improved statements to provide better information for clients
- extended scope and more transparency for IDA arbitration program
- improved compliance measures with increased regulatory control
- need for one regulator for all sellers of financial products
- need for affordable dispute resolution mechanism for small investors
- central registry for all sellers of financial products
- compliance measures for all sellers of financial products
The RBTF will make periodic reports to the OSC for consideration.

SIPA EVENTS

October 20-22, 2010 - The WORLD MONEYSHOW at Metro Toronto Convention Centre

September 1, 2010 - ONTARIO SECURITIES COMMISSION INVESTOR ADVISORY PANEL