Legal Heavyweights on OSC Advisory Committee

Last Friday, the Ontario Securities Commission announced the creation of its new Securities Proceeding Advisory Committee (SPAC).

The committee’s mandate — which the OSC has outlined in detail on its site — will be to provide comments and advice on policy and procedural initiatives relating to the Commission’s administrative tribunal proceedings.

Commission Secretary John Stevenson will chair the committee, which also includes a list of heavyweights among the securities litigation bar. Here’s the list of appointees from law firms:

Wendy Berman – Cassels Brock & Blackwell LLP
Nigel Campbell – Blake, Cassels & Graydon LLP
Alexander Cobb – Osler, Hoskin & Harcourt LLP
Emily Cole – Miller Thomson LLP
James Doris – Davies Ward Phillips & Vineberg LLP
James Douglas – Borden Ladner Gervais LLP
Linda Fuerst – Lenczner Slaght Royce Smith Griffin LLP
James Grout – Thornton Grout Finnigan LLP
Paul Le Vay – Stockwoods LLP

In an email to Lexpert, Commission Secretary John Stevenson explains the rationale behind the creation of the committee:

“The number of proceedings before the Ontario Securities Commission’s administrative tribunal has increased in recent years, and the new Securities Proceedings Advisory Committee is expected to assist by providing timely advice on policy and procedural initiatives. The Committee will be exploring opportunities for increased transparency and accessibility, specifically with the parties that appear before the Commission. The Commission has been forward-looking in establishing the Committee in order to consider areas for greater efficiency, for example those brought on by the move toward electronic hearings.”

In addition, Lexpert asked Stevenson to explain what criteria were considered when selecting committee members:

“The Commission sought members who are representative of respondents counsel and enforcement counsel. These individuals bring a wealth of experience and will work jointly with staff of the Commission’s Enforcement Branch, the Secretary and the Deputy Secretary.”

– David Dias

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