The pilot forum runs on one-year terms and gives senior market leaders a direct line into the regulator's rule-making and strategic priorities
A one-year pilot committee of senior market leaders will now feed strategic advice into Ontario's securities regulator.
The Ontario Securities Commission (OSC) announced the inaugural membership of its Capital Markets Advisory Committee (CMAC), a senior-level advisory forum created on a pilot basis to provide strategic insight on developments, challenges and opportunities affecting Ontario's capital markets.
According to the OSC, members represent asset management, private equity, investment banking, public issuers, market infrastructure, legal and regulatory affairs, and emerging areas of innovation.
Susan Greenglass, executive vice president, regulatory operations, and Naizam Kanji, executive vice president, strategic regulation, will co-chair the committee.
CMAC co-chair Susan Greenglass said the committee "provides an important forum for dialogue with experienced market participants and industry leaders," in the Ontario Securities Commission (OSC) announcement.
Greenglass said those perspectives will help inform the regulator's approach as Ontario's capital markets evolve.
Co-chair Naizam Kanji said in the same OSC release that Ontario's capital markets face a more competitive global environment.
CMAC members' expertise "will help us identify long-term trends," according to Kanji, who tied that to investment and capital formation in Ontario.
A competitive application process that drew strong interest from across Ontario's capital markets produced the first cohort with members serving one-year terms during the pilot period. The regulator has posted the member list on its website.
The OSC opened applications on April 8, setting an April 30 deadline and inviting submissions from marketplace representatives and dealers, reporting issuers, institutional investors, technology innovators, academics, and other market participants, per that earlier notice.
The same notice said CMAC would consolidate advisory input previously handled by multiple committees.
The committee will advise on regulatory operations, market trends, and innovation opportunities under the OSC's strategic plan, and will comment on proposed rules, guidance, and regulatory initiatives.
Diversification of membership would be a priority to promote representation from a wide range of market segments, business models, and perspectives, the OSC said at the time, and it told applicants they would hear back by late May.
