At OSC Dialogue 2014, U.S. and Canadian regulatory experts tackled hot-button topics.
That includes the pros and cons of shareholder activism, and how advisor-client relationships are evolving.
During the first panel, activist investor Bill Ackman talked about the importance of shareholder rights with Sharon Geraghty, of Torys LLP, and Roberta Karmel, of Brooklyn Law School.
At another panel, heads of major fund companies debated whether product innovation across North American was helping or confusing investors. The panel included: Som Seif from Purpose Investments; Howard Atkinson from Horizons ETFs (Canada); Peter Intraligi from Invesco Canada; James Norris from Vanguard; and Rhonda Goldberg from OSC.
Then, OSC’s Howard Wetston and SEC’s Mary Jo White talked about the changing regulatory landscape.
Panel 1 – The value of shareholder activism
Ackman: That can happen if it shows management-shareholder relationship as a war. Can be positive relationship, though, if both parties trying to boost biz value #OSCDialogue
Panel 2 – Innovation in products and markets
For example, derivatives are used in products, so advisors need to understand these, says Atkinson. There are benefits when they’re part of overall strategies and portfolios #OSCDialogue
Read: Details on derivatives
Read: Will there be a CRM3?
Panel 3 – Conversation with SEC
The U.S. whistleblower program is working well and more than exceeding expectations, says White. About 3,000 tips submitted so far, and most are good tips that result in cases being launched #OSCDialogue
Big fines are important since they send messages to market participants, but we need to fine both companies and people since the latter isn’t considered “the cost of doing business,” says White #OSCDialogue
Market structure revision is about more than looking at HFT & dark pools, says White. #OSCDialogue
SEC recently did a literacy study, & the main message was advisors need to provide more education, more visual resources #OSCDialogue