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Globe says OSC gets an earful from FAIR's Jarislowsky

2019-10-21 08:55 ET - In the News

The Globe and Mail reports in its Saturday edition that the primary advocacy group for Canadian investors is facing extinction after it has returned a $2-million grant, unable to raise matching funds. The Globe's David Milstead writes that the Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada, has given back money provided in 2012 by investment manager Stephen Jarislowsky. He provided the endowment funding on the condition that FAIR found two-for-one matching money within two years. FAIR Canada received $2-million from the Ontario Securities Commission as part of the match, but has fallen short since and required multiple extensions on the Jarislowsky deadline. On Friday, the sharp-tongued Mr. Jarislowsky blamed governments and regulators, including self-regulatory industry groups, for failing to step up to what he sees as their responsibility. "They kept the organization alive but they have not provided adequate support for it to actually realize its potential," Mr. Jarislowsky said in a statement. "We do not feel that we should lend out more to an organization to advance a mission that is a governmental and regulator responsibility, which governments and regulators refuse to fulfill."

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