The IIAC strongly supports accessible, cost-effective, fair, and reasonable resolutions to investor disputes (the Objective).
To achieve the Objective, investors deserve choices for dispute resolution. The choices available to them should be fair, impartial, and independent. In general terms:
1. The OBSI’s current processes should be subject to continued enhancements.
2. The CSA Proposal for binding authority is unsupported by OBSI data and wider scale domestic and international practices.
3. The CSA Proposal as drafted raises fairness concerns.
4. An integrated and harmonious dispute resolution regime which preserves investor choice is needed. The CSA Proposal should be amended to:
I) Provide consistency across provinces and territories.
II) If binding authority is granted, reflect core fairness attributes.
III) Include external mediation services
IV) Integrate the CIRO arbitration program and Commission tribunals.
5. The CSA oversight proposed compromises the OBSI’s independence.
6. The CSA should actively discourage any legislative review until comments to the Proposal have been meaningfully considered, adjustments have been made for further public comment, and those additional comments considered.
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