OBSI consultation on loss calculation for complaints involving unsuitably sold illiquid exempt market securities – request for public comment
September 26, 2024 – The Ombudsman for Banking Services and Investments (OBSI) is now seeking input from stakeholders and the public in relation to our approach to calculating investor losses in cases involving unsuitable sales of illiquid exempt market securities. This consultation is focused on assessing the process we currently use and helping us determine whether there are better alternative approaches we should adopt in such cases. This consultation was recommended in our 2021 independent expert external review. OBSI remains committed to improving its approaches and practices wherever possible.
The consultation document can be found here. The public comment period for this consultation closes on November 21, 2024. Stakeholders are encouraged to participate in this consultation through a variety of communication channels listed below and outlined in the How to Provide Comments section of the consultation document. All written responses received will be published.
OBSI will carefully consider all submissions received as we work to consider possible updates to our loss calculation methodology and we will consult with our board and regulators on any proposed changes. We expect to announce the results of this process and any plans for future consultation in early 2025.
How you can participate in the consultation
In writing
Please submit your written comments on or before November 21, 2024. If you are sending your comments by email, please send us an electronic file containing the submission in Microsoft Word Format.
Address your submission to:
Mark Wright, Director, Communications and Stakeholder Relations
20 Queen Street West, Suite 2400, P.O. Box 8
Toronto, ON M5H 3R3
Fax: 1-888-422-2865
Email: publicaffairs@obsi.ca
By electronic survey
Stakeholders can also provide their responses to this consultation by electronic survey, here. This survey is not anonymous, and all commenters will be asked to identify themselves.