|By Marketwired .||
|August 21, 2014 12:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/21/14 -- The Canadian Foundation for Advancement of Investor Rights (FAIR Canada) announced today the receipt of significant new funding from both the Ontario Securities Commission (OSC) and the Investment Industry Regulatory Organization of Canada (IIROC).
The OSC has provided a $2.5 million contribution toward FAIR Canada's fundraising campaign. The OSC's contribution comes from funds collected from monetary sanctions and settlements.
"We are thrilled that the OSC has again demonstrated its strong support of FAIR Canada's work through a substantial funding contribution," said Neil Gross, Executive Director of FAIR Canada. "FAIR Canada has developed an ambitious fundraising plan and we are grateful to lead donors like the OSC and Stephen Jarislowsky for getting our campaign off to a terrific start."
Earlier this year, FAIR Canada announced that one of its long-standing directors, Stephen Jarislowsky, had made a $2 million contribution which challenged FAIR Canada to raise at least an additional $4 million to provide a $6 million endowment fund.
"The OSC's contribution will go a long way to meeting this challenge and will help to provide a sustainable basis of funding for the organization going forward. FAIR Canada encourages like-minded individuals and organizations to contribute to our campaign," said Gross.
From this one-time commitment of funds by the OSC, $500,000 will be allocated to cover day-to-day operating expenses and $2 million will be placed in trust with the FAIR Canada Jarislowsky Endowment Fund for long-term funding of the organization.
"On behalf of the board of directors of FAIR Canada, we would like to express our sincere thanks to the OSC for its generous financial support and its support of our activities," said FAIR Canada board Chair Ellen Roseman. "FAIR Canada provides an important voice in the policy development process and we thank the OSC for recognizing the value of our work. With this new funding we will continue to be able to fulfill our mission."
FAIR Canada also announced today that, with IIROC's final payment under its second round of funding totaling $900,000, IIROC's funding commitment has now been completed.
IIROC has played a pivotal role in supporting FAIR Canada since FAIR Canada's inception in 2008. "FAIR Canada thanks IIROC for this grant and for the generous financial support they have provided throughout the past six years," said Gross, noting that IIROC had supplied FAIR Canada with very substantial original funding and had made additional contributions pursuant to a 2012 agreement.
FAIR Canada is a national, charitable organization dedicated to putting investors first. As a voice of Canadian investors, FAIR Canada is committed to advocating for strong investor protections in securities regulation. Visit www.faircanada.ca for more information.
Follow us on Twitter: @FAIRCanada
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