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Securities Commission Policy in Respect of Approval of Trustees and Statutory Supervisors

PART V
NEED FOR AN ONGOING REGULATORY ROLE

To date the Commission has not exercised an ongoing role in assessing the continuing suitability of trustees and statutory supervisors once approved. It does not have an explicit mandate for this. Nevertheless we consider that some level of ongoing oversight is appropriate.
If a new oversight role were established, it would we suggest be on the basis that the trustee / statutory supervisor is required, as a condition of approval, to notify the Commission in writing of any change in matters material to the Commission's approval of that person as a trustee / statutory supervisor or matters which may have a adverse material effect on that person's ability to carry out its duties. The trustee / statutory supervisor would also be required to report to the Commission on an annual basis as to whether there has been any change in such material matters.
The question then arises as to whether copies of the proposed report should be made available to investors on request. It is possible that public disclosure of the information may lead to greater public confidence in the role of trustees and statutory supervisors and a greater appreciation of the importance of this role.
If the Commission were to undertake this ongoing regulatory role it would need to be given any necessary resources.

Discussion Questions

Is there a need for ongoing oversight of trustees and statutory supervisors?
If yes, in respect of question XVI, is the Commission the appropriate body to conduct this role?
If yes, in respect of question XVII, should the trustee / statutory supervisor be required to report to the Commission on the occurrence any change in matters material to the Commission's approval of that person and in any event, on an annual basis to the Commission?
If yes, in respect of question XVIII, should such an annual report be made available to investors on request?