Preheat the oven to 350 degrees F. Grease a 9x13-inch paking pan and line with parchment paper so that it hangs over two sides.
In a small bowl, whisk together the flour, baking soda, cornstarch, baking powder and salt.
In a large bowl, cream together the butter, brown sugar, and peanut butter on medium speed until light and fluffy, about 3 minutes. Add the egg and vanilla, scraping down the sides of the bowl as needed. Reduce the mixer speed to low and slowly add the flour mixture to the wet ingredients and mix until just combined. Using a rubber spatula, stir in the oats, chocolate chips and M&M's by hand.
Turn the dough out into the prepared baking sheet and press/spread into an even layer. Press additional M&M's onto the top of the dough. Bake for 15 to 17 minutes, until the edges are set and lightly browned and the top still looks slightly undercooked. Remove from the oven and cool completely before cutting into bars. The bars should be stored in an airtight container at room temperature for up to 4 days.