Monthly Archives: April 2014

Former investment industry pro named BoC’s Deputy Governor

Former investment industry pro named BoC’s Deputy Governor

The Bank of Canada today announced the appointment of Lynn K. Patterson as Deputy Governor effective 5 May 2014. Ms. Patterson’s appointment fills the vacancy created by the retirement in May of Deputy Governor John Murray. As Deputy Governor, Ms. Patterson will join the Bank’s Governing Council, which is the policy-making body of the Bank. 

In response to the news, Ian Russell, IIAC President and CEO wrote the following letter of congratulations:

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Ian Russell to Address Alberta’s Concerns re: a Cooperative Regulator

Ian Russell to Address Alberta’s Concerns re: a Cooperative Regulator

Keep an open mind.  That’s the message IIAC President and CEO Ian Russell will deliver in a keynote address to the Calgary Petroleum Club on Friday, June 13, 2014.  The federal government’s proposed Cooperative Capital Markets Regulator (CCMR) would provide a much more effective and regionally responsive regulatory regime. 

Mr. Russell’s speech will make the case that this proposed regulatory structure will actually give provinces such as Alberta more opportunity for a large say in developing national regulations. This is especially true, he will maintain, of regulations governing the industries that are most important to the … Continue reading

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CRM 2: IIAC is leading efforts to ensure firms are ready – or as ready as they can be

CRM 2: IIAC is leading efforts to ensure firms are ready – or as ready as they can be

This, according to Investment Executive’s James Langton: 

“The Investment Industry Association of Canada (IIAC) is leading the way with a series of committees that it has launched to grapple with the array of details that need to be sorted out in order for investment dealers to comply with the CRM 2 requirements. 

The overriding implementation issue remains the question of whether the CSA will exempt IIROC dealers from needing to comply with both versions of these requirement, the provincial commissions’ version and IIROC’s version. All along, firms have been expecting that will be the case, but they have yet … Continue reading

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Canada’s new anti-spam legislation (CASL) is coming into force on July 1, 2014.  A broad range of electronic messaging activities of all IIAC members will be impacted by this new legislation, and there are potentially severe penalties for non-compliance.   At the request of our members, we have created a CASL Primer Toolkit (available for IIAC member firms only) designed to provide members with a base level of understanding and distillation of the Act’s requirements.  We worked with IFIC on this toolkit to ensure that we have an industry wide solution for both investment and mutual fund dealers. 

CASL … Continue reading

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Staying the course on plans to create a national securities regulator

Staying the course on plans to create a national securities regulator

Canada’s investment industry strongly supports recent comments by Finance Minister Joe Oliver that establishing a national regulator to replace the country’s fragmented and inefficient provincial and territorial market watchdogs remains “a priority.”

Speaking to reporters in Halifax yesterday, the finance minister had the following to say:

As an investment banker and a securities regulator I’ve seen the inefficiency that flows from our current system of each of our 13 provinces and territories having its own securities commission.

 It leads to not only inefficiency but it leads to an impact on enforcement and on the oversight of systemic risk.

 

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As seen on BNN: Ian Russell

As seen on BNN: Ian Russell

 

Check out Ian Russell’s latest featured guest appearance on BNN.

During yesterday’s interview, Mr. Russell describes recent M&A activity in the mining sector, the reasons for this corporate restructuring, and the outlook.  He also discusses the key takeaways from the SIFMA Private Client Conference in New York City on April 10, 2014, specifically the sea-change in investor behaviour that is challenging the fundamental tenets of investing, and forcing new strategic focus in business tactics for the investment industry.

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FYI: IIROC maintenance notice

FYI: IIROC maintenance notice

The IIROC website will be unavailable from 1 p.m. to 9 p.m. on Saturday, April 26, 2014, as a scheduled system maintenance will be performed.

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Stay in the know

Stay in the know

If you’re looking for comprehensive sources of daily industry news, consider signing up for these two free-of-charge media scans: SIFMA’s SmartBrief and CFA Institute’s Financial NewsBrief.  Both services deliver on their promise to keep you up-to-date on global industry issues without having to comb through multiple news sources. 

You don’t need to be a SIFMA member or CFA charterholder to register.

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Wealth Professional’s 2014 Hot List

Wealth Professional’s 2014 Hot List

It’s called the Who’s Who of Canadian wealth professionals and IIAC President and CEO, Ian Russell, has made the cut. 

According to the magazine, “WP has put its finger on the movers and shakers in this country’s dynamic industry. And as stellar as 2013 was for them, they were merely warming up for this year’s accomplishments.”

Read Ian Russell’s 2014 Hot List feature on page 23.

 

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The ABCs of FATCA

The ABCs of FATCA

Andrea Taylor, Managing Director, IIAC, will be moderating the FATCA panel at CLS Education Sub-Committee Breakfast Seminar, on Wednesday May 14th, 2014.  Other panelists include:

Ronald White, CPA, CA., Chief Financial Officer, Fidelity Clearing Canada ULC Brian Snider, Senior Manager Planning & Coordination, BMO Financial Group Raymond Li, Manager, Tax, Ernst & Young

This seminar will offer an opportunity to discuss recent updates and changes to FATCA, including:  

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