Monthly Archives: June 2014

StreetBeat will be back on Monday, July 7th

StreetBeat will be back on Monday, July 7th

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Recommended Debt Market Closings for Canada Day Holiday

Recommended Debt Market Closings for Canada Day Holiday

Member firms are reminded that the IIAC Debt Markets Committee recommends that domestic bond and money markets be closed Tuesday, July 1, 2014 in observance of Canada Day. An early close (1:00 pm ET) is recommended for the preceding day, Monday, June 30. 

These are recommendations only and member firms are individually responsible for deciding whether their fixed-income desks remain open for trading. 

Click here to view the IIAC’s 2014 Schedule of Recommended Closings. 

If you have any questions on recommended closing dates, please contact Jack Rando.

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The IIAC Announces 2014 Investment Industry Hall of Fame Inductees

The IIAC Announces 2014 Investment Industry Hall of Fame Inductees

Seven investment industry professionals join last year’s inaugural Inductees in Hall of Fame

The Investment Industry Association of Canada (IIAC) today announced the 2014 Inductees to the IIAC Investment Industry Hall of Fame:

Thomas Caldwell, C.M. – Founder and Chairman, Caldwell Securities Ltd.

Thomas Kierans, O.C. – Former President, McLeod Young Weir

Michael Tims – Former Chief Executive Officer, Peters & Co.

The Honourable Michael Wilson, P.C., C.C. – Former Vice Chairman, RBC Dominion Securities, Chairman UBS Canada, Federal Finance Minister and Ambassador of Canada to the United States and the current Chancellor, University of Toronto

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In Memory of our Friend and Colleague, David Fanning

In Memory of our Friend and Colleague, David Fanning

 1950 – 2014 

Earlier this week, IIAC staff were greatly saddened to learn of the passing of our dear friend and colleague, David Fanning.  Universally admired for his industry expertise, and kind and gentle manner, David will be greatly missed not only by his friends at the IIAC, but countless others who were fortunate enough to cross paths with him over the years. 

David was an experienced capital market professional having spent 17 years at Prudential Assurance before moving to the Debt Capital Markets area of National Bank Financial where he worked 11 years.  David joined the IIAC in … Continue reading

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Moving Forward into the Post-FATCA Era: A More Sensible Canadian Approach

Moving Forward into the Post-FATCA Era: A More Sensible Canadian Approach

IIAC President and CEO Ian Russell reminds us that when the Foreign Account Tax Compliance Act (FATCA) was first proposed by the U.S. government in 2009, the IIAC was among the first industry association internationally to understand the extent of the impact it would have on clients of financial institutions worldwide.   

In his most recent Letter from the President, Mr. Russell says, “FATCA was extraterritorial in its reach, essentially forcing all financial institutions in other countries to identify and report on their U.S. accountholders or face punitive 30% withholding on all U.S. income paid to the financial institutions and … Continue reading

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CASL Compliance Survey

CASL Compliance Survey

This survey closes at 10:00 am tomorrow! 

With July 1, 2014 fast approaching, IIAC member firms are asking questions about how other companies are approaching their compliance efforts for Canada’s new anti-spam legislation. Our counsel, and developer of the IIAC toolkit, Osler, Hoskin & Harcourt  LLP, has put together a simple survey to gather information about CASL compliance initiatives to help benchmark in this regard.

Survey responses will be anonymous and we won’t be able to cross-reference participants with their answers.  We’ll provide aggregated results to every organization that confirms their participation. 

There isn’t much time left so if … Continue reading

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CRM2 Webinar Recording Now Available

CRM2 Webinar Recording Now Available

What Advisors Need to Know

In the lead up to the July 15, 2014 implementation deadline, the IIAC hosted a webinar on June 12th with the goal of answering the questions advisors or their clients may have regarding CRM2.  More than 260 IIAC member firm representatives participated, indicating that uncertainty remains strong in the industry. 

Participants heard from Fred Ketchen, the “Dean of Bay Street”, Susan Silma, a regulatory architect of CRM, and Mario Frankovich, CEO, Burgeonvest Bick Securities Limited and IIAC Board member.

For those who were unable to attend, or wish to review the material presented, please be advised that a … Continue reading

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For HNWI, the future is digital

For HNWI, the future is digital

Investment Executive’s Clare O’Hara dug into a report issued yesterday by Capgemini and RBC Wealth Management and uncovered several interesting details on the future of the wealth management relationship from a digital perspective.

Clare reports:

Almost two-thirds of the world’s high net-worth individuals (HNWI) expect to manage most or all of their wealth relationship digitally in the next five years and would consider leaving their current financial services firms if a digital platform is not provided.

The information, released Wednesday in the 18th annual World Wealth Report, a joint venture between CapGemini Financial Services and Royal Bank of Canada’s (RBC) … Continue reading

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Mark Carney: Casting light on shadow banking

Mark Carney: Casting light on shadow banking

The following Opinion article was written by Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board and appeared on the Financial Times’ FT.com: As progress has been made in reforming the global banking ?system and as risk appetite returns to financial markets, wider attention has begun to focus on shadow banking.

That focus is not new for policy makers. Reform of shadow banking – the extension of credit from entities and activities outside the regular banking system – has been a core part of the Continue reading

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It may be the beautiful sport, but the World Cup may not be great for employee productivity

It may be the beautiful sport, but the World Cup may not be great for employee productivity

According to Employment Law Advisory Services (ELAS), ‘World Cup fever’, the mystery illness that strikes once every four years, could cost the British economy up to £4bn (CDN$7.35 billion) in lost productivity as millions of soccer fans take leave or throw a sickie (that’s Brit speak) to watch games in this year’s tournament, according to a new survey.

Employment Law Advisory Services (ELAS) found that 13 per cent of British employees plan on calling in sick to watch matches, while overall almost half – 43 per cent – will be taking planned or unauthorized time off to enjoy the world’s … Continue reading

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