Monthly Archives: August 2015

The IIAC Presents its Position to Government on a Voluntary Supplement to the CPP (IIAC Blog)

The IIAC Presents its Position to Government on a Voluntary Supplement to the CPP (IIAC Blog)

On July 13, the federal government opened a public consultation on options for a voluntary supplement to the CPP. While a number of recent studies have concluded that most working-age Canadians are on track to maintain their standard of living in retirement, the government said it is committed to exploring ways to give Canadians more choice in how they save.

Given the number of savings options already available in Canada, it is not clear that a voluntary CPP supplement is needed.

It may not even make sense. Voluntary supplemental pension plans generally involve contributions to individual accounts, … Continue reading

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Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Today, the Financial Post, in its FP Comment page, is running a piece I wrote on how the recent FSB/IOSCO decisions will galvanize broader support for the new cooperative securities regulator.

In recent months, the multinational regulators—the FSB and the IOSCO—have concluded that systemic risks related to large asset managers flow from their potential system-wide impact on capital markets, not from the particular institution per se. It is likely that Canadian authorities will reach a similar conclusion. This would likely mean removal of large Canadian non-bank non-insurer financial institutions from inclusion in the Capital Market Stability Act (CMSA)—i.e. the … Continue reading

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Mr. Grant Vingoe Appointed As A New Vice Chair of the OSC (IIOC Blog)

Mr. Grant Vingoe Appointed As A New Vice Chair of the OSC (IIOC Blog)

The Investment Industry Association of Canada (IIAC) is delighted with the announcement that Mr. Grant Vingoe has been named as a new Vice Chairman of the Ontario Securities Commission (OSC).

Mr. Vingoe is a highly respected and accomplished securities lawyer. He was most recently a Partner with the law firm Norton Rose Fulbright US LLP in New York, with his professional duties dedicated to cross-border securities transactions and financial services regulation. He has been deeply involved in regulatory policy matters for the Canadian securities industry and has advised firms on ongoing compliance, governance, and risk management issues. He has also advised senior management of … Continue reading

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Letter from the President: Tackling Systemic Risks (IIAC Blog)

Letter from the President: Tackling Systemic Risks (IIAC Blog)

The reforms introduced to the global banking system in recent years have been credited with sharply reducing systemic risk in the financial sector. The banking system is now better able to handle external shocks, but the question remains: Has overall systemic risk in the financial system been extinguished, or is it lurking in the shadows?  

International regulators seem to think it is lurking, but are not sure where. While they have apparently concluded that the large non-bank non-insurer financial institutions (i.e. asset managers) are not systemically important, these institutions can pose substantial liquidity and instability risks to capital markets, if … Continue reading

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Sarah P. Bradley Appointed Ombudsman and CEO of OBSI (IIAC Blog)

Sarah P. Bradley Appointed Ombudsman and CEO of OBSI (IIAC Blog)

The Investment Industry Association of Canada (IIAC) congratulates Ms.  Sarah P. Bradley on her appointment as Ombudsman and CEO of OBSI—The Ombudsman for Banking Services and Investments.

Ms. Bradley is a highly respected regulator and well experienced in securities regulation, public policy development, business law and governance, business fiduciary obligations and commercial law. Ms. Bradley served most recently as the Chair and CEO of the Nova Scotia Securities Commission (NSSC), is a former Vice-Chair of the Canadian Securities Administrators, and has been a representative on the Canadian Joint Forum of Financial Regulators. She is also an Associate Professor … Continue reading

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