Monthly Archives: June 2016

Market Reaction to Brexit: CBC News Network Video (IIAC Blog)

Market Reaction to Brexit: CBC News Network Video (IIAC Blog)

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Brexit a ‘catalyst’ for EU reform: BNN Video (IIAC Blog)

Brexit a ‘catalyst’ for EU reform: BNN Video (IIAC Blog)

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IIAC Responds to Finance Ministers’ Announcement on CPP Reform (IIAC Blog)

IIAC Responds to Finance Ministers’ Announcement on CPP Reform (IIAC Blog)

The Investment Industry Association of Canada is pleased Canada’s finance ministers reached an agreement on amending the Canada Pension Plan (CPP) to address the national retirement savings shortfall at their meeting in Vancouver on June 20, 2016. This decision will avoid a patchwork of provincial solutions, like the ORPP, that would require significant up-front costs; treat Canadians differently across the regions; limit pension portability; and result in less efficient and more costly solutions to the narrowly identified savings problem.

The CPP reforms provide a uniform solution to boost savings for all Canadians. However, a targeted approach … Continue reading

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Selective Reforms Needed to Help Under-Saving Canadians Meet Their Retirement Savings Objectives (IIAC BLOG)

Selective Reforms Needed to Help Under-Saving Canadians Meet Their Retirement Savings Objectives (IIAC BLOG)

Finance ministers are discussing potential CPP enhancement on June 20-21 when they meet in Vancouver, BC. These discussions should be undertaken as part of an integral approach to strengthening Canada’s retirement savings system. Respected research confirms the majority of Canadians are on track to meet their retirement savings goals through their voluntary savings, pension plans and the federal retirement savings system.

The retirement savings shortfall is not widespread in Canada, but limited to Canadians with modest incomes. As a member of a national coalition of 15 industry groups, the IIAC recommends a national and coordinated approach … Continue reading

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Ian Russell on BNN: National approach on pensions trumps provincial patchwork (IIAC Blog)

Ian Russell on BNN: National approach on pensions trumps provincial patchwork (IIAC Blog)

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John Chambers, CEO of FirstEnergy Capital, Elected Chair of the IIAC Board of Directors (IIAC Blog)

John Chambers, CEO of FirstEnergy Capital, Elected Chair of the IIAC Board of Directors (IIAC Blog)

The Investment Industry Association of Canada (IIAC) is pleased to announce the election of John Chambers, CEO of FirstEnergy Capital Corp., as Board Chair of the IIAC.

Sandy Cimoroni, SVP, Shared Services & Chief Operating Officer, TD Wealth, has been elected Vice Chair.

“I am honoured to take on the role of IIAC Board Chair at this watershed moment for Canada’s investment industry,” said Mr. Chambers. “Our industry continues to face challenges brought on by sweeping regulatory reform, but under our Board’s leadership, the IIAC will continue to play a constructive role helping regulators and governments ensure rules are properly … Continue reading

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A Sea Change in Thinking at the EU Parliament and Commission (IIAC Blog)

A Sea Change in Thinking at the EU Parliament and Commission (IIAC Blog)

In May, I attended the International Capital Market Association (ICMA) AGM and Annual Conference in Dublin, Ireland in my capacity as Chair of the International Council of Securities Associations (ICSA) and as President and CEO of the IIAC. Over 1,000 international delegates from the financial community came together to discuss developments in global capital markets and financial regulation.

I discuss some of the overarching themes of the conference in my June Letter from the President.

The increasing regulatory burden was front and centre at the conference. There is a general view that the large amount … Continue reading

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Letters to the Editor: BCSC stance on “best interests” not divisive

Letters to the Editor: BCSC stance on “best interests” not divisive

The Staff Editorial in the June 2016 issue of Investment Executive (IE) criticized the motives of the British Columbia Securities Commission (BCSC) in its decision not to consult on a “best interest” standard. The IIAC took issue with this position in a Letter to the Editor.

The editorial alleges that the BCSC is unwilling to consider the merits of an overarching client “best interest” standard on the grounds that it has decided not to solicit opinion on the “best interest” standard in the April, 2016 Canadian Securities Administrators (CSA) Consultation Paper. It also alleges that … Continue reading

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