Advocacy Wins on Behalf of our Members (IIAC Blog)
The Investment Industry Association of Canada (IIAC) is committed to constructive engagement with securities regulators and governments to fight for cost-effective rules, fight against rules that interfere with business activity and market efficiency, and to promote incentives for capital formation and growth. Our efforts are paying off.
Here are some of our 2017 victories on your behalf.
Congratulations to Randy Ambrosie, new CFL Commissioner (IIAC Blog)
The Investment Industry Association of Canada (IIAC) congratulates Randy Ambrosie on his appointment as Commissioner of the Canadian Football League.
Mr. Ambrosie has given much to the investment industry and capital markets, having worked at CIBC Wood Gundy, Merrill Lynch Canada, Midland Walwyn, HSBC Canada Securities and HSBC Brokerage USA, AGF Funds Inc., and at MacDougall, MacDougall and MacTier (3Macs) as the company’s President and Chief Executive Office where he saw the successful sale and integration of the firm into Raymond James Ltd.
The IIAC is grateful for his dedication, commitment and support to our Association. Mr. Ambrosie served on IIAC Committees, including the Small and Independent Dealers Committee and Private Client Committee. His expertise and insight helped to advance the IIAC’s business-led advocacy agenda that delivered results. He was a frequent presenter at IIAC events and contributed to developing conference agendas.
His passion for building strong teams and commitment to well defined goals and a unifying vision will serve him well as CFL Commissioner.
IIROC Rule 42 Compensation-Related Conflicts Review (IIAC Blog)
The traditional advisory and brokerage business is replete with extensive conflicts of interest, notably the conflicts between buyers and sellers, from proprietary dealings though dealers in over-the-counter debt securities, new securities offerings, and the fees and charges to clients for services. These inherent conflicts have been the driving force behind the reforms for greater transparency in client dealings and for a higher standard of obligations for advisors.
In 2012, IIROC implemented Rule 42, a principles-based rule requiring firms to identify and manage conflicts of interest in the business.
In my June 2017 Letter from the President, I discuss compensation-related conflicts and IIROC’s review of Rule 42. The industry views IIROC’s review of this rule as a positive initial step, and anticipates more detailed guidance on compensation-related conflicts and an assessment of the rule’s overall effectiveness.
You can read more by clicking here.
2017 IIAC Investment Industry Hall of Fame Inductees (IIAC Blog)
Each year, the IIAC Investment Industry Hall of Fame honours excellence, integrity and leadership in Canada’s investment industry. The IIAC is proud to announce the 2017 Inductees into the Hall of Fame:
– Catherine (Kiki) Delaney – Founder and President, Delaney Capital Management Ltd.
– Ned Goodman – Co-founder Beutel, Goodman & Company; Founder, Dundee Corporation
– Stephen Jarislowsky – Founder and Chairman Emeritus, Jarislowsky, Fraser Limited
– William (Bill) Wilder – Former President, Wood Gundy Inc.
– John Pearce Bunting – Former President and CEO, Toronto Stock Exchange (posthumous)
– Peter Cundill – Founder, Peter Cundill & Associates Ltd.; Founder, Cundill Value Fund (posthumous)
Click here to read more.
Infographic: Did You Know? (IIAC Blog)
The Canadian investment industry plays a key role in Canada’s financial services sector. It enables businesses and governments to raise debt and equity capital—which stimulates economic growth and job creation—and helps investors and savers work towards their financial objectives.
Did you know in 2016, Canada’s investment industry?
– Directly employed approximately 40,130 Canadians from coast to coast to coast.
– Generated $22.4 billion in direct economic activity.
– Helped listed Canadian businesses raise $48.8 billion in equity capital in secondary offerings in public and private markets.
– Helped eight companies go public, raising $466 million in initial public offerings.
– Enabled Canadian businesses to raise $96.0 billion by issuing bonds to finance operations.
– Enabled the federal, provincial and municipal governments to raise $197.9 billion through debt issuance.
Check out our infographic to learn more.
Charyl Galpin of BMO Nesbitt Burns Appointed IIAC Board Chair (IIAC Blog)
The Investment Industry Association of Canada (IIAC) is pleased to announce that Charyl Galpin, EVP & Managing Director, Head, Private Client Division, BMO Nesbitt Burns Inc., has been appointed Chair of the IIAC’s Board of Directors for 2017-18. She is the first woman in the IIAC’s history to serve in this capacity.
Steven Donald, President, Assante Wealth Management Ltd., was appointed Vice-Chair for 2017-18.
Ms. Galpin, who joined the IIAC Board in 2015, is already one of the most influential women in corporate Canada. She was named one of Canada’s Top 100 Most Powerful Women of 2014 by the Women’s Executive Network.
“Charyl Galpin’s appointment is a testament to her experience, accomplishments and valued perspective,” said Ian Russell, IIAC President and CEO. “Her appointment as our Chair is an indication of the broadening diversity of leadership right across the Canadian investment industry and financial sector.”
Worrisome Fragmentation of Global Capital Markets (IIAC Blog)
In my May Letter from the President, I discuss developments that threaten fragmentation of global capital markets. These include Brexit, the rise of populism and protectionism across Europe and elsewhere, and the push for deregulation and dismantling of existing regulations.
Global and regional authorities are working to maintain open and integrated markets to ensure the smooth and efficient functioning of markets. However, there are no quick fixes. Bond and repo market liquidity conditions remain a concern. Automation has the potential to transform the industry and deliver more liquidity to investors.
Click here to read more.
The Evolving New Paradigm for Financial Advice (IIAC Blog)
In early April, I attended the SIFMA Private Client Conference in Phoenix. The conference examined the new paradigm of financial advice in a rapidly changing environment. Participants discussed changes in client priorities and expectations, including the increased emphasis on value and convenience in addition to investment performance, as well as how advisors and firms are adapting to meet investors’ needs in the advent of the financial technology revolution.
Since many of the trends shaping the U.S. financial advisory business are also sweeping the Canadian marketplace, the insights and best practices shared at the conference are of interest to IIAC member firms.
Read my observations and takeaways from the SIFMA Private Client Conference in my April Letter from the President.