IIAC Committees & Working Groups

IIAC Committees

IIAC Committees are comprised of Member firm representatives and serve to:

• Provide a forum to share ideas and concerns on industry issues and network with other industry professionals;

• Assist in the development of responses to regulatory and government initiatives and to propose rule improvements;

• Provide input and assistance to, and engage in dialogue with, domestic and international regulators and governments on policies and regulations affecting the Canadian investment industry; and

• Develop and exchange industry best practices.

Information regarding IIAC Committee participation is available here.

Anti-Money Laundering Committee

The Committee makes submissions to Finance Canada in response to the Department’s frequent and regular industry consultations on Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime. It provides advice to inform the development of new regulations and the improvement of existing requirements and guidance to ensure clarity, efficiency and practicality both within a domestic context, and in support of international AML/ATF developments. Particular emphasis is placed on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Regulations Amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations. In addition, the Committee actively participates in FINTRAC’s regulatory consultations and provides input on improving FINTRAC-developed guidance. Lastly, Michelle Alexander, the IIAC’s representative on the Committee, sits on Finance Canada’s Advisory Committee on Money Laundering and Terrorist Financing which provides general advice on Canada’s AML/ATF Regime to Finance Canada’s interdepartmental steering committee.

Meeting frequency: As needed

IIAC Contacts:

Michelle Alexander

malexander@iiac.ca

Communications Committee

The Communications Committee’s mandate is to further the growth and development of the Canadian investment industry by reviewing and sharing communications best practices. The Committee, which is comprised of senior industry communications and marketing professionals, addresses topics that include the communication of industry issues relating to IIAC activities and industry news, how information is communicated, and the effectiveness of the communications.

Meeting frequency: 4 times per year

IIAC Contacts:

Michael Gotzamanis

mgotzamanis@iiac.ca

Pauline Flores

pflores@iiac.ca

Compliance Committee

The Compliance Committee reviews the formulation of rules and policies governing industry practices and standards and undertakes studies on matters relating to client dealings and compliance. The Committee also monitors and comments on regulatory and legislative proposals relating to compliance and supervisory systems. The Committee provides a forum for the exchange of best practices and discusses issues of common concern. It provides a catalyst for the creation of business tools to help members comply with regulation cost-effectively. In addition, the Committee suggests topics for educational programs and seminars.

Meeting frequency: 3-6 times per year

Chair: Lou D’Souza, Cormark Securities Inc.

IIAC Contacts:

Michelle Alexander

malexander@iiac.ca

Adrian Walrath

awalrath@iiac.ca

Susan Copland

scopland@iiac.ca

Debt Markets Committee

The Debt Markets Committee represents the securities industry position on policy and regulatory proposals related to activity in primary and secondary debt markets. The Committee acts on behalf of the securities industry in representations to authorities on matters including transparency and market regulation. The Committee participates with other foreign organizations to share conventions for dealing in international debt markets.

Meeting frequency: Quarterly

Chair: Jim Byrd, RBC Capital Markets

IIAC Contact:

Jack Rando

jrando@iiac.ca

Derivatives Committee

The Derivatives Committee (DC) represents the views and interests of IIAC Member firms in the derivatives markets. The DC:

  • Engages in dialogue with regulators, SROs and governments on policies and regulations affecting the derivatives markets and business practices of participants;
  • Comments on legislative and regulatory initiatives that affect the derivatives industry;
  • Serves as a forum where derivatives market participants share ideas and concerns on various industry issues and explore operational efficiencies that will benefit markets, investors and participants; and
  • Identifies measures to enhance the reputation and profile of the industry, including helping build a better understanding of derivatives and their uses.
Meeting frequency: Bi-monthly

Chair: Dave Moore, BMO Capital Markets

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

 

Equity Markets Committee

The Committee represents the securities industry on proposed provincial legislation and regulations governing market-making and trading in secondary equity markets and market structure. The mandate of the Committee is to develop and articulate policies that relate to transactional activity and structural change in domestic markets and contribute to efficient, competitive and well-functioning markets.

Meeting frequency: As required

Chair: Peter Haynes, TD Securities

IIAC Contact:

Susan Copland

scopland@iiac.ca

Insurance Committee

The Insurance Committee provides firms a platform for an open exchange of best practices and ideas, discussion on various sectors of interest, as well as analysis of new rules and provincial regulations impacting the retail insurance business. Topics have included continuing education for insurance registrants, estate planning issues and new products.

Meeting frequency: As required

Chair: Scott MacMillan, Raymond James

IIAC Contact:

Pauline Flores

pflores@iiac.ca

Adrian Walrath

awalrath@iiac.ca

Investment Banking Committee

The Investment Banking Committee develops and represents the securities industry position on provincial securities legislation and regulations related to the primary markets, including disclosure of corporate finance transactions and restructurings, such as going-private transactions.

Meeting frequency: As required

Chair: James Barltrop, Scotia Capital Markets

IIAC Contact:

Susan Copland

scopland@iiac.ca

Ombudsman for Banking Services and Investments (OBSI) Committee

The OBSI Committee meets regularly with the Ombudsman and staff to discuss issues and prospective changes in OBSI’s operations and governance. The Committee regularly works with the Canadian Bankers Association (CBA) and the Investment Funds Institute of Canada (IFIC) to submit industry position papers relating to matters on the OBSI Board agenda, prior to each OBSI Board meeting, and responds to requests for comments issued by OBSI or other regulators in relation to dispute resolution.

Meeting frequency: As required

IIAC Contact:

Susan Copland

scopland@iiac.ca

Online Brokerage Committee

The Online Brokerage Committee represents the views and interests of online brokerage firms and their clients. It addresses the needs of these firms by providing a forum to discuss issues affecting the industry and investors and a peer network for firms to share information and experience. The Committee acts as the voice of the online brokerage sector when dealing with regulators; it provides input on legislative and regulatory requirements to ensure that the specific concerns of such firms are appropriately considered on these matters.

Meeting frequency: Bi-monthly

Chair: Richard Wilks, TD Waterhouse

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

Private Client Committee

The Private Client Committee provides members with advice and advocacy on policy issues pertaining to the retail business of the securities industry. Such policy issues include the review and consideration of the impact of regulation and trends on retail business activities. The Private Client Committee also focuses on investor confidence and measures to enhance industry reputation and profile.

Meeting frequency: 5 times per year

Chair: Bruce Ferman, BMO Nesbitt Burns

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

Regional Committees

Regional Committees are the primary means to exchange ideas on issues and to provide input on policy matters of both regional and national spectrum, including securities legislation; regulatory, capital markets and government policy initiatives; and business practice issues.

Meeting frequency: Quarterly or as agreed to with Committee and Chair.

Regional Chairs:

British Columbia – Don Cromar, PI Financial

Alberta – To be determined

Québec – Riccardo Magini, Laurentian Bank Securities

Atlantic – Mary Jacobs, TD Waterhouse Canada Inc.

IIAC Contacts:

BC & AB

Susan Copland

scopland@iiac.ca

Atlantic Canada

Michelle Alexander

rmalexander@iiac.ca

Quebec

Annie Sinigagliese

asinigagliese@iiac.ca

Registered Plans Committee

The Registered Plans Committee reviews proposed amendments to federal and provincial legislation targeting various registered plans such as RRSPs, RRIFs, TFSAs and RESPs. The committee reviews proposed changes from both an operational and policy perspective and develops securities industry positions on practical and conceptual matters surrounding the administration of these plan accounts. The committee interacts with federal and provincial governments as well as domestic tax authorities to address concerns, providing recommendations and proposing solutions. The committee also serves as a forum for the securities industry to explore additional operational efficiencies in the administration of the plans.

Meeting frequency: As required

Chair: Marianne Miller, TD Wealth Management

IIAC Contact:

Jack Rando

jrando@iiac.ca

Repo Committee

The Committee represents the securities industry’s position on policy and regulatory proposals related to activity in Repurchase Agreement (repo) markets. The Committee engages with Canadian market participants on initiatives aimed at bringing increased efficiency to domestic repo markets, such as central clearing.

Meeting frequency: As required

Chair: Nicholas Chan, BMO Capital Markets

IIAC Contact:

Jack Rando

jrando@iiac.ca

Small Dealers / Introducing Firms Committee

The Small Dealers / Introducing Firms Committee represents the views and interests of small member firms, including introducing firms. It addresses the needs of these firms by providing a peer network for firms to share information and experience. It also provides input on legislative and regulatory requirements to ensure that the specific concerns of such firms are appropriately considered on these matters.

Meeting frequency: 6-10 times per year

Chair: Jim Dale, Leede Jones Gable Inc.

IIAC Contact:

scopland@iiac.ca

Tax Reporting Committee

The Tax Reporting Committee reviews proposed amendments to federal and provincial tax legislation from an operational perspective, comments on proposed tax reporting forms and develops securities industry positions on practical and conceptual matters surrounding tax reporting, tax-sheltered investment plans and other tax-related matters. The committee interacts with federal and provincial governments to address concerns, providing recommendations and proposing solutions. The committee also works with Canadian Depository for Securities Limited (CDS) regarding enhancements to tax reporting, reconciliations and other tax-related services that CDS Clearing & Depository Services Inc. provides. Finally, the Tax Reporting Committee works with issuers to ensure timely reporting by them on the CDS Innovations tax factor reporting website so that investors can receive tax slips on as timely a basis as possible.

Meeting frequency: Monthly

Chair: Lucy Kissoon, BMO

IIAC Contact:

Jack Rando

jrando@iiac.ca

Technology and Operational Risk – Equity Infrastructure Committee

Equity Infrastructure within member firms is broadly defined as the hardware, software and communications technology used in the delivery and distribution of order information and order execution. The Equity Infrastructure Committee’s mandate is to provide a forum for the technology leadership of member firms to discuss issues surrounding the implementation and support of equity infrastructure and to discuss opportunities for collaboration between member firms. The committee will also review and comment on proposed amendments to legislation and policy governing equity operational and technology issues and will discuss and promote improvements in business policies and practices by working with regulators and industry infrastructure providers. The committee will support the development and improvement of industry infrastructure to promote risk reduction, greater efficiency and record reporting to third parties.

Meeting frequency: Bi-monthly

Chair: Matthew Owens, RBC Capital Markets

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

Technology and Operational Risk – Market Data Committee

The Market Data Committee’s mandate is to increase:

• Transparency – Provide cost clarity through market data services utilized by member firms
• Optimization – Leverage member experience and benchmarks to optimize market data services
• Communication – Share findings with member firm executives

The Committee provides a forum for senior Market Data professionals to discuss issues surrounding the implementation and support of market data products and services and to discuss opportunities for collaboration between member firms. The committee will also review and comment on proposed amendments to legislation and policy governing support of market data products and services and will discuss and promote improvements in business policies and practices by working with regulators, vendors, marketplaces and industry infrastructure providers.

Meeting frequency: Bi-monthly

Chair: Ted Peyton, CIBC Capital Markets

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

U.S. Tax Committee

The U.S. Tax Committee reviews and comments on proposed amendments to U.S. tax withholding and reporting legislation, regulations and policies. It develops Canadian securities industry positions on practical and conceptual matters surrounding U.S. tax withholding and reporting requirements, including advocacy and developing best practices.

Meeting frequency: Monthly

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

 

IIAC Working Groups

IIAC Working Groups bring member firm representatives together to discuss timely industry issues and provide comments to regulators. For more information, or to join a Working Group, please contact the designated IIAC representative.

Best Interest Standard Working Group

Status:

Awaiting Developments

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

BC Credit Union GIC Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Canadian Anti-Spam Legislation (CASL) Working Group

Status:

Awaiting Developments

IIAC Contact:

Susan Copland

scopland@iiac.ca

Compliance Procedures and Audit Process Working Group

Status:

Inactive

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

CRM2 Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Cybersecurity Working Group

Status:

Active

IIAC Contact:

Susan Copland

scopland@iiac.ca

Deposit Type Instrument Working Group

Status:

Active

IIAC Contact:

Jack Rando

jrando@iiac.ca

Electronic Trading Working Group

Status:

Active

IIAC Contact:

Susan Copland

scopland@iiac.ca

Exchange-Traded Funds Working Group

Status:

Awaiting Developments

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Financial Planning Working Group

Status:

Active

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

FinTech Working Group

Status:

Active

Chair:

Kuno Tucker, ITG Canada Corp.

IIAC Contacts:

Susan Copland

scopland@iiac.ca

Annie Sinigagliese

asinigagliese@iiac.ca

Fund Risk Classification Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

GST Review Working Group

Status:

Awaiting Developments

IIAC Contact:

TBD

Hard to Value Securities Working Group

Status:

Awaiting Developments

IIAC Contact:

TBD

Investor Immigrant Program Working Group

Status:

Active

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

Market Data Fees Working Group

Status:

Awaiting Developments

IIAC Contact:

Susan Copland

scopland@iiac.ca

MiFID II Working Group

Status:

Active

Chair:

Chris Climo, CIBC World Markets Inc.

IIAC Contact:

Susan Copland

scopland@iiac.ca

Mortgage-Backed Securities Working Group

Status:

Active

IIAC Contact:

Jack Rando

jrando@iiac.ca

New Issues Not Available in Quebec Working Group

Status:

Awaiting Developments

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

OECD Common Reporting Standard Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Order Protection Rule Working Group

Status:

Active

IIAC Contact:

Susan Copland

scopland@iiac.ca

Prospectus Exemptions Working Group

Status:

Awaiting Developments

IIAC Contact:

Susan Copland

scopland@iiac.ca

Proxy Voting and Shareholder Communications Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Research Analyst Standards Working Group

Status:

Awaiting Developments

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

Revenu Quebec Working Group

Status:

Active

IIAC Contact:

Annie Sinigagliese

asinigagliese@iiac.ca

Section 302 Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Section 871(m) Working Group

Status:

Active

IIAC Contact:

Adrian Walrath

awalrath@iiac.ca

Securitized Products Working Group

Status:

Awaiting Developments

IIAC Contact:

Michelle Alexander

malexander@iiac.ca

Take Over Bid Regulation Working Group

Meeting Frequency: Ad hoc

IIAC Contact:

Susan Copland

scopland@iiac.ca

Tax Reporting Committee Adjusted-Cost-Basis Working Group

Status:

Active

IIAC Contact:

TBD

Tax Reporting Committee Spreadsheet Working Group

Status:

Active

IIAC Contact:

TBD

Tax Reporting Committee T1135 Working Group

Status:

Active

IIAC Contact:

TBD

Trade Repository 91-507 Working Group

Status:

Awaiting Developments

IIAC Contact:

TBD

 

Venture Market Working Group

Status:

Awaiting Developments

IIAC Contact:

Susan Copland

scopland@iiac.ca