Tag Archives: CSA

CSA Proposals to Enhance Firms’ and Advisors’ Obligations Towards Clients (IIAC Blog)

CSA Proposals to Enhance Firms’ and Advisors’ Obligations Towards Clients (IIAC Blog)

The IIAC filed a submission with the Canadian Securities Administrators (CSA) in response to its Consultation Paper 33-404: Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives Toward Their Clients.

The IIAC has carefully examined the Consultation Paper, identifying some areas of constructive reform, while questioning the merit of some proposals.

Please click here to view our news release. You can access our full submission here.

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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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IIAC Reacts to CSA Proposals to Improve the Client-Registrant Relationship (IIAC Blog)

IIAC Reacts to CSA Proposals to Improve the Client-Registrant Relationship (IIAC Blog)

The Canadian Securities Administrators (CSA) has published for comment a paper which proposes regulatory action to improve the client-registrant relationship.

The IIAC’s preliminary observations are as follows:

The IIAC shares the grave reservations of the provincial regulators in BC, Quebec, Alberta, Manitoba and Nova Scotia. The proposed client best interest standard would lead to uncertainty and confusion on the part of advisors and clients, with some advisors and firms restricting products and services, and some clients having unrealistic expectations. Litigation and increased legal costs will likely arise. 

The IIAC agrees with the BCSC that an … Continue reading

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A ‘Win’ for the IIAC – “Early Warning” Reporting System (IIAC Blog)

A ‘Win’ for the IIAC – “Early Warning” Reporting System (IIAC Blog)

In Canada, any person that acquires a stake of 10% or more in a Canadian public company must issue a news release immediately and file an “early warning” report within two business days, including the number of shares held, the purpose of the transaction and the acquirer’s future intentions. This allows the market to review and assess the potential impact of changes in ownership or control.

The Canadian Securities Administrators (CSA) proposed to reduce the early warning reporting threshold from 10% to 5%. The IIAC pushed back, stressing the lower threshold would increase compliance costs and … Continue reading

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A ‘Win’ for the IIAC – Take-Over Bid Rules (IIAC Blog)

A ‘Win’ for the IIAC – Take-Over Bid Rules (IIAC Blog)

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders their say.

In March 2015, the Canadian Securities Administrators (CSA) had proposed changes to Canada’s take-over bid regime to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company.

The proposed rules would have substantially extended the period during which a take-over bid must remain open, from the current minimum of 35 days to 120 days. The IIAC said the current minimum deposit period is arguably too short … Continue reading

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A ‘Win’ for the IIAC – Proxy Voting System and Processes (IIAC Blog)

A ‘Win’ for the IIAC – Proxy Voting System and Processes (IIAC Blog)

The IIAC participated in the Canadian Securities Administrators review of the proxy voting system and processes, including through the IIAC’s Proxy Protocol Working Group, to identify cost-effective improvements to the proxy voting infrastructure.

Draft proxy voting protocols were developed with IIAC Member input to provide guidance on the roles and responsibilities of all key participants (i.e. intermediary dealers who submit proxy votes, transfer agents who act as meeting tabulators, vendors acting as proxy agent, and Canada’s central depository for securities) in the proxy voting process, and detail the operational processes for tabulating proxy votes held through intermediary … Continue reading

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IIAC Launches Bond Market Newsletter (IIAC Blog)

IIAC Launches Bond Market Newsletter (IIAC Blog)

The IIAC has launched a new publication titled “IIAC Fixed Income Market Regulatory Update.” You can read our inaugural issue by clicking here.

This monthly newsletter will bring you up-to-date on bond market regulatory developments in Canada, the U.S., Europe and Asia. It also includes relevant links and IIAC commentary.

If you or others in your organization are impacted by regulatory changes in the fixed income markets, then this publication is for you.

The November 2015 issue covers topics such as:

– CSA next steps in regulation and transparency of Canada’s fixed income market

– Municipal … Continue reading

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The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC submitted comments to the Ontario Securities Commission (OSC) on the proposed changes to the way in which unsolicited or hostile corporate take-over bids are carried out in Canada. The proposed changes to the rules aim to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company. The IIAC supports the OSC’s objectives, but we have a concern about the extent of time bids must remain open.

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders … Continue reading

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