The Investment Industry Association of Canada (IIAC) congratulates Maureen Jensen on her nomination as Chair and Chief Executive Officer of the Ontario Securities Commission (OSC).

Ms. Jensen has a deep background in securities regulation, broad business experience, and tested management skills. Her nomination makes eminent good sense. She brings leadership to guide the OSC at a critical juncture—assessing the impact of recent extensive reform and rule-making; working though the transition to a cooperative securities regulator; and finding the right response to the tumultuous and uncertain capital markets, the widespread loss of many small investment dealers and … Continue reading →

The 2015 IIAC Survey of Investment Industry CEOs indicated that the biggest negative factor affecting the performance of our investment dealer Member firms has been the relentless rise in operating costs in recent years. The high cost of technology, to meet regulatory compliance and improve operating efficiencies, has been a major factor. Ninety per cent of firms surveyed said they expect to spend more or about the same on technology in 2016 than they did in 2015.

The IIAC is establishing two Operations and Technology Committees—the Equity Infrastructure Committee and the Market Data Committee—and related working groups to assist … Continue reading →

The singular event that has drawn considerable attention to the investment industry during the past year has been the steady withdrawal of boutique dealers from IIROC registration through mergers and amalgamations, the shuttering of operations or a shift to lighter registration, notably Exempt Dealer status.

The plight of the small dealer boutique firm has coincided with the collapse of the public venture market, the TSX Venture Exchange (TSXV).

In my latest Letter from the President, I discuss the issues facing small dealer boutique firms, the factors contributing to the decline in the TSXV, and the steps … Continue reading →

The momentum underlying the cooperative capital markets regulator has dissipated, at least for the time being, as the participating provinces await approval from the new federal government. The opposing provinces have stepped into this vacuum with several opinion pieces in the media, making argument against the cooperative regulator. The arguments are well-worn, but the hope is they could fall on sympathetic ears in Ottawa.

Some in the legal community have also renewed complaints about the new proposed provincial/territorial Capital Markets Act (CMA) legislation, notably the content of the BC legislation taken as the “platform” legislation—a model … Continue reading →

On January 5, 2016, FINRA released its 2016 Regulatory and Examination Priorities Letter. It is instructive to learn that firm culture, ethics and conflicts of interest—and the significant role that all three play in the conduct of firm business—are top priorities for FINRA this year. CEO Richard Ketchum stated: “In 2016 FINRA will be looking for firms to focus on their culture and whether it is putting clients first … Our goal is not to dictate specific culture, but rather to understand how each firm’s culture affects compliance and risk management practices.”

Canadian regulators should take … Continue reading →