February 23, 2021 by Ian Russell

Congratulations to Michael Dignam, President, Canadian Securities Processing Solutions, on his 40th Anniversary at Broadridge Financial Solutions

Michael joined ADP Brokerage Services 40 years ago, just as the Canadian business was starting up. He was involved from the outset in the digitalization of the industry, including implementations across the country. As President, Mike has presided over a tripling of growth of the Canadian business, greatly fueled by key acquisitions he initiated and championed. Please join us in congratulating Michael on his monumental achievements. We look forward to his future successes at Broadridge.

January 22, 2021 by Ian Russell

Ontario Capital Markets Modernization Taskforce Delivers Final Report

The Taskforce submitted its final report to the Minister of Finance, which includes 74 policy recommendations. These recommendations are intended to modernize Ontario’s capital markets and drive innovation, competition and diversity.

The final report contains recommendations on improving regulatory structure to enhance governance; improving competitiveness through regulatory measures; ensuring a level playing field between large and small market players; improving the proxy system, corporate governance and the process of mergers and acquisitions; fostering innovation; and modernizing enforcement and enhancing investor protection.

The Modernization Taskforce has introduced a range of innovative remedies to improve the vitality of Ontario capital markets and strengthen the intermediation of capital from investors to small and large businesses. Through its recommendations, the Taskforce will reinforce the ongoing efforts of securities regulators in the province, and jurisdictions elsewhere, to streamline regulation and lower the regulatory burden, considering the significant bearing of Ontario markets in national markets and the multi jurisdictional nature of Canadian securities regulation. The outcome will be strengthened investor protections and confidence, and increased capital formation, in Ontario and across the country. The Taskforce has made a timely and effective contribution to the post-pandemic economic recovery.

The IIAC will thoroughly review the Report and provide a detailed commentary.



December 14, 2020 by Ian Russell

Joseph Bakish the 2020 IIAC Top Under 40 Award Winner

We’re thrilled to announce that Joseph Bakish, Director, Wealth Management, Portfolio Manager and Investment Advisor at Richardson Wealth, is the 2020 winner of the IIAC Top Under 40 Award. Congratulations, Joseph!

Read the press release here.

We’d also like to congratulate our finalists Anna Hilberry, National Bank Financial Wealth Management, and Kate Murdoch, BMO Nesbitt Burns.

Thank you to our judges, and to our generous sponsor, Investment Executive/Finance et investissement.

Click here to read the congratulatory letter from Investment Executive/Finance et investissement.

Proudly sponsored by Investment Executive and Finance et Investissement



November 4, 2020 by Ian Russell

IIAC Top Under 40 Award

Congratulations to all our Top Under 40 Award Nominees. Our selection committee is hard at work reviewing each nomination to determine our top 3 finalists to be announced later this year.

The IIAC Top Under 40 Award recognizes and celebrates the new generation of highly motivated and talented young professionals whose drive, dedication, personal and professional qualities and accomplishments have brought distinction to the investment/financial industry.

Click here to see this year’s nominees.

Proudly sponsored by Investment Executive and Finance et Investissement

May 21, 2020 by Ian Russell

IIAC seeks nominations for the 2020 IIAC Top Under 40 Award – Deadline Extended

The IIAC Top Under 40 Award recognizes and celebrates the new generation of highly motivated and talented young professionals whose drive, dedication, personal and professional qualities and accomplishments have brought distinction to the investment/financial industry.

The caliber of past nominees and Award recipients has been truly excellent and portends a bright future for the securities industry. Their passion for the investment business and commitment to giving back is worthy of acclaim. We are calling on members of the public to put forth the names of outstanding individuals for consideration for this year’s Award. Submit your nomination by clicking HERE.

Please note the deadline has been extended and nominations will now be accepted until 5:00 pm ET on August 28, 2020.

Information on the eligibility and selection criteria, and the nomination process, is available here.

Help us recognize the outstanding efforts of our industry’s younger generation. Be sure to submit your nomination by August 28th.

May 14, 2020 by Ian Russell

Remembering Robert Gouinlock (1929 – 2020)

In Memoriam: It is with deep regret we observe the passing of Robert Gouinlock.

Robert was a respected and accomplished member of the investment community, and often consulted for his expertise. He was a participant on many industry committees and a founding Governor of the Canadian Securities Institute.

Robert first joined his father at Bell Gouinlock (which later merged with Pemberton Houston Willoughby) where he spent most of his career. In 1989, when Pemberton was absorbed into RBC Dominion Securities, Robert discovered the joy of working with people as an investment adviser. He served as Chair of the Investment Committee of the Anglican Diocese of Toronto and was proud to be a recipient of the Order of the Diocese of Toronto.

Robert retired in 2001.

The IIAC wishes to express their deepest condolences to Robert’s family.

May 6, 2020 by Ian Russell

Remembering Benoit Lauzé (1964 – 2020)

In Memoriam: It is with profound sadness we observe the passing of Benoit Lauzé, after a long struggle with cancer.

Benoit was a much-admired member of the investment community, and a respected member of the IIAC Board of Directors. His presence will be profoundly missed.

Benoit spent much of his career at CIBC Wood Gundy in Toronto. After a move back to Montreal, he joined the Investment Banking Department of CIBC, gradually assuming different leadership roles, before returning to Toronto as Head of CIBC’s Equity Capital Markets desk.

In both his professional and personal life Benoit was known for his enthusiasm and passion, his keen mind, and his collaborative ways.

His contributions to the functioning of the IIAC board will continue to be felt in the ongoing camaraderie and dedication of its members.

The IIAC wishes to express their deepest condolences to Benoit’s family.

March 24, 2020 by Ian Russell

Essential Services status for investment industry, provinces of Ontario and Quebec, British Columbia

• The Government of Quebec has confirmed that investment dealers are included in essential services.

• The Government of Ontario has confirmed that investment dealers are included in essential services.

This status gives firms the ability to access their facilities, and to continue to serve their clients. However, it does not mandate personnel to be on-site. The IIAC is continuing operations with staff working from home, and visits to the office carried out only as strictly necessary.

The essential services lists for both provinces can be found at the links below.

Ontario: https://www.ontario.ca/page/list-essential-workplaces

Quebec: https://www.quebec.ca/en/health/health-issues/a-z/2019-coronavirus/essential-services-commercial-activities-covid19/          

IIROC’s communication regarding Ontario essential services can be found at the link below, including confirmation that the “capital markets” item in the essential services list published covers the operations of IIROC-member investment dealers. Investment dealers in Quebec have received a similar carve-out as an essential service.


*Update: March 27, 2020

The B.C. government has declared capital markets, including the British Columbia Securities Commission (BCSC), to be essential services during the COVID-19 pandemic. For more information see link below:


We hope all our members are safe and well.

Ian C. W. Russell, FCSI

President and CEO

January 30, 2020 by Ian Russell

Structural change in investment industry will break loose this coming year as competitive conditions intensify

My latest President’s Letter describes the difficulties for small and mid-sized dealers to access external capital to build operating scale to compete in the retail marketplace. The impending changes toward regulatory consolidation, such as SRO amalgamation, and related significant cost-savings, will place even more competitive pressures on small firms. Regulators need to redouble efforts to focus on proportionate regulation and “scalability” versions of core regulations.

You can click here to read my Letter.

November 28, 2019 by Ian Russell

IIAC Securities Industry & Capital Markets Chartbook 2009-2018

The Investment Industry Association of Canada (IIAC) is pleased to provide this Chartbook illustrating the major trends shaping Canada’s securities industry and capital markets over the past decade.

Through the financial crisis industry performance suffered as investment dealers succumbed to market headwinds and unfavourable business conditions. The result was a significant restructuring of Canada’s securities industry marked by dealer consolidation, reduced employment and changes to dealer business models.

However, the industry has proven resilient, not only regaining lost ground but achieving new heights on many notable fronts.

The IIAC Chartbook illustrations reveal that the industry has played a pivotal role in expanding Canadian financial markets over the past decade and supporting the growing capital needs of the country’s governments and businesses – essential building blocks for a prosperous economy. With more than $2.5 trillion in client assets under management the industry has become a key channel for accumulating and growing investor savings.

Changing demographics, new regulations, market and macroeconomic uncertainty and the growth of digital-advice and Financial Technology (Fintech) will be just some of the forces to shape the Canadian securities industry in the years ahead. The IIAC will monitor closely how the industry confronts these challenges and we look forward to sharing our observations in a future edition of this Chartbook.

Click here to access the Chartbook.