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.
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.
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.
Chair: Kim Shilton, Scotiabank
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.
Chair: David Duggan, National Bank Financial
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.
Chair: Dave Moore, BMO Capital Markets
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.
Chair: Peter Haynes, TD Securities
IIAC Contact:
Susan Copland
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.
Chair: Paisley Hill, Edward Jones
IIAC Contact:
Adrian Walrath
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.
Chair: James Barltrop, Scotia Capital Markets
IIAC Contact:
Susan Copland
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.
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.
Chair: Mary Joyce Empensando, Questrade
IIAC Contact:
Annie Sinigagliese
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.
Chair:
Sean McGratten, RBC Wealth Management
IIAC Contact:
Michelle Alexander
Regional Committees
Regional Chairs:
British Columbia – Don Cromar, PI Financial
Alberta – To be determined
Québec – Jennifer Vachon, Valeurs Mobilières Banque Laurentienne Inc. et Sylvain Racine, Mirabaud Canada Inc.
Atlantic – Mary Jacobs, TD Waterhouse Canada Inc.
Susan Copland
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.
Chair: Marianne Miller, TD Wealth Management
IIAC Contact:
Jack Rando
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.
Chair: Nicholas Chan, BMO Capital Markets
IIAC Contact:
Jack Rando
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.
Chair: Jim Dale, Leede Jones Gable Inc.
IIAC Contact:
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.
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.
Chair: Matthew Owens, RBC Capital Markets
IIAC Contact:
Annie Sinigagliese
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.
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.
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.
Canadian Anti-Spam Legislation (CASL) Working Group
Client Focused Reforms Working Group
CRM2 Working Group
Cybersecurity Working Group
Deposit Type Instrument Working Group
Electronic Trading Working Group
Financial Planning Working Group
FinTech Working Group
Status:
Active
Chair:
Kuno Tucker, Virtu ITG Canada Corp.
IIAC Contacts:
Susan Copland
Annie Sinigagliese
Fund Risk Classification Working Group
GST Review Working Group
Status:
Awaiting Developments
IIAC Contact:
TBD
Hard to Value Securities Working Group
Status:
Awaiting Developments
IIAC Contact:
TBD
IIROC Enforcement Alternative Forms of Disciplinary Action Working Group
Status:
Active
Investor Immigrant Program Working Group
Market Data Fees Working Group
MiFID II Working Group
Mortgage-Backed Securities Working Group
New Issues Not Available in Quebec Working Group
OECD Common Reporting Standard Working Group
Order Protection Rule Working Group
PLR 2000
Status:
Active
PMDSA Working Group
Status:
Active
Prospectus Exemptions Working Group
Proxy Voting and Shareholder Communications Working Group
Revenu Quebec Working Group
Section 302 Working Group
Section 871(m) Working Group
Soliciting Dealer Member Arrangement Working Group
Status:
Active
Take Over Bid Regulation Working Group
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
