Tag Archives: Ian Russell

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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Ian Russell Re-Appointed Chair of the International Council of Securities Associations (IIAC Blog)

Ian Russell Re-Appointed Chair of the International Council of Securities Associations (IIAC Blog)

I am honoured that I have been re-appointed Chair of the International Council of Securities Associations (ICSA) for a one-year term at its Annual General Meeting in Stockholm, Sweden.

I view this as a strong opportunity to raise awareness of not only ICSA’s role in promoting efficient and well-functioning securities markets and the efficient flow of cross-border capital, but to elevate the profile of the Canadian securities industry and our capital markets as well.

At the ICSA AGM, members discussed issues and initiatives on topics including market liquidity, culture and conduct, cross border regulation, and cybersecurity. … Continue reading

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Global Tax Reporting: The IIAC’s Value-Add to Member Firms (IIAC Blog)

Global Tax Reporting: The IIAC’s Value-Add to Member Firms (IIAC Blog)

International agreements to assist tax authorities to deter and detect tax evasion have come into force in recent years. Most notable are the U.S. Foreign Accounts Tax Compliance Act (FATCA) regulations—and the intergovernmental agreements struck in many countries (including Canada) to implement the requirements—and the OECD Common Reporting Standard (CRS).

The IIAC provided leadership across the Canadian financial sector on global tax reporting requirements.

The IIAC, through its U.S. Tax Committee and its various working groups, and its OECD CRS Working Group, advocated cost-effective rules to comply with tax reporting requirements.

It made the … Continue reading

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The Five Trends Shaping the Wealth Management Business (IIAC Blog)

The Five Trends Shaping the Wealth Management Business (IIAC Blog)

On April 7, 2016, I attended the SIFMA’s 38th Annual Private Client Conference in New York City. Senior wealth management professionals, representing firms of all sizes, from throughout the country, focused on the challenges and opportunities of 2016 and beyond. Speakers provided compelling stories and statistics.

In my April Letter from the President I write about the five trends shaping the wealth management business in the U.S. (and elsewhere)—a topic addressed at the conference. The five trends are:

1. Investors are increasingly valuing interactive, comprehensive relationships with their financial advisors, and planning. 2. Investors are seeking … Continue reading

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International Council of Securities Associations Launches New Website (IIAC Blog)

International Council of Securities Associations Launches New Website (IIAC Blog)

In addition to serving as President and CEO of the Investment Industry Association of Canada (IIAC), I am also honoured to serve as Chairman of the International Council of Securities Associations (ICSA).

ICSA is the global organization of securities industry associations representing securities firms operating in domestic and cross-border markets across the globe, including North America, Europe, East and West Asia, and Latin America. A complete list of ICSA members can be found here.

ICSA advocates appropriate regulatory reform and public policy initiatives across jurisdictions to promote efficient and well-functioning securities markets and the efficient … Continue reading

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IIAC’s Ian Russell on BNN – Factors Battering Bottom Lines of Boutique Firms (IIAC Blog)

IIAC’s Ian Russell on BNN – Factors Battering Bottom Lines of Boutique Firms (IIAC Blog)

Low commodity prices and increasing regulatory costs are resulting in layoffs and shutdowns in the investment industry. The Investment Industry Association of Canada’s President and CEO, Ian Russell, appeared on BNN to discuss the perfect storm hitting firms, the rising regulatory costs, and why there may be a light at the end of the tunnel. He was also asked what he would like to see in the March 22 federal budget. Click the icon to watch the interview. 

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2015 Boutique Earnings Battered by Poor Markets and an Escalating Regulatory Burden (IIAC Blog)

2015 Boutique Earnings Battered by Poor Markets and an Escalating Regulatory Burden (IIAC Blog)

My latest Letter from the President summarizes the recently released annual results for investment dealer firm groupings over the past year. 2015 was one of the worst years in terms of cost increases, earnings performance, layoffs and firm attrition. Retail and institutional boutique firms were hard-hit by a perfect storm of adverse cyclical and structural business conditions, the need for new technology and relentless escalating regulatory compliance costs. The pressures on business lines unleashed structural change in the industry—from firm downsizing, to mergers and acquisitions, to firm closures.

The considerable impact of the compliance burden on … Continue reading

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IIAC’s Ian Russell Discusses State of Independent Dealers on BNN (IIAC Blog)

IIAC’s Ian Russell Discusses State of Independent Dealers on BNN (IIAC Blog)

Ian Russell, IIAC President and CEO, appeared on BNN to discuss the state of independent firms. He described the “perfect storm” of factors contributing to current conditions and outlined the inherent competitive advantages boutique firms offer, before underscoring their critical contribution to Canada’s capital markets.

Russell also noted that the regulatory burden imposed on firms has contributed to the plight of the industry, and reiterated the IIAC’s responsibility and commitment to pushing back and encouraging regulators to exercise caution and perform a cost-benefit analysis before adding to the burden.

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China’s Economic Turmoil Sends Ripples to Global Markets (IIAC Blog)

China’s Economic Turmoil Sends Ripples to Global Markets (IIAC Blog)

At the invitation of the Hong Kong Trade Development Council (HKTDC), I led the Canadian delegation of 80 professionals to the 2016 Asian Financial Forum (AFF) in Hong Kong in January. The Forum attracted more than 2,600 participants from 39 countries and regions.

Not surprising, much of the conversation centred on China. The country’s challenges have been debated for years, but in recent months have been thrust into the international spotlight. There are increasing worries that Chinese authorities, in their attempt to implement difficult reforms while preserving demand and financial stability, may set off a chain … Continue reading

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The IIAC Applauds Nomination of Maureen Jensen as Chair and Chief Executive Officer of the OSC (IIAC Blog)

The IIAC Applauds Nomination of Maureen Jensen as Chair and Chief Executive Officer of the OSC (IIAC Blog)

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

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