Weekly Wrap: From the Regulators

Weekly Wrap: From the Regulators

Weekly Wrap: From the Regulators IIROC gets tougher on underwriters
IIROC is seeking comments on new guidance for dealers who act as underwriters, aiming to create more consistent standards in the areas of due dilligence practices, record-keeping, and the supervisory and compliance framework. Currently, some dealers' policies require one due dilligence process, while others require varying degrees of due dilligence investigation and supervision. IIROC also says that future compliance examinations in underwriting due dilligence will focus on "the adequacy of a [dealer's] policies and procedures and whether the process has been followed in sampled files."

Investors check up on your advisors: CSA
The CSA is calling on investors to be aware and protect themselves by checking up on the registration and disciplinary history of their advisors, as part of Fraud Prevention Month this March. Beyond searching for registered advisors on databases like the National Registration Search, investors can take advantage of a number of free educational tools and resources on the CSA website. Disciplinary actions can be checked through organizations like IIROC and the MFDA. Check Registration Day falls on March 19.

Meanwhile, the MFDA is trying to increase fraud awareness and prevention among Canadian investors witha Fraud Prevention Brochure, available on its website.

BCSC extends exemption for MIEs
The B.C. Securities Commission (BCSC) is extending its exemption from dealer registration requirements for trading in mortgage investment entities (MIEs) until 2015. The BCSC proposed scrapping the exemption last year when it found rampant non-compliance with disclosure requirements for about 90 per cent of MIE issuers. The MIEs have argued that many of the registration requirements are inappropriate for how they conduct business.

Related Stories:


Weekly Wrap: From the Regulators

Weekly Wrap: From the Regulators