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MID-NOVEMBER 2020
CANADA’S NEWS SOURCE FOR FINANCIAL PROFESSIONALS
ENFORCEMENT
FP Canada beefs up enforcement
INSIDE
NEWS
CRACKING DOWN
Changes to FP Canada’s enforcement process are now in effect. PG. 1
NOT SO FAST
Merging the MFDA and IIROC may not be the best solution. PG. 1
CHANGES LOOMING?
An Ontario task force plans to recommend sweeping changes to the OSC. PG. 1
TURNING ON THE TAPS
Forthcoming proposals aim to address the recent dearth of public listings. PG. 4
BYB
A WEALTH OF EXPERIENCE
Nizar Esmail has helped his clients through many market swings. PG. 9
COMPLIANCE PAYS
A compliant practice is good for you and your clients. PG. 10
PRODUCTS
EMERGING MARKETS
Some parts of Asia have performed well while other regions struggle. PG. 11
IN DEMAND
Investor interest in ETFs continues unabated. PG. 12
GOING GREEN
CIBC is the most recent bank to issue a green bond. PG. 13
INSIGHT
TIME TO THINK BIG Investors’ interests aren’t served by self-regulation. PG. 14
HORGAN’S GAMBLE Calling an election during a pandemic was a risk that paid off for the B.C. NDP. PG. 14
A STEADY HAND
JAIME HOGGE
Wellington-Altus advisor Nizar Esmail has served some of his clients for decades. (See story on page 9.)
Allegations will now be published in advance of disciplinary hearings
BY GREG DALGETTY
certified financial plan-
ners and qualified associate financial planners accused of breaching their ethical and pro- fessional responsibilities will now have allegations against them made public before they face a disciplinary hearing panel.
FP Canada updated the FP Canada Standards Council Disciplinary Rules and Procedures with two key changes that took effect Sept. 1: FP Canada will now pub- lish statements of allegations against certificants accused of breaching conduct standards as well as its decisions and
REFORM
Proposals OSC draw
BY JAMES LANGTON
when the ontario gov-
ernment’s Capital Markets Modernization Taskforce makes its final recommendations next month, it will propose sweep- ing changes to the Ontario Securities Commission (OSC).
reasons from disciplinary hearing panels.
Previously, FP Canada did not publish allegations prior to a hearing and published only summaries of hearing panel decisions.
“We are interested in having a strong enforcement process because we think that’s in the public interest,” says Damienne Lebrun-Reid, executive director, standards and certification, with FP Canada and head of its stan- dards council.
Members of the public, Lebrun-Reid says, should know that financial planners are held to high professional standards — andsanctionedwhentheyfailto meet those standards.
The changes make FP Canada’s enforcement process similar to those of the Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory
> TURN TO CRITICS / PAGE 2
to revamp criticism
Walied Soliman, chair of the task force and also chair of Norton Rose Fulbright Canada LLP, spelled out the task force’s plans at the OSC’s annual policy conference in early November. He confirmed that the task force’s final report will recommend fun- damental changes to the OSC.
> TURN TO OSC / PAGE 6
SELF-REGULATION
SRO merger too simple?
BY JAMES LANGTON
for many in the invest-
ment industry, a simple merger of self-regulatory organizations (SROs) is all the reform that’s needed. Others, however, are thinking much bigger.
Feedback to the Canadian
Securities Administrators’ (CSA) consultation on overhauling the SRO framework reveals that much of the industry would like to see an easy win. Many firms would be content to marry off the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers
> TURN TO TIME / PAGE 6
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