Chapter 1 Regulatory Environment Flashcards
What is referred to as a securities commission
Provincial and Territorial level
CSA meaning
Canadian securities administration
MFDA meaning
Mutual Fund Dealers Association
What does OBSI stand for
Ombudsman of Banking Services and Investments
IIROC meaning
Investment Industry Regulatory Organization of Canada
What does OSFI stand for
Office of the Superintendent of Financial Institutions of Canada
What does the Securities Regulator generally have a mandate to :
1) protect investors from unfair, improper and fraud practices
2) promote fair and efficient capital market
3) promote confidence in the capital markets
4) reduce systemic risk
Responsibilities of a Securities Regulator
- establish strict standards
- review and approve mutual fund
- register the companies and individuals who sell securities
- enforcing securities regulations governing the buying or selling of securities
- investigating complaints
- disciplining companies or individuals found NOT following regulations
Responsibilities of a dealing representative
Register with securities regulators and adhere to the rules
Policy-making body composed of members from each securities regulators
Canadian securities administrators
Self regulatory organization for the distribution side of the Canadian mutual funds industry
Mutual Fund Dealers Association
Am independent and impartial organization intended to resolve disputes between participating banking services and investments firms and their clients
Ombudsman for banking services and investments
Provided recommendations to settle claims up to $350,000
OBSI
What is not considered a regulatory body
OBSI
The national self-regulatory organization for investment dealers
IIROC- Investment Industry Regulatory Organization of Canada
Primary Supervisor and Regulator of :
insurance companies; federally regulated deposit- taking institutions; federally regulated private pension plans
Office of the Superintendent of Financial Institutions Canada ( OSFI )
Sets its own standards for registration and has the power to grant and revoke registration - protect investors for unfair, improper or fraudulent practices, promote fair and efficient capital markets
Ontario Securities Commission
The securities regulator in Quebec
AMF- autorite des marches fianceiers
Self-regulatory organization for Quebec representatives dealing in investment fund not under IIROC
Chamber de la Securite financiers
Registration requirements and exemptions
NI 31-103
Mutual Fund Prospectus Disclosure
NI 81-101
Mutual Funds
NI 81-102
Mutual Fund Sales Preactices
NI 81-105
Harmonized rules for the registration of firm & individuals with the provincial or territorial securities commissions
Registration Requirements & Exemption (NI 31-103)
Mutual Funds disclosure
NI 81-101
Regulates how securities are managed brought and sold
Mutual Funds
PCMLTFA- act to combat the laundering of proceeds of crime
Proceeds of Crime (money laundering) and terrorist financing act
FINTRAC- Canada’s Financial Intelligence Unit
Financial Transactions and Reports Analysis Centre of Canada
Law that improses obligations on federal government departments and agencies to respect privacy rights
Privacy Act
PIPEDA- Canada sprig ate sector privacy law
Personal Information Protection and Electronic Documents Act
DNCL - National registry of people who don’t wish to receive unsolicited telecommunication
Do Not Call List
As a dealing rep you have four key areas of responsibility under PCMLTFA
1) reporting to FINTRAC
2) keeping records
3) confirm your clients ID
4) identifying politically exposed foreign persons
Meaning of CASL
Canadian anti-spam legislation also called spam
