Ending caveat emptor: CSA adopts client-focused reforms

first_img NASAA approves model act for establishing restitution funds Keywords Client-focused reforms,  Investor protectionCompanies Canadian Securities Administrators, Mutual Fund Dealers Association, Autorité des marchés financiers, Investment Industry Regulatory Organization of Canada James Langton Securities regulators are introducing fundamental reforms that — at their heart — aim to improve client-advisor relationships by ensuring that clients’ interests come first.The Canadian Securities Administrators (CSA) on Thursday published a revised version of their client-focused reforms that, pending ministerial approval, would come into force by the end of the year. Firms will have a couple of years to come into full compliance with the requirements. usiness team in a meeting looking at a sheet of paper imagesbavaria/123RF Related news Retail trading surge on regulators’ radar, Vingoe says Facebook LinkedIn Twitter Among other things, the rules would explicitly require firms to resolve material conflicts of interest in the best interest of their clients, and to put their clients’ interests first when determining suitability.“These reforms are based on the fundamental concept that clients’ interests come first in their dealings with firms and individuals that are registered to give investment advice and trade in securities,” the CSA said.Additionally, the reforms aim to codify certain best practices when it comes to know-your-client (KYC) and know-your-product (KYP) obligations, as well as client disclosure.“The reforms are expected to increase investor confidence in the industry by better aligning industry conduct with investors’ expectations,” the regulators said.“Taken together, these changes mean better protection for retail investors across Canada, and a high and uniform standard of conduct for all registrants. Both investors and the industry as a whole will benefit from these new requirements,” said Louis Morisset, chair of the CSA and president and CEO of the Autorité des marchés financiers (AMF), in a statement.For dealers that belong to self-regulatory organizations, such as investment dealers and fund dealers, the SROs will be proposing their own reforms to adhere to the CSA’s proposed new requirements, enabling the regulators to exempt SRO dealers from the CSA’s rules — as happened when implementing the client relationship model (CRM) reforms.In a statement, the Investment Industry Regulatory Organization of Canada (IIROC) confirmed that it will revise its rules to “ensure alignment” with the CSA’s proposals, “without creating unnecessary duplication or regulatory burden.”IIROC also said it plans to have its amendments in force to meet the CSA’s planned transition period.The CSA’s reforms would come into force throughout the country on Dec. 31 of this year, although actual compliance would be subject to a phased transition period.The reforms relating to conflicts of interest and relationship disclosure would take effect at the end of 2020; the other changes would take effect by the end of 2021.The CSA first published the proposals back in June 2018. After undergoing an extensive comment process, they have been significantly revised to reflect the feedback regulators received in an effort to find the proper balance between dealing with the regulators’ investor protection concerns without adding excessive compliance costs on the industry.Some of the major changes to the CSA’s original proposals include scrapping prescriptive restrictions on referral arrangements, adding a “materiality” qualifier to the conflict of interest provisions, and providing scope in the rules and guidance for firms to scale the reforms to their specific businesses.The CSA says the changes are designed to “provide flexibility for registrants to comply with their obligations in a way that reflects their business models and their clients’ needs and objectives.”The regulators also say that they will be establishing an implementation committee to help guide the industry in implementing the changes. Share this article and your comments with peers on social media OSC finalizes DSC banlast_img read more

Female physicians/nurses and Covid-19: Need to raise the bar to bring equity at ground level

first_imgI have close female relatives who are doctors/nurses and young mothers. Emphasising the segregation thus is important because it spells out the different roles that they are required to be performed. It is unfortunate that the present Covid crisis overlooks that.There has been big talk about the gendered impact of Covid-19 but hardly any affirmative action has been taken to mitigate the same, in respect of our precious health care providers.These warriors do not reach home to find hot meals ready to be served to them. Most of them have to first prepare those meals upon reaching home, deliberately sidelining their mental and physical fatigue over family well-being.In the case of female doctors and nurses on the frontlines of the battle against coronavirus, they do not return home to comfort or get comforted by their children and family. They reach a sanitised facility away from their nest. Housing the doctors serving in Delhi government’s Lok Nayak Hospital and GB Pant Hospital on Covid-19 duty in Hotel Lalit, to contain the spread, is a thoughtful initiative–but does not take into account for gender-related challenges. For instance, what about the household of a female doctor, what about her children, their meals, homework?Likewise, it is understandable that the leave of all kinds stands cancelled. No one is asking for those either. Freebies, special relaxations and sympathetic accommodation for female physicians is not the idea that the author is trying to generate here. One has to scratch the surface a bit to realise that the hardships faced and the unequal effect that Covid-19 generates on physicians who are females and mothers, is unequally distributed and totally skewed.With domestic help not being available, (or not advisable) and with child-care facilities shut because of social distancing and lockdown, it is inevitable (particularly in the Indian socio-cultural scenario) that the responsibility of doing most of the babysitting, homework support, cooking, laundry, and grocery shopping, etc fall on females when compared to their spouses or partners.How then can the female medical staff be kept on the field, doing their duty without being onerously burdened in mind, body and spirit? Of course, a more equitable distribution of the above-mentioned work among physician-mothers and their spouses/partners/family members might bring in a respite but for that expectation to manifest, it requires a massive and immediate behavioural shift, which might be desirable but is utopic (or bookish at any rate).The government has come up with an insurance scheme for health workers fighting the novel coronavirus. A sum of Rs 50 lakh per person would be given to any healthcare worker who gets infected while working on the frontlines. All this is again good but does not give the female physicians any breathing space at the ground level.One needs to think more creatively to provide better support to women medical staff on duty — compensatory leave once the crisis is over might work for some. A few other reliefs may translate intoa) on-site childcare by creating a no-risk quarantined makeshift facility, for those who are not treating patients but are nonetheless required to report to duty to provide fringe supportb) periodic delivery of grocery/bakery to their residence to ease their burden of household choresc) providing free online home-work support for the children of female staff on duty to keep them gainfully occupiedd) creating an enabling environment for them to connect online with their families for a specified duration every day might have a very positive impact on their overall wellbeing.Conclusion: Agreed that men also can have difficulty balancing their careers with parenthood. However, societal expectations and the Indian socio-cultural conditioning that compel women alone to typically perform certain chores or duties at home, causes an uneven division of domestic labour. This impacts women and mothers more than their counterparts. And if this woman and mother is a doctor/nurse as well, one can understand the mind-boggling multiplication of responsibilities that would unfold for her.In the present Indian situation, this is a fundamental truth that needs to be recognised. Only then would any government be able to suitably incentivize their continued work in this war-like situation. After all, even the Constitution guaranteed equality gives one the freedom to treat ‘unequals’ differently!last_img read more

Falken Expands Management Team

first_imgFalken Tire Corp. has made several changes to its senior management team. Fumikazu Yamashita was promoted to vice president of technical services. Yamashita has been with Falken’s parent company, Sumitomo Rubber Industries (SRI), for more than 30 years. In his new position, he will be responsible for technical services and quality assurance testing, product development and OE technical services, Falken said.AdvertisementClick Here to Read MoreAdvertisementThe tiremaker also promoted Keiji Mimaki to director of product planning. In his new position, Mimaki will focus on developing new products for North America.Shinjiro Yamazaki was named the new director of OE sales. Yamazaki joins Falken after 14 years at SRI. In his new role, Yamazaki will be responsible for expanding Falken Tire sales to OE manufacturers and he will help establish a new OE sales office in Detroit.Falken also has hired a new director of human resources, Chris Roberts. Roberts has more than 20 years of human resources experience and she will be responsible for human resources, safety and facilities operations. John Battaglia Joins The Power Stop Sales Team,This “Data Did You Know” item comes from Babcox Media Audience Insights Manager Bruce Kratofil:AdvertisementClick Here to Read MoreAdvertisement From Tire Review PPG Reports Record Fourth Quarter, Full-Year Net Sales and Adjusted Earnings Tenneco Showcases Lightweight Technologies For Emission Control Systems See Also: Auto and light truck sales continued their rebound in September, when sales were 16.34 million at a seasonally adjusted annual rate. That compares to last September, when they were 17.08 million, and this April when they were 8.71 million. At least for now, the sales rebound has compressed into a couple of months what took a couple of years after the 2008-‘09 recession.  NASTF Board Elects New Members The data is from the US Bureau of Economic Analysis, via the Federal Reserve Bank of St. Louis.last_img read more

New doubts over human rights law reform

first_imgA draft British bill of rights prepared by the former justice secretary Michael Gove has been rejected by the prime minister, a newspaper reported this morning – prompting speculation that the long-promised reform could be abandoned.According to The Times, Theresa May (pictured) has asked Gove’s successor Liz Truss to look again at the plans.The Gazette understands that the draft bill, which was promised in the 2015 Conservative manifesto, had been due for publication following the EU referendum. But the paper reports today that May is unhappy with some of the draft bill’s proposals, in particular that the UK should remain signed up to the European Convention on Human Rights.In a speech in April, May questioned the value of remaining a signatory, saying that: ‘The ECHR can bind the hands of parliament, adds nothing to our prosperity, makes us less secure by preventing the deportation of dangerous foreign nationals – and does nothing to change the attitudes of governments like Russia’s when it comes to human rights.’The newspaper quotes a Whitehall source as saying: ‘The bill is ready but my hunch is that she [the prime minister] might junk it. I think the priority for the justice department will be prison reform and she won’t want another fight with the Scottish government.’I don’t think the will is there to drive it through.’A Ministry of Justice spokesperson said: ‘We will set out our proposals for a bill of rights in due course. We will consult fully on our proposals.’last_img read more