My Blog List

Wednesday, 14 June 2017

Taxing TFSAs That Carry on a Securities Trading Business

This is a reminder to portfolio managers that they should be aware of the CRA criteria for “Carrying on a Business” when trading in a personal TFSA account. CRA announced on Monday that they have just recently reassessed more than $75 million in additional taxes resulting from audits of TFSAs.

More information can be found in this article.

Monday, 12 June 2017

Effective Oversight of Service Providers - OSC

On June 12 the OSC presented a webinar for investment fund managers covering their responsibility to oversee third party service providers. It included areas such as fund accounting, trust accounting, recordkeeping, compliance consulting, portfolio management and other services to the funds.

The presentation material includes sufficient details so it can be referenced by those who did not attend. It can be viewed here

Friday, 9 June 2017

Think clearly before responding to compliance inquiries – Bessner

This is the final column in a three-part series on being prepared and cautious when faced with a potential compliance breach. This column looks at the importance of providing thoughtful, written responses when being investigated for a compliance breach.

The complete article can be found at this link.

The second article in the series “How to prepare for an investigation interview” is saved here.

Finally the first article “Be prepared when compliance or regulators come a knocking” can be viewed at this link.

What Customers Want in the Digital Age - PWC

This PWC article summarizes surprises identified from their 2017 Digital Banking Consumer Survey completed in the US. For a PM or Introducing Broker in Canada this study will provide some insight as to the rapid changing consumer behaviours. This can be used as a reference for developing strategy in your business over the next 5 years.

Please refer to this link for the complete article.

Thursday, 8 June 2017

Audit Report Changes for NI81-102 Investment Funds – CSA

The CSA issued a notice on June 8, 2017 to announce that they expect reports issued by the auditors of NI81-102 Investment Funds dated on or after June 30, 2017 to comply with Canadian GAAS instead of the Form Contained in NI 81-102. This will include pooled funds as well.

The actual staff notice can be found here.

Friday, 2 June 2017

CSA Sweep Uncovers Small Firm Business Continuity Plan Deficiencies – Stikeman Elliott

The Canadian Securities Administrators (CSA) recently released the results of a compliance review focused on sole proprietorships and other firms with just one registered individual. The sweep examined the policies and practices of 65 small firms, including investment fund managers, portfolio managers and exempt market dealers. The CSA also provides some tips and advice for firms in this situation.

The full article is available here.

Thursday, 1 June 2017

Investor Economics Insight May 2017

The May issue of Insight looks at recent trends in provincial mutual fund sales and asset growth, with an emphasis on the first quarter of 2017. The Trendlines article examines the contribution of market effect and inflows to the asset base in recent times.

The complete issue can be viewed here.