IDA spends it's credibility, changes its name to IIROC

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Postby Guest » Tue Jun 28, 2005 10:34 pm

Self regulation is a privilege, not a right. SROs are delegated regulatory functions by the Administrators, adn SRO by-laws and rules are designed to uphold the principles of securities legislation. The commissions monitor the conduct of the SROs as the SROs carry out this regulatory function, and review the rules of the SROs in the province to ensure that the SRO rules do not conflict with securities legislation and are in the public interest.

SRO rules must set a standard equal to or higher than those imposed by the provinces.

the IDA has lost the right to act for canadians, and the respect of my opinion

Now they appear in the news starting to change thier tune lately, after the damage they have done is becoming public.

Postby admin » Mon Jun 27, 2005 6:45 pm

Once again the IDA proves (to me) that it is the Fox in charge of the henhouse by the type of people they stock this panel with.

"The task force will be composed of securities-law and corporate-governance experts, industry participants and senior corporate officers. It will have between eight and 10 members when it begins its work in the fall." (from the above national post article)

The IDA is for Investment dealers, funded by investment dealers, and totally unqualified to be allowed any regulatory role whatsoever in the Canadian Investment Industry. They are not doing the job as promised and should be held accountable at some point for the misrepresentation they practice.
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Postby Guest » Mon Jun 27, 2005 6:29 pm

IDA panel to probe securities rules
$7-million in funding: Independent task force won't address national regulator

Wojtek Dabrowski
Financial Post

June 27, 2005

BANFF, Alta. - A task force of legal, investment and corporate experts will undertake a sweeping review of securities regulation in Canada to determine how best to modernize current rules, the Investment Dealers Association will announce today.

With $7-million in funding from the IDA, the panel will look at issues such as enforcement, investor protection and the regulatory burden faced by market participants. Although it is being funded and established by the IDA, the task force will act independently.

"I don't think that regulation has kept up with capital-markets developments and the needs of individual investors," IDA president Joe Oliver said in an interview yesterday.

He will officially announce the initiative at the IDA's annual conference in Banff today.

The task force will be composed of securities-law and corporate-governance experts, industry participants and senior corporate officers. It will have between eight and 10 members when it begins its work in the fall.

Among them will be Jacques Menard, the chairman of BMO Nesbitt Burns Inc., and John Coffee Jr., a law professor and governance expert at Columbia University Law School. Jill Denham, former retail markets head at the Canadian Imperial Bank of Commerce, and Robert Pritchard, CEO of Calgary-based Taylor Gas Liquids Ltd., will also be members.

The group's mandate will set it apart from most other groups looking at securities regulation in the country, Mr. Oliver said. That's because the panel will remain "neutral" on the contentious idea of replacing Canada's patchwork system of 13 securities regulators with a single body, he said.

The task force will report its findings and any recommendations by September, 2006, and plans to consult with any interested parties.

It will examine a broad spectrum of the contents of Canadian regulation, from prospectus filing requirements to whether hedge funds should have to register with securities regulators.

The IDA last month produced a report on hedge funds, which called for greater transparency and closer scrutiny of the asset class. The report came in the wake of the high-profile collapse of Portus Alternative Asset Management Inc., a Toronto hedge fund firm that sold its product to as many as 26,000 retail investors.

In looking at prospectus requirements, the panel wants to see whether an overhaul is necessary, Mr. Oliver said.

"Is the current prospectus useful or is it obsolete?" Mr. Oliver asked. "People tend, we hear, not to read prospectuses and when they try to, they often find them impenetrable."

The group will also examine how enforcement of securities laws and regulations can be improved in Canada. Everyone from business executives to retail investors has criticized the way white-collar wrongdoers are pursued in Canada.

Last month, Dominic D'Alessandro, Manulife Financial Corp.'s chief executive, said securities regulators would be more effective if they had "teeth" with which to pursue "bad apples" rapidly.

While the task force's mandate will be to look at modernizing Canadian securities regulation, it will look south of the border and to Europe for comparisons.

Postby admin » Tue Jun 21, 2005 12:52 pm

Joe Oliver,
President, IDA
"The IDA is Canada's only national entity with delegated responsibility for securities regulation and investor protection." - Joe Oliver
Evidence given before the
Senate Standing Committee
Banking, Trade and Commerce
02 November 1998

6 YEARS LATER (almost to the day)
Paul Bourque
SVP Regulation, IDA
"First, let's get the facts straight. The only legislative power the provincial governments "delegate" to the IDA is registration of brokers -- and even that is only delegated in B.C., Alberta and Ontario. The provincial governments do not "delegate" securities industry compliance and enforcement." - Paul Bourque
Penalties needed
03 November 2004

Given that the IDA appears to not even be clear on what they are, what they do, and what legislation they are are we to believe that the law is being followed when the Alberta Securities Commision (or Ontario, or others) reduce their own workload by referring all related complaints to the IDA.

The chickens (clients) are complaining of abuse in the henhouse, and their complaints are all referred to the Fox's Association (IDA). The ASC/OSC/BCSC is in the job of doing..............what again? Protecting the public, or protecting their incomes? Shame on them for looking the other way and not saying the truth.

Thanks to for the research and site on the web for canadian investment industry practices
Last edited by admin on Wed Dec 14, 2005 1:49 pm, edited 1 time in total.
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IDA spends it's credibility, changes its name to IIROC

Postby admin » Tue Jun 21, 2005 12:49 pm

1. Would you send an abused child to see the North American Man Boy Love Association with his complaint?

2. Would you send an elderly investment client who suffered financial abuse by an IDA firm to see the Investment Dealers Associaiton?

(hint, the answer to number one should be obvious)
(the answer to number two is one of Canada's greatest public embarrasements)

To allow either of these organizations to pursue their own private and self serving agendas is unfortunate. To allow the IDA to do so, while misleading the public they are objective and imparital judges is simply criminal.


(admin adds Jan 2006, that the IDA, if it has in any way misrepresented it's dual role to the public, could find it's officers guilty of section 122 criminal code provisions titled Breach of Trust)

If the provincial securites regulators state that they delegate all IDA matters (complaints) to the IDA, and the IDA does not appear to have statuatory authority to enforce the securities act.........who is misinformed here?

Is the IDA allowed to enforce the Securities Act? Or as one senior IDA compliance officer has stated publicy, that about the only thing provincial securities commissions have delegated to the IDA is registration of salespeople?

Can anyone shed light on the legality of this, because all the provincial securities commissions seem to be well able to pass the buck to the IDA, but not very well able to prove this is the right and proper legal road to have travelled down. (ASC unwilling even to submit to proper provincial audit as required by law......are they the right people to serve us) (sorry, another forum, I know)
Last edited by admin on Tue Sep 09, 2008 9:27 am, edited 5 times in total.
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