PowellDorian's Regulatory Recap
PowellDorian delivers leading corporate and regulatory compliance solutions to organizations within all industry sectors throughout Western Canada. To help you meet your corporate objectives and enhance and protect your stakeholder value, we closely follow and report out on regulatory activities for the industries we serve.
Here is your single source of this week's most significant regulatory news, to save you time and effort better spent focusing on your business.
ACCOUNTING AND TAXATION UPDATES
CICA / IASB
August 16, 2011 |
The Accounting Standards Board (AcSB) has released the August 2011 FYI Newsletter. The issue includes the message from the Chair and articles on other topics of interest to stakeholders. Read More » |
August 15, 2011 |
The Public Sector Accounting Board (PSAB) has issued an Exposure Draft proposing to make amendments to improve accounting standards for public sector entities. The comment deadline is October 28, 2011. Read More » |
Canada Revenue Agency (CRA) / Department of Finance
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August 18, 2011: |
The Minister of Finance (MoF) announced to the House of Commons Standing Committee on Finance that Canada is well positioned to face global economic challenges despite renewed uncertainty generated by concerns about the U.S. economic and fiscal situation and the continuing debt problems in Europe. Read More »
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August 18, 2011: |
The MoF announced the launch of Employment Insurance (EI) premium rate-setting consultations. The consultations will focus on how the EI rate-setting mechanism can be further improved to ensure more stable and predictable rates. Read More »
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August 17, 2011: |
The Government of Alberta released an article highlighting an improved forecast for revenue and lowered deficit, largely due to higher oil prices and near-record land sales. Read More »
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August 17, 2011: |
The Government of Alberta released its 2011-12 First Quarter Fiscal Update. Read More » |
August 16, 2011: |
The Department of Finance released for consultation draft legislative proposals to implement tax measures from Budget 2011, the Next Phase of Canada’s Economic Action Plan—A Low-Tax Plan for Jobs and Growth.
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PUBLIC COMPANY REGULATORY UPDATE
OSC / BCSC / ASC / SSC / MSC / CSA / SEC / TSX / CNSX
August 19, 2011: |
The Securities and Exchange Commission (SEC) issued a request for public input to assist in conducting a joint study on stable value contracts. Public comments must be received on or before 30 days after publication in the Federal Register.
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FINANCIAL INSTITUTION / PENSIONS REGULATORY UPDATE
OSFI / CDIC / CPA / Western Provincial Regulators
August 18, 2011: |
The Bank of Canada (BoC) released its Summer 2011 Review, Real-Financial Linkages. The issue examines the Bank's research using theoretical and empirical models to improve its understanding of the linkages between financial and macroeconomic developments in the wake of the recent global financial crisis.
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August 18, 2011: |
The Investment Industry Regulatory Organization of Canada (IIROC) released its Annual Report for 2010-11.
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August 17, 2011: |
The Office of the Superintendent of Financial Institutions of Canada (OSFI) issued an update to United Nations Al-Qaida and Taliban Regulations (UNAQTR) terrorist list. The United Nations Security Council (UNSC) announced that on August 15, 2011, the Taliban Sanctions Committee (the Committee) approved the addition of one individual to its Consolidated List of individuals and entities (the List).
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August 17, 2011: |
OSFI issued an advisory on Non Viability Contingent Capital. The advisory applies to federally regulated deposit-taking institutions (DTIs), and complements OSFI: Guideline A and A-1, Capital Adequacy Requirements (CAR) Banks /T&L/BHC, and Advisory: Treatment of Non-qualifying Capital February 2011.
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August 16, 2011: |
The Canadian Payments Association (CPA) posted a response to the discussion paper of the Task Force for the Payments System Review.
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August 15, 2011: |
OSFI issued a notice that on August 11 2011 the Governor in Council enacted the Regulations amending the Special Economic Measures (Syria) Regulations under the Special Economic Measures Act (SEMA).
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August 15, 2011: |
OSFI seeks input for revised versions of chapters 6 and 8 of Capital Adequacy Requirements Guideline A-1 and chapter 5 of Guideline A that have been updated to include changes set out in the BCBS guidance, Enhancements to the Basel II framework, Guideline for computing capital for incremental risk in the trading book, and Revisions to the Basel II market risk framework updated as of December 31, 2010. Deadline for comment is September 16, 2011.
Read More »
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CONSUMER PROTECTION / PRIVACY
FINTRAC / FCAC / Privacy Commissioner of Canada
No news to report this week. |
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About PowellDorian Services Inc. PowellDorian is a leading professional services firm based in Vancouver, providing all-inclusive regulatory compliance solutions to companies from a wide range of industries throughout Western Canada. Through our years of serving private and publicly traded small-to-medium size enterprises, start-ups, financial institutions, not-for-profit organizations, and crown corporations, PowellDorian has become the trusted choice to provide compliance related services.
Our team of professionals, including lawyers, accountants, internal auditors, risk management and business process experts, possess over 75 years of combined experience from a wide range of industries and help our clients achieve their corporate objectives. With our vast experience and in-depth knowledge related to general counsel services, internal auditing, risk management, corporate governance, financial reporting, NI 52-109 / SOX certification, and IFRS conversion, our clients are confident that we can help overcome any regulatory challenge at any stage of the business, on time and on budget.
How can we help you? Feel free to email us at info(at)powelldorian.com or contact us via phone at +1.778.588.7210 for more information.
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Brought to you by:
Lisa Dorian, CA.CIA, CPA(IL)
President, PowellDorian
Lisa Dorian, President of PowellDorian, has worked with private and public companies, not-for-profit organizations, all levels of government and also within the financial services industry, providing compliance and control services, including those related to internal audit, corporate governance, enterprise risk management and most recently IFRS implementation. Lisa has held many senior financial positions within the public and private sectors before moving into her current compliance related activities. A past president of Financial Executives International Canada’s Vancouver Chapter, Lisa is Vice Chair of the National Board of FEI Canada. She is also past chair of FEI Canada’s National Issues and Policy Advisory Committee's sub-committee on corporate governance and internal control, and continues to serve on this subcommittee.
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Brought to you by:
Lisa Dorian, CA.CIA, CPA(IL)
President, PowellDorian
Lisa Dorian, President of PowellDorian, has worked with private and public companies, not-for-profit organizations, all levels of government and also within the financial services industry, providing compliance and control services, including those related to internal audit, corporate governance, enterprise risk management and most recently IFRS implementation. Lisa has held many senior financial positions within the public and private sectors before moving into her current compliance related activities. A past president of Financial Executives International Canada’s Vancouver Chapter, Lisa is Vice Chair of the National Board of FEI Canada. She is also past chair of FEI Canada’s National Issues and Policy Advisory Committee's sub-committee on corporate governance and internal control, and continues to serve on this subcommittee.