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 regulatory activities in all 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
July 22, 2010: |
The Public Sector Accounting Board (PSAB) has issued its 2009-10 annual report providing the results of its activities and performance during the year, including standards development, strategic planning, stakeholder outreach and more.
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Canada Revenue Agency (CRA)
No news to report this week. |
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PUBLIC COMPANY REGULATORY UPDATE
OSC / BCSC / ASC / SSC / MSC / CSA / SEC / TSX
July 23, 2010: |
The Canadian Securities Administrators (CSA) published Staff Notice 52-326 IFRS Transition Disclosure Review, showing an improvement in the quality of disclosure by reporting issuers on their upcoming transition to International Financial Reporting Standards (IFRS), as provided in their 2009 annual Management’s Discussion & Analysis (MD&A). The purpose of the Notice is to summarize the results of the review and provide further guidance for reporting issuers preparing MD&A disclosure.
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July 21, 2010: |
The Securities and Exchange Commission’s (SEC) is proposing a new rule and rule amendments that would replace rule 12b-1 under the Investment Company Act which is aimed to improve the regulation of mutual fund distribution fees and provide better disclosure for investors. The SEC's proposal would protect investors by limiting fund sales charges; improve transparency of fees for investors; encourage retail price competition; and revise fund director oversight duties. Deadline for public comment is 90-days after the SEC's proposal is published in the Federal Register.
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July 21, 2010: |
The SEC voted to adopt changes to the principal disclosure document that SEC-registered investment advisers must provide to their clients and prospective clients. The changes are designed to provide clients with greater information about the individuals who will provide them with investment advice.
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FINANCIAL INSTITUTION REGULATORY UPDATE
OSFI / CDIC / CPA / Western Provincial Regulators
July 21, 2010: |
The Office of the Superintendent of Financial Institutions (OSFI) published a notice indicating that in a press release dated July 20, 2010, the United Nations Security Council (UNSC) announced that the Al-Qaida and Taliban Sanctions Committee approved the addition of four individuals to its Consolidated List of individuals and entities. In a previous press release dated July 15, 2010, the UNSC announced that the Al-Qaida and Taliban Sanctions Committee approved the removal of two individuals and one entity from its Consolidated List of individuals and entities. The tables posted on the OSFI Web site have been updated to incorporate the amendments, which have been bolded for ease of reference.
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CONSUMER PROTECTION / PRIVACY
FINTRAC / FCAC
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 a member of FEI Canada’s National Board and is also a member of FEI’s National Issues and Policy Advisory Committee, chairing the sub-committee on corporate governance and internal control.
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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 a member of FEI Canada’s National Board and is also a member of FEI’s National Issues and Policy Advisory Committee, chairing the sub-committee on corporate governance and internal control.