PowellDorian's Regulatory Recap
PowellDorian Services Inc. delivers leading corporate and regulatory compliance solutions to organizations within all industry sectors throughout Western Canada. Our range of services are suited to small-to-medium size enterprises - from the entrepreneur who wants to take the business to the next level, to financial institutions, not-for-profit organizations and crown corporations looking to maximize stakeholder value.
Here is your single source of the week's most significant regulatory news, to save you time and effort better spent focusing on your business.
ACCOUNTING AND TAXATION UPDATES
CICA / IASB
June 10, 2010: |
The Canadian Institute of Chartered Accountants (CICA) posted The CICA’s Guide to Accounting Standards for Private Enterprises in Canada on its website and available for free download. The guide provides a comparison of new accounting standards for private enterprises (Part II of the revised CICA Handbook — Accounting) to the XFI version (found in Part V of the CICA Handbook — Accounting).
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June 7, 2010: |
The Accounting Standards Board of Canada (AcSB) published the June, 2010 edition of the FYI newsletter which outlines the activities of the AcSB for the quarter.
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Canada Revenue Agency (CRA)
No news to report this week. |
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PUBLIC COMPANY REGULATORY UPDATE
OSC / CSA / SEC / TSX
June 11, 2010: |
The BC Securities Commission (BCSC) has published a new policy publication: 55-312 Insider Reporting Guidelines for Certain Derivative Transactions (Equity Monetization) (REVISED) [CSA Staff Notice].
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June 11, 2010: |
BCSC has published a new policy publication: 55-316 Questions and answers on Insider Reporting and the System for Electronic Disclosure by Insiders (SEDI) [CSA Staff Notice].
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June 10, 2010: |
The Securities and Exchange Commission (SEC) approved Stock-by-Stock Circuit Breaker rules that will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules, which were proposed by the national securities exchanges and FINRA and published for public comment, come in response to the market disruption of May 6, 2010. The SEC anticipates that the exchanges and FINRA will begin implementing the newly-adopted rules immediately.
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June 10, 2010: |
BCSC panel rejected a joint submission from the Mutual Fund Dealers Association of Canada, Partners in Planning Financial Service Ltd. and the BCSC executive director to discontinue a hearing about the governance practices of the MFDA, citing a section of the Act providing for general reviews of self regulatory organizations like the MFDA.
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June 10, 2010: |
BCSC panels have reciprocated enforcement orders against 18 persons sanctioned by securities commissions in Alberta, Manitoba and Ontario.
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FINANCIAL INSTITUTION REGULATORY UPDATE
OSFI / CDIC / CPA / Western Provincial Regulators
June 9, 2010: |
The Financial Institution Commission of BC (FICOM) posted MB 10-005 Co-Brokering: Requirement For Both Mortgage Brokers In A Co-Brokering Arrangement To Be Registered. Mortgage brokers and submortgage brokers must ensure that they do not co-broker a mortgage transaction with a person in British Columbia who is not registered under the Mortgage Brokers Act, or with a person in another jurisdiction, who is not licensed or registered as a mortgage broker in that other jurisdiction.
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June 7, 2010: |
The Office of the Superintendent of Financial Institutions (OSFI) published a notice advising that in a press release dated June 4, 2010, the United Nations Security Council (UNSC) announced that the Al-Qaida and Taliban Sanctions Committee approved the removal of one individual from its Consolidated List of individuals and entities.
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June 7, 2010: |
OSFI has released the Spring 2010 edition of its newsletter, which is designed to provide stakeholders with a reminder of the latest guidelines, notices, public statements, and other pertinent information released by the Office.
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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, serving all of Western Canada. We are an all-inclusive cost-effective corporate and regulatory compliance solution for companies. Our team of professionals include lawyers, accountants, internal audit, risk management and business process experts who possess over 75 years of combined experience from a wide range of industries. We are here to help overcome your regulatory challenges so you can focus on what you do best.
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.