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
May 11, 2010: |
The International Accounting Standards Board (IASB) published an exposure draft with proposed changes to the fair value option (FVO) for financial liabilities. This proposal follows work already completed on the classification and measurement of financial assets (IFRS 9 Financial Instruments) with the aim to ensure that changes in the credit risk of liabilities that an entity chooses to measure at fair value will not cause volatility in profit or loss. Deadline for comments is July 16, 2010.
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Canada Revenue Agency (CRA)
No news to report this week. |
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PUBLIC COMPANY REGULATORY UPDATE
OSC / BCSC / CSA / SEC / TSX
No news to report this week. |
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FINANCIAL INSTITUTION REGULATORY UPDATE
OSFI / CDIC / CPA / Western Provincial Regulators
May 12, 2010: |
The Office of the Superintendent of Financial Institutions (OSFI) published a notice advising that in a press release dated May 11, 2010, the United Nations Security Council (UNSC) announced that the Al-Qaida and Taliban Sanctions Committee approved the addition of two individuals to its Consolidated List of individuals and entities and amendments to the identifying information related to two other individuals on the List.
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May 12, 2010: |
The Financial Institutions Commission of BC (FICOM) published a bulletin reminding British Columbia provincially regulated insurance companies of potential interest rate risks in the existing volatile financial markets and its impact to their investment assets.
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May 10, 2010: |
The Financial Services Commission of Saskatchewan published that on September 1, 2010 The Saskatchewan Insurance Amendment Regulations, 2010, will come into effect. The new regulations allow specified business entities to be licensed to sell certain insurance types through unlicensed employees. The new licensing model is based on Alberta’s restricted licensing regime. The Specification of the Superintendent of Insurance identifies the types of business entities that will be eligible for restricted licensing along with the types of insurance that each business entity type will be eligible to sell under a restricted licence.
For the Superintendent’s Specifications:
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For the amendments to the regulations:
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For the stakeholder notification:
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May 7, 2010: |
FICOM published a notice regarding the confirmation of identification required for criminal record checks relevant to the Mortgage Brokers Act.
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May 4, 2010: |
The Canadian Association of Pension Supervisory Authorities (CAPSA) published a draft Guideline on Fund Holder Arrangements which builds on CAPSA Guideline No. 4: Pension Plan Governance Guidelines and Self-Assessment Questionnaire. This guideline is relevant to pension plans of all types and sizes, in all jurisdictions of Canada, with their fund holder arrangements. The guideline is intended to promote compliance and consistency in establishing and maintaining pension plan fund holder arrangements. Deadline for comment is July 30, 2010.
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CONSUMER PROTECTION / PRIVACY
FINTRAC / FCAC
Apr 16, 2010: |
The Honourable Jim Flaherty, Minister of Finance, released a Code of Conduct for the Credit and Debit Card Industry in Canada, which promotes fair business practices and ensures that merchants and consumers understand the costs and benefits associated with credit and debit cards.
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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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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.