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 19, 2010: |
The Public Sector Accounting Standards Board (PSAB) has issued a third Re-exposure Draft (Re-ED) on Government Transfers that proposes changes from the 2009 Re-ED, particularly for capital transfers received. The Re-ED is intended to apply to all levels of government. Comments are requested by September 15, 2010.
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May 19, 2010: |
PSAB launches new e-newsletter PSAB Matters to keep interested parties informed of their latest decisions and discussions on projects, and provide you with a summary of important dates and news. The newsletter will be issued four times a year following each PSAB board meeting.
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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
May 18, 2010: |
The Securities and Exchange Commission (SEC) announced that in response to the market disruption of May 6,2010, the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposed rules under which they would pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. Initially, these new rules would be in effect on a pilot basis through Dec. 10, 2010. The SEC is seeking comment on the proposed rules. The SEC intends to promptly publish the proposed rules for a 10-day public comment period, and determine whether to approve them shortly thereafter.
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FINANCIAL INSTITUTION REGULATORY UPDATE
OSFI / CDIC / CPA / Western Provincial Regulators
May 21, 2010: |
The Office of the Superintendent of Financial Institutions (OSFI) posted Draft Guideline A4 – Capital Targets – Federally Regulated Insurance Companies which sets out OSFI’s expectations with respect to the setting of insurer specific capital targets for Federally Regulated Insurers (excluding Regulated Insurance Holding companies and Non-operating Insurance companies) and how those targets relate to the assessment of capital adequacy within the context of OSFI’s supervisory framework. Comments on the draft Guideline are to be received by August 31, 2010.
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May 18, 2010: |
OSFI is proposing changes to Section 2 of the Directives of the Superintendent issued on June 30, 1987. The proposed change sets out the frequency requirements for the preparation of actuarial reports referred to in subsection 12(3) of the PBSA and is made in conjunction with amendments to the Pension Benefits Standards Regulations (PBSR) pre-published on May 3, 2010.
Comments on the draft Directive are to be received by June 9, 2010.
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May 17, 2010: |
Credit Union Central of Canada (CUCC) consented to adopting the Federal Code of Conduct for the Debit and Credit Card Industry.
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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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