Earlier this week, IIROC published the
results of a dealer survey on the use of business titles and
financial designations and provided draft guidance on the
According to IIROC, the results of the survey suggest that a
wide variety of business titles and financial designations are
currently used by licensed representatives within and across firms,
including many that do not provide a
"meaningful" description of the types of services or
products provided to clients. Meanwhile, only about 40% of
responding firms had specific written policies and procedures in
place respecting the use of titles and financial designations for
licensed representatives. That said, 87% of responding firms
did have a review and approval process for the use of such titles
The proposed guidance, meanwhile, communicates IIROC's
expectations that firms will implement policies and procedures on
business titles and the use of financial designations that will
"promote greater transparency" for clients. To increase
public understanding, IIROC suggests that business titles be
coupled with an explanation of an individual's
IIROC approval category and corresponding proficiencies. With
respect to the approval of financial designations,
IIROC states that a number of factors should be considered,
including whether the designation has a rigorous curriculum, a
continuing education requirement and a public disciplinary
IIROC is accepting comments on its draft guidance until
March 9, 2013. For more information, see IIROC Notice
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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