Over the longer term, the 3-year strategic plan responds to the expectations of
key IIROC stakeholders – including its members, other
regulators, investors and employees. At the same time, the plan
addresses a number of key trends, including (among others) the
aging investor population, a shift among retail investors away from
ownership of individual securities (and toward ETFs and other
pooled products) as well as technological change that is affecting
both the business models of IIROC members and the types of
expertise that IIROC requires to be an effective regulator. Also
emphasized in the plan is a trend toward improved co-ordination
among IIROC and other regulators.
As described in the plan, IIROC's specific goals for the
next 3-year period include:
Expanding trading conduct compliance reviews to all trading
activity of all dealer members;
Real-time and post-trade surveillance of cross-product,
cross-asset and cross-dealer activity;
Achieving the legal authority to improve its fine collection
Expanding the statutory immunities of IIROC and IIROC
Developing a broader range of disciplinary tools to ensure a
fair and proportionate response to wrongdoing;
More effective consultation and proactive education on rules
and compliance standards;
Opening up IIROC's Market Trade Reporting System (MTRS)
data on corporate debt trading to the general public;
Reducing regulatory arbitrage opportunities;
Requiring dealers to disclose that they are IIROC members and
to hand out IIROC brochures, link to IIROC dealer directories and
disciplinary records, etc.; and
Improving IIROC's technology in order to keep up with
regulatory changes as they occur.
The above are only some of the highlights: additional
information on these and other IIROC strategic proposals may be
found in Notice 16-0109.
The second notice, concerning IIROC's
immediate priorities for the current fiscal year (ending March
2017), refers to about 40 initiatives, from roundtable discussions
with small-cap issuers about market structure issues to surveying
dealers on cybersecurity preparedness to issuing special guidance
aimed at seniors and completing a technology proof of concept for a
"shareable trade data repository for our regulatory
partners". These priorities are set out in Notice 16-0110,
together with target dates.
Consistently with IIROC's strategy of "communicating
concisely and in plain language", these two short and
easy-to-read documents offer IIROC stakeholders many valuable
insights into how the organization sees its mandate unfolding over
the near and medium terms.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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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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