Originally published in Blakes Bulletin on Financial
Services/Securities Regulation, February 2010
This bulletin will be of interest to federally regulated
financial institutions (FRFIs) and investment firms that are
participating firms in the Ombudsman for Banking Services and
Investments (OBSI) (Participating Firms). This bulletin will also
be of interest to investment firms that are members of the
Investment Industry Regulatory Organization of Canada (IIROC) and
the Mutual Fund Dealers Association of Canada (MFDA) (Member
OBSI is an independent body that investigates complaints about
products and services provided by financial institutions and
investment firms. Its objective is to provide impartial resolution
of complaints. Membership in OBSI is voluntary.
REVISED TERMS OF REFERENCE AND NEW COMPLAINT RULES
On January 27, 2010, OBSI announced the implementation of its
Revised Terms of Reference effective February 1, 2010. OBSI's
Revised Terms of Reference were approved by OBSI's board on
October 27, 2008; however, the implementation was delayed to
coincide with the implementation of new complainthandling rules in
the securities industry (New Complaint Rules). Amendments to
IIROC's Dealer Member Rules 19, 37 and 2500 (to view, click
here) and amendments to MFDA Policy No. 3 (to view, click here) are
also effective February 1, 2010.
The Revised Terms of Reference describe OBSI's principal
powers and duties, the scope of its mandate, its process for
receiving, investigating and seeking a resolution of a complaint
and the duties of Participating Firms. For a summary of the
amendments, see our April 2009
Blakes Bulletin on Financial Services: Financial Institutions
Regulatory Update (http://tinyurl.com/yebuv9p ). To see
the Revised Terms of Reference, click here (http://tinyurl.com/ydb9bmm ).
While membership in OBSI is voluntary, Participating Firms are
required to comply with their obligations as set out in the Revised
Terms of Reference. All Member Firms (regardless of whether they
are also Participating Firms) are required to comply with the New
The new complaint-handling procedures and enhanced disclosures
required by the new rules described above will impose additional
requirements and specific timeframes within which Participating
Firms and Member Firms will be required to process their
complaints. We recommend that Participating Firms and Member Firms
review their complaint-handling procedures and their correspondence
with complainants to ensure compliance.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Please join members of the Blakes Commercial Real Estate group as they discuss five key provisions of a commercial real estate purchase agreement that are often the subject of much negotiation but are sometimes misunderstood.
Emotional culture is influenced in great part by the mindset and actions of leadership, although employees also play more of a role than they may realize in creating the culture that exists in the group.
The session will be led by Dr. Robert Brooks, an award-winning author and psychologist. In his presentation, Dr. Brooks will describe the mindset and realistic practices of leaders and staff that help to nurture and sustain a culture characterized by positive emotions, satisfying, respectful relationships, a sense of meaning and ownership for one’s work, and enhanced job performance. Examples will be offered to illustrate strategies for developing a positive emotional culture in an organization.
Join leading lawyers from the Blakes Pensions, Benefits & Executive Compensation group as they discuss recent updates and legal developments in pension and employee benefits law as well as strategies to identify and minimize common risks.
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).