Agenda
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7:30 AMRegistration and Breakfast
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8:15 AMOpening Comment from Chair
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8:30 AMProvincial Regulators PanelCurrent Regulatory Issues – Increase Your Understanding of Regulatory Requirements to Build an Effective Compliance ProgramDavid Linder Q.C., ICD.DExecutive Director, Alberta Securities Commission (ASC)Frédéric PérodeauSuperintendent, Client Services and Distribution Oversight, Autorité des marchés financiersJason AlcornSenior Legal Counsel, Securities, New Brunswick’s Financial and Consumer Services Commission (FCNB)
Senior and experienced representatives from Canada’s regulators discuss their policy objectives and regulatory expectations in depth. Post your questions in advance to clarify staff notices, ask what will be coming in the near future and enhance your compliance strategies. Source exclusive insights to:
- Comply with new regulations and meet expectations
- Determine what will be new for 2019, and the timeline for new requirements
- Align your compliance strategy to meet regulators’ objectives
Clarify the expectations of provincial regulators to improve your compliance.
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David Linder Q.C., ICD.DExecutive Director, Alberta Securities Commission (ASC) -
Frédéric PérodeauSuperintendent, Client Services and Distribution Oversight, Autorité des marchés financiers -
Jason AlcornSenior Legal Counsel, Securities, New Brunswick’s Financial and Consumer Services Commission (FCNB)
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9:15 AMPanelClient-Focused Reforms: Gain Clarity to Facilitate Your Implementation of the Proposed ChangesDenise T. CarsonChief Compliance Officer, BMO InvestorLine Inc.Matthew Onyeaju, FRM, CAMSVice President & Chief Compliance Officer, IPC Investment CorporationMartin NigroCCO / AVP Regulatory Compliance, Asset Management, HSBC Global Asset Management (Canada) Limited
The Canadian Securities Administrators (CSA) proposed amendments to address key investor protection concerns with respect to the relationship between clients and securities advisers, dealers and representatives with a focus on clients' best interests. The Proposed Amendments are expected to impose additional compliance obligations. This session will explore these amendments and their impact on you.
- Suitability, know your client ("KYC") and know your product (“KYP")
- Conflicts of interest (including referral arrangements); and disclosure to clients
- New training obligation for registrant firms
- New books and records and policies and procedures requirements
- New restrictions on referral arrangements
Source expert insights on the impact of client-focused reforms to your firm.
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10:15 AMMid-morning Networking Break
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11:30 AMFuture of Embedded Commissions: Mutual Fund Sales PracticesWilliam DoneganChief Compliance Officer - Advisory Services, Manulife FinancialMinal UpadhyayaVice President, Policy & General Counsel , The Investment Funds Institute of Canada (IFIC)
The Canadian Securities Administrators has proposed changes that would prohibit certain embedded commissions paid to dealers in a bid to address investor protection concerns. This includes banning investment fund managers from paying up-front sales commissions to dealers. This session will examine the impact of the implementation of the CSA's policy response to the investor protection and market efficiency issues arising from the prevailing practice of investment fund managers remunerating dealers and their representatives for mutual fund sales through commissions, including sales and trailing commissions.
- Ban on trailing commissions to certain dealers who do not make a suitability determination: such as those that only offer trade
execution - Eliminating a compensation conflict inherent in the deferred sales charge option (fee to be paid by the investor if the
investment is redeemed prior to a set amount of time) - Conflict of interest issues
Stay on top of the latest proposals and impact on industry.
- Ban on trailing commissions to certain dealers who do not make a suitability determination: such as those that only offer trade
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12:15 PMNetworking Lunch
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1:30 PMOSCWhistleblowers: Improve Your Internal Controls to Identify and Address Any Securities Misconduct ProactivelyChristine TabbertDeputy Director, Operations, Enforcement Division, Ontario Securities CommissionDena StaikosManager in the Compliance and Registrant Regulation Branch (CRR), Ontario Securities Commission
The OSC’s Whistleblower Program, the first paid program of its kind for a Canadian securities regulator, provides whistleblowers an outlet to report securities misconduct and offers a financial award of up to $5 million. The program is an opportunity for registrants to review and enhance their internal compliance and reporting mechanisms and to foster a culture that encourages the internal reporting of misconduct. The session will cover:
- An overview of the OSC’s Whistleblower Program and recent developments
- Legislative amendments which bolster anti-reprisal protections, and their implications for registrants q
- Results of OSC’s 2018 review of registered firms for compliance with the anti-reprisal provisions in the Securities Act (Ontario)
- Key whistleblowing considerations for registrants
Don’t miss key insights and the chance for Q&A with OSC.
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2:15 PMFuture of Advice: Regulating the Delivery of AdviceMarsha GerhartVP Member Regulation Policy, Investment Industry Regulatory Organization of CanadaAlana DubinskiVP & Chief Compliance Officer, Hewitt Investment Management Inc.Michael HolderChief Compliance Officer and Associate General Counsel, Wealthsimple
The financial services sector has increasingly witnessed the introduction of innovative technologies to increase choice, improve convenience and lower prices for consumers and businesses. However, there is a fragmented regulatory structure around digital advice. Strengthen your ability to offer advice while navigating the stringent compliance minefield. Develop clarity on the role of automation and more:
- Calls for stricter regulations for financial planners: increased oversight of qualifications and training
- Impact on operations and IT and implications for legal and compliance
- Future regulatory direction
Get ahead of the curve and remain compliant with latest developments in advising rules.
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3:45 PMRegTech Compliance Solutions: Opportunities to Streamline and Reduce Your Regulatory BurdenAnne SonnenSVP & Chief Compliance Officer, Great-West Lifeco Inc
In an increasingly regulated financial landscape, many firms are turning to RegTech to reduce the risk of noncompliance. From identity management and control, to transaction monitoring and risk management, take a deep dive into the latest innovative solutions developed to streamline your compliance efforts:
- Determining the readiness for regtech solutions
- Seeking compliance in the cloud; cyber and data security
- Automating your compliance program: key tools
Explore ways that RegTech can help redefine the future of regulatory compliance in the financial sector.
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4:30 PMConference Adjourns to Day Two & Executive Evening Reception
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7:30 AMRegistration and Breakfast
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8:15 AMOpening Comment from Chair
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8:30 AMU.S. Regulatory Trends: Stay up-to-Date with U.S. Regulatory Changes to Enhance your ComplianceJonathan MoncrieffManaging Director and Head of U.S. Wealth Management Compliance and Volcker Rule Compliance , BMO Financial Group
Regulatory reforms in the US provide hints on the direction that Canada might take. Grasp the big picture to anticipate the next challenges for your compliance program. Take away practical tips to:
- Analyze what are driving reforms abroad
- Anticipate how changes in the US will impact your firm
- Adjust your operations to disclosure requirements
Tune in global regulatory trends to strengthen your compliance program.
- Track A
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9:00 AMInvestment Funds & Portfolio ManagersInya IvkovicVice President, Compliance, State Street Global Advisors, Ltd. (Canada)
As ethics and compliance become more and more important, you must analyze strategies to solve your compliance concerns. Brainstorm new solutions with your peers that will help your organization get ahead. Take back your strategies on:
- Risk management
- Fiduciary duty
- Mutual fund fees and compensation structures
- Representative accreditation
- Outside business activities
- Compliance challenges
- Dispute resolution
- Outsourcing processes
- Advising vulnerable customers
Source specialized information most critical to your role.
Track B-
9:00 AMExempt Market DealersJessica MitchellChief Compliance Officer, Tri View Capital Ltd.Brian Koscak, B.A.(Hon.), M.A., CIP, LL.B, J.D., LL.MPresident, General Counsel and Chief Compliance Officer , Pinnacle Wealth Brokers Inc.
As the exempt market continues to evolve, creating many challenges associated with compliance, exempt advisers and dealers must stay on top of their existing compliance and reporting obligations and keep informed of potential changes in the regulatory landscape. Key elements of the exempt market regime have recently been amended and regulators are paying closer attention to whether certain prospectus and/or registration exemptions were used appropriately. Hear the latest developments impacting exempt market dealers:
- Capital raising and prospectus exemptions and the regulatory oversight of the private capital markets
- Proper reports of exempt distribution
- AML and privacy legislation issues
- Select KYC issues
- Issues of importance when selling to seniors
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11:00 AMMorning Break
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11:30 AMStrategies to Prepare and Manage Increasingly Complex Audits: Create an Action Plan to Excel in Your Next AuditCathy Lin, Esq.Chief Compliance Officer, Burgundy Asset Management Ltd.
The downside of an audit can be huge. There’s more to it than having just complied. In this interactive session, you will work with your peers to improve your strategies to survive and succeed in an audit. Achieve a step-by-step action plan to:
• Understand what the regulators say and respond to what they are looking for
• Refine how you approach enquiries and requests for records
• Implement best practices from your peers for managing the audit processDevelop a model to help your organization plan for its next audit.
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12:00 PMNetworking Lunch
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1:00 PMChief Compliance Officer PanelBuilding a Sustainable Regulatory Compliance Management Framework: Creating a Compliant CultureScott SeligDeputy CCO, Canada Compliance, Capital OneWaqas Rana, MBA, CPA, CMAVice President & Chief Compliance Officer, The Co-operators Group Limited
Reevaluating your compliance programs is necessary for the common deficiencies found by regulators. Risk management and cultivating a compliant culture are integral components of any compliance program. This session will help you to develop your strategy to stay ahead of regulatory changes.
- Lean into the role of training and education; buy-in; culture
- Address commons gaps in compliance programs and controls; reporting
- Cultivate and utilize your resource base to anticipate regulatory changes
Excel in developing and implementing your risk management program.
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2:00 PMImprove your Company Processes for Seniors’ Advice and Stay CompliantKelley HofferVice President, Regulatory Compliance, RBC
With an aging population, regulators regularly express their concerns about protecting seniors, recognizing that the financial lives of older Canadians have grown increasingly complex relative to previous generations. Enhance your strategy to:
- Target common pitfalls when ensuring suitable advice
- Refine your list of retirement securities
- Train your advisors to deliver suitable advice to your senior investor
Enhance the protection of your vulnerable investors to exemplify excellence in compliance.
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2:45 PMAfternoon Break
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3:15 PMCybersecurity: Safeguarding Your Clients’ Data and Staying GDPR CompliantAlejandro Cuartas-VilladaCompliance Manager , Nest Wealth
Cybersecurity has become an increasingly important part of registrants’ internal controls. There is increasingly a need for proactive strategies to protect your customers and reputation by complying with regulations to minimize the risk of a data breach, Denial of Service attack or ransomeware threat.
- Grasp the most pressing issues that could affect your organization
- Look for compliance requirements and learn from SEC fines
- Overview and breach notification
- Stay up to date with new threats; have a plan to reduce potential attacks
- Assess your vulnerabilities; increase your use of encryption
- Implications of GDPR outside the EU
Advance your protective measures to avoid a data breach.
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4:00 PMOpen Banking: Preparing for Regulatory ResponseShawn L. GrahamDeputy General Counsel I Retail Banking & Wealth Management Legal Department, HSBC Bank Canada
Open banking, the concept that would allow customers to share data held by their banks with third parties, such as other financial institutions or fintech companies in order to combine it with data from other sources to yield new benefits to those customers, is gaining traction around the world. But are Canadian FIs ready for it? Explore the concept and the compliance implications:
- Understand the fundamental paradigm shift for financial institutions needed
- Regulatory intervention required by Open Banking
- Developments from around the world to facilitate open banking: GDPR (privacy and control rights) and PSD2 (bank data access rights)
Anticipate and prepare for Open Banking and the Canadian regulatory response.
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4:45 PMConference Adjourns
