Enhancing the professionalism of financial advisors in the best interests of the consumer
Legal, Regulatory and Policy Committee
Chair Robert McCullagh, CFP, CLU, CH.F.C.,CHS
Members Curtis Findlay, CFP, FLMI
John Dean, CFP, CLU, CH.F.C.
Joseph Ruddell, CLU, CH.F.C.
Kris Birchard, CFP, CLU, CH.F.C.
Mildred Davis, CFP, CLU, CHS, TEP

TERMS OF REFERENCE FOR THE TFAAC LEGAL, REGULATORY & POLICY (LRP) COMMITTEE

Mandate 

The purpose and operations of the TFAAC LRP Committee are subject to the TFAAC Board policy “Statement of Committee Governance”. The LRP Committee (hereinafter “the Committee”) shall:

  • Maintain confidentiality, as outlined in the TFAAC Board Confidentiality Agreement.
  • Develop, implement and manage emerging and existing policy issues of direct relevance to TFAAC/Advocis members, with particular reference to and within the parameters of the Guiding Principles for Setting Regulatory Affairs and Policy Priorities.
  • Make recommendations to the TFAAC Board on such policy initiatives having broad implications for the membership and/or the industry.

Responsibilities

  • Design and implement plans to achieve the Committee’s objectives by (a) coordinating the development of industry positions; (b) initiating and conducting analysis and advocacy research as required; and (c) developing and implementing an advocacy program, which includes contributing to the development and implementation of  government relations policies on behalf of Advocis; 
  • Lead the Association in establishing itself as a key stakeholder in the financial services sector on issues that constitute key advocacy and policy priorities for the Committee and the Association;
  • Establish, co-ordinate, and maintain direct oversight responsibility for task forces, and sub-committees of the TFAAC LRP Committee;
  • Promote member awareness of emerging regulatory issues and provide support to and coordination with other business units, including those units having responsibility for the Best Practices Manual, Continuing Education, and APA;
  • Carry out the Committee’s mandate in the interests of the TFAAC Board;
  • Report regularly to the TFAAC Board; and
  • Review, annually, the Terms of Reference and forward same to the Governance Committee.

Composition 

  • The Committee will be composed of a minimum of six members in good standing.
  • Appointment shall be by the TFAAC Board based on recommendation from the current LRP Committee
  • The Committee Chair shall be appointed by the TFAAC Board based on recommendation from the current LRP Committee
    • The Chair shall be appointed by the TFAAC Board for a term of one (1) year and shall oversee the ongoing operations of the Committee with support from Advocis staff;
  • The Chair shall recommend a Vice Chair to assist in the operation of the Committee to be approved by the TFAAC Board;
  • The Vice Chair shall be selected from the members of the LRP Committee;
  • A member of the TFAAC Board shall be appointed to act as Board Liaison to the LRP Committee.

Term of Membership 

  • One year term. 

Quorum 

  • A minimum of five (5) members present in person or by phone, at regularly scheduled Committee meetings.
  • Decisions may be taken by consensus vote as described above, in addition to during teleconference and in person meetings, by electronic means, which shall include electronic-mail and faxes.

Process 

  • By consensus whenever possible 
  • Any questions shall be referred to Robert’s Rules of Order
  • Committee Chair to receive information, agenda and minutes in advance for approval  
  • Agenda and meeting material to be distributed in advance to Committee members within a reasonable period
  • Chair shall NOT have a vote
  • Any tie will give the Chair a casting vote 
  • 48 hours notice is required for special meetings
  • Committee business to remain with the Committee until it is agreed to communicate this business beyond the Committee.

Technical Advisors 

  • Where necessary in the opinion of the LRP Committee
  • Technical advisors may sit through one or more meetings.

Meetings 

  • As the Committee determines
  • A minimum of four (4) meetings per year, either in person or by teleconference
  • Absence of three (3) meetings, member’s commitment is to be reviewed.

Amendment to Terms of Reference 

  • Only with approval of the TFAAC Board.