Enhancing the professionalism of financial advisors in the best interests of the consumer

Regulatory Bulletins

Archived bulletins

2011 - 2012 Regulatory Bulletins

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Special bulletin - New evidence on the value of financial advice - October 2012
New independent research recently released by Professor Claude Montmarquette and Nathalie Viennot-Briot of the Montreal-based Centre for Interuniversity Research and Analysis on Organizations (CIRANO) offers the strongest evidence to date of the link between the presence of financial advice and the accumulation of financial wealth. Advocis and The Investment Funds Institute of Canada (IFIC), having had the opportunity to meet with Professor Montmarquette to examine the study in depth, are working together to create awareness of this landmark research within the investment funds community. Click here to read the bulletin.
Regulatory Alert For Advisors in British Columbia – September 26, 2012

Changes to Critical Illness and Disability Insurance, Life Insurance and Annuities took effect July 1, 2012

Bulletin #048-09/12 - September 26, 2012 [PDF - 94KB]
Regulatory Alert For Advisors in Alberta – September 26, 2012

Changes to Critical Illness and Disability Insurance, Life Insurance and Annuities took effect July 1, 2012

Bulletin #047-09/12 - September 26, 2012 [PDF - 98KB]
Manitoba Government Backs Down from Taxing Critical Illness and Disability Insurance – June 18, 2012

Advocis and the insurance industry have succeeded in averting the imposition of the Manitoba Retail Sales Tax (RST) on premiums for individual critical illness insurance (CI) and disability insurance (DI)

Bulletin #046-06/12 - June 18, 2012 [PDF - 69KB]
Supreme Court finds proposed national securities regulator scheme unconstitutional – December 2011

The Supreme Court of Canada ruled the proposed Canadian Securities Act is outside federal jurisdiction, but affirmed there's a potential role for the federal government in securities regulation. The significance? The door is left open to a "cooperative federalism" approach: the federal government can continue to work with willing provinces – who now know that the feds cannot simply take over securities regulation – to come to an agreement.

Bulletin #044-22/12 - December 22, 2011 [PDF - 87KB]

Minister Flaherty Prohibits Banks from Selling Annuity-Like Products – December 2011

On Friday, December 16, 2011, the Minister of Finance, the Honourable Jim Flaherty, announced the federal government would introduce legislation as soon as possible to prohibit banks from offering financial products that are structured in a manner similar to annuities. A copy of the release by the Department of Finance is available at http://www.fin.gc.ca/n11/11-139-eng.asp.

Bulletin #043-19/12 - December 19, 2011

Special Bulletin - 2011 Federal Election Campaign – April 2011

Your Political Candidate Needs to Know the Issues that Matter to Advisors
We Got The National Parties To Weigh In On Advocis Issues

When talking to your local political candidate during the current federal election campaign, it is important that you ensure he or she knows Advocis members want – and expect – any newly-elected government to support policies and legislation which will allow Canadian consumers to have ample and easy access to professional financial advice, and the opportunity to choose from a diverse range of financial service providers in the marketplace. Why is getting this message across so critical? Because the regulatory framework now emerging in Canada has the potential to seriously threaten our industry and even drive financial advisors out of the business.

Bulletin #041-04/11 - April 2011 [PDF - 102KB]

2011 Federal Election Campaign [PDF - 104KB]

Regulatory Bulletin for Ontario Members of Advocis – March 2011

New LIRD Form and Procedure as of April 1 in Ontario

Ontario has passed a new regulation which establishes the new Life Insurance Replacement Disclosure (LIRD) form and the process to be followed upon replacement of a life insurance contract. This change is effective April 1, 2011. Please note: the old forms must not be used after April 1.

Bulletin#40-03/11 – March 2011 [PDF - 83KB]

Regulatory Bulletin for Manitoba Members of Advocis – January, 2011

The Insurance Council of Manitoba Issues Guidance Notes To Licensees – Individual Variable Insurance Contracts

The Insurance Council of Manitoba (ICM) has issued Guidance Notes to advisors who sell Individual Variable Insurance Contracts (IVICs)—otherwise known as segregated funds. The Guidance Notes outline the basic information that must be considered prior to proceeding in an investment in segregated funds, along with the minimum documentation that should be kept in the client file.

Bulletin #039-01/11 – January 2011 [PDF - 84KB]