Advocis Regulatory Affairs

Recent Results

Advocis Regulatory Affairs effectively represents advisors in several areas of legislation, regulation and litigation. Here are three prominent achievements and wins for advisors.

Supreme Court Sides with Advocis Position on Canadian Western Bank et al v. Alberta

On May 31, 2007, the Supreme Court of Canada dismissed an appeal by several banks and unanimously ruled that federally chartered banks must abide by provincial legislation for the sale of some types of insurance, including credit and mortgage insurance. Advocis argued before the Supreme Court in April 2006 for uniform standards of professional conduct among all who market insurance products – a landmark case and a key victory for advisors and consumers.

Link to document: Supreme Court of Canada judgment in the case of Canadian Western Bank et al. v. Alberta
Maintaining Current Regulations in the Bank Act

In November 2006, Stephen Harper’s Conservative government tabled legislation to “Strengthen Canada’s Financial System.” The legislation maintains the current regulations governing insurance marketing by the chartered banks – a vital safeguard for consumer protection and competition long supported by Advocis. In April 2006, Advocis released results from a national survey of Canadian consumers, which showed that Canadians want restrictions on bank distribution of insurance.
Links to documents:

Links to documents:
Canadians' Views of Banks and Life and Health Insurance [PDF - 470KB]
Canadians Say NO! [PDF - 308KB]
Small Business Owners' View of Banks and Life and Health Insurance [PDF - 152KB]
Advisor Concessions Under Do Not Call List Rules

Advocis worked diligently to communicate advisor concerns about the Canadian Radio-television and Telecommunications Commission (CRTC) Rules for a National Do Not Call List (DNCL). Concerned about the implications for advisors, Advocis was able to successfully secure several significant changes related to express consent, existing business relationships and acquiring new books of business. We pushed for these amendments and secured important concessions for advisors in July 2007, which directly benefits their right to practice on a level playing field.

Link to document: Telecom Decision CRTC 2007-48 – Unsolicited Telecommunications Rules framework and the National Do Not Call List

Advocis at the Table

Advocis has also worked on behalf of advisors in other key areas, which include:

Advisor incorporation in Manitoba. In October 2007, the Manitoba Securities Commission provided a registration exemption to permit a corporation to be established and controlled by a registered salesperson to receive payments of commission fees from the salesperson’s registered dealer. Advocis actively sought for the ability of advisors to incorporate.
Anti-money laundering guidelines. In August 2007, Advocis released a guide to advisor obligations under the sweeping changes to the federal government’s anti-money laundering and anti-terrorist financing regime. Advisors can also access a guide in the Advocis Best Practices Manual, as well as a continuing education eligible training module.
Newfoundland’s principles for the sale of insurance. Advocis worked closely with the government of Newfoundland and Labrador on a consumer protection document outlining principles for the sale of insurance that applies to all insurance agents as of July 1, 2007. In July, we released guidelines to assist members in adhering to these requirements.