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

Regulatory Alerts

Canadian Federal Budget Bulletin
The 2012 Canadian Federal Budget was released yesterday, and while we will continue to review and analyze the contents and implications for financial advisors, the following update provides highlights on matters that will be of particular interest to Advocis members.

Bulletin #045-03/12 March 30, 2012 [PDF - 63KB]

Online training for Ontario advisors on accessibility for persons with disabilities

The Accessibility for Ontarians with Disabilities Act, 2005 (AODA) requires all employees of organizations with more than 20 employees to complete training by December 31, 2011, on how to help ensure that persons with disabilities can access services.

Bulletin #042-12/11 December 2011 [PDF - 100KB]

Emerging Regulatory Issue – #2

Update on Tax Status of Financial Services under GST Legislation

Advocis continues to seek clarification and confirmation that those services typically provided by financial advisors which traditionally have been considered exempt supplies of "financial services" under the Excise Tax Act will continue to be considered "financial services" and therefore exempt from the GST/HST.

Bulletin #034-07 -10 - July 2010 [PDF - 48KB]

Tax Status of Financial Services to Change under GST Legislation

Impact on Advisors and Consumers as Commissions to be Taxable

On February 11, 2010, the Canada Revenue Agency (CRA) issued GST/HST Notice No.250 which effectively changes the tax status of some financial services under the Excise Tax Act from exempt status to fully taxable. A number of services including investment management services" are excluded from the definition of financial service and are therefore taxable.

Bulletin #032-03/10 - March 2010 [PDF - 59KB]

Proposed Legislation For Unsolicited Commercial Electronic Messages (Anti-Spam Law)

New Electronic Commerce Protection Act Will Have Serious Impact on Advisors

The federal government this past April introduced long-awaited legislation to deal with various forms of spam, including unsolicited commercial electronic messages. Advocis has been monitoring this issue closely, since the proposed legislation will have some serious impacts on the way advisors do business.

Bulletin #028-7/09 - July 2009 [PDF - 73KB]

Credit Unions in Alberta Seeking Expanded Powers to Sell Insurance in Branches

We have learned recently that the credit unions in Alberta are actively seeking expanded powers to sell insurance directly from their branches. This is also occurring in other provinces such as Newfoundland and Labrador and Saskatchewan. We have provided our views regarding any possible legislative change to allow credit unions to sell and market life and health insurance directly through their branches to the Government of Alberta.

Bulletin #023-11/08 - November 6, 2008 [PDF - 56KB]

Review of Newfoundland and Labrador's Credit Union Act

Credit Unions Seeking Expanded Powers to Sell Insurance in Branches.

As part of the review of the Credit Union Act, the Department of Government Services was requested by the credit unions to consider an amendment that would allow credit unions to sell life insurance products (but not property and casualty insurance products) in their branches.

Bulletin #022-10/08 - October 6, 2008 [PDF - 56KB]

National Do Not Call List Commences September 30, 2008

New Rules for Unsolicited Telemarketing Calls and a National Do Not Call List Regulatory Guide to Advisor Obligations

This bulletin provides background information on recent changes to the Telecommunications Act and the introduction of the CRTC's Unsolicited Telecommunications Rules and the establishment of the National Do Not Call List (DNCL).

Bulletin #020-08/08 - August 2008 [PDF - 77KB]

New Anti-Money Laundering and Anti-Terrorist Financing Regulations – Regulatory guide to advisor obligations

This bulletin provides background information on the recent sweeping changes to the federal government's anti-money laundering and anti-terrorist financing regime, and a guide to Advocis resources in the Best Practices Manual as well as a continuing education eligible training module to assist advisors in adhering to these mandatory regulatory requirements.

Bulletin #013-08/07 – August 2007 [PDF - 330KB]

Adhering to the Newfoundland and Labrador Principles for the Sale of Insurance – A Consumer Protection Document

As of July 1, 2007 insurance agents in Newfoundland and Labrador will be required to provide clients with a copy of the Consumer Protection Document – Principles for the Sale of Insurance on delivery of the policy contract and with any renewal of a policy or with a cancellation notice. In addition agents must provide insurance clients with the information outlined in the document. This bulletin provides guidelines to assist members in adhering to these requirements.

Bulletin #012-07/07 – July 10, 2007 [PDF - 226KB]