The Investment Funds Institute of Canada and Advocis will jointly present the Dealer-Advisor Forum on September 22 in Toronto.

“The Dealer-Advisor Forum provides insight on what the future is likely to look like. Subject matter experts from Canada, the United States and the United Kingdom will share their points of view on a wide array of topics including international developments, the future of self regulation, point of sale disclosure for mutual funds and segregated funds, incorporation of salespersons, registration reform and pension reform,” says Joanne de Laurentiis, President and CEO of The Investment Funds Institute of Canada.

This is the first time IFIC has partnered with Advocis, The Financial Advisors Association of Canada in offering an event such as this.

Andrew Strange from the Association of Independent Financial Advisers in the UK and David Tittsworth, from the Investment Adviser Association in the U.S. kick things off with a review of international developments in the regulation of advice in their respective countries.

IFIC notes the UK’s Financial Services Authority is considering some very significant regulatory reforms on retail distribution.

“It is interesting to note both the scope of the proposed changes and the incredibly wide array of products and services that will be affected by them. For example, the Authority is considering reforms relating to payment of commissions, required qualifications and professionalism and liability being switched to the individual, and away from the firm,” says Strange. “Attendees will leave the session with a fulsome appreciation for the weight of European regulation and its potential impact on the U.K. marketplace,” he adds.

Co-panelist Tittsworth’s remarks will zero in on regulatory reform that will dramatically affect the regulation of investment advice south of the border. He will discuss implications of the potential harmonization of the U.S. broker/dealer laws with the laws governing investment advisors, including whether the current fiduciary duty for investment advisors should be revised.

“I will also highlight some issues relating to whether there should be a self regulatory organization (or SRO) for U.S. investment advisors,” adds Tittsworth.

The Investment Adviser Association believes that the current framework, which is principles-based, with a single regulator (the Securities and Exchange Commission) is appropriate and effective. “We support giving the SEC adequate resources to do its job and oppose suggestions that broker-dealer rules should be applied to investment advisors,” he says.

IE