At its annual general meeting in Whistler, B.C. Monday the Investment Dealers Association bid farewell to outgoing chairman, Bill Packham of Merrill Lynch, and welcomed its new chairman, Terry Salman of Salman Partners.

In his speech to the meeting, Salman outlined his priorities as IDA chair for the coming year. They include tax and regulatory reform, moving to a risk-based system of financial compliance, and improving the IDA’s efficiency. “As chair, I intend to make it my priority to support efforts to strengthen and reinvigorate the small and mid-sized business sector in Canada,” he said.

On the regulatory front, Salman echoed IDA president and CEO, Joe Oliver, in calling for more efficient regulation. He noted his support for uniform rules, but said, “We need to move farther, faster to ensure a single voice and a single set of rules across Canada. We will continue to encourage politicians and securities commissions to ensure that this is not yet another failed attempt to pass such as Act.” Salman said that the IDA sees hopeful signs in the British Columbia Securities Commission concept paper, and the passport system recently proposed by the Quebec Liberal party.

Salman pledged to remember the needs of the small dealers, including creating a level playing field for capital raising, market making and liquidity for small companies. And, to try to deliver cost savings through the IDA. He noted that tomorrow’s regional dealer meeting will see the debut of two new insurance offerings, and one for telecom services.

Salman said that the industry must work to gain better access to U.S. markets, and to improve investor confidence. “I would note in this regard the need for the timely implementation of the Hagg Recommendations on conflicts of interest and the IDA’s proposed rules on analyst standards.”