Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
The umbrella organization for Canada's securities regulators says it plans to merge the regulatory bodies that oversee investment dealers and mutual fund dealers into one new organization, a move praised by both watchdog groups.
The Canadian Securities Administrators, which represents provincial and territorial securities commissions, said Tuesday the new self-regulatory organization would combine the functions of the Investment Industry Regulatory Organization of Canada (IIROC) with the Mutual Fund Dealers Association of Canada (MFDA).
The roles of both regulatory bodies have increasingly overlapped in recent years, prompting calls to review the regulatory framework.
IIROC president and CEO Andrew J. Kriegler said the new organization is important for the financial future of Canadians.
The new pan-Canadian organization will "better protect investors, increase access to advice, and support innovation," he said in a statement.
MFDA president and CEO Mark Gordon said the new organization's clear public interest focus will strengthen public confidence while maintaining the advantages of the self-regulatory model.
"The CSA's decision will benefit all stakeholders by enhancing investor protection and creating significant efficiencies for industry participants," he said in a statement.
Last August, IIROC said a study conducted by Deloitte LLP showed that a consolidation of the two regulators could result in savings of up to nearly $500 million for the financial services industry over a decade.
The CSA said the new organization will harmonize IIROC and MFDA rules where appropriate and streamline complaint processes.
The umbrella group for Canada's securities regulators also said it will combine two existing investor protection funds -- the Canadian Investor Protection Fund and the MFDA Investor Protection Corporation -- into an integrated fund independent of the new organization.
The new self-regulatory framework is the result of extensive research, consultation and analysis, said Louis Morisset, CSA chair and president and CEO of the Autorite des marches financiers.
The organization is "designed to protect Canadian investors and enhance public confidence, accommodate innovation, ensure fair and efficient market operations and navigate continually evolving industry conditions," he said in a statement.
The next step is to create an integrated working committee to determine the appropriate corporate structure of the new self-regulatory organization, the CSA said.
The new organization will include "governance enhancements" such as ensuring that the majority of board members and its chair are independent to reinforce its public interest commitment, it said.
It will also be required to create an investor advisory panel and solicit CSA comment and input on its annual priorities, business plan and budget, the CSA said.
"The CSA recognizes the high level of skill, dedication and experience that staff from IIROC, MFDA and the existing investor protection funds have consistently brought to their work," Morisset said.
"The combined forces of these teams will be critical during the creation of the new self-regulatory organization and investor protection fund, and will be crucial to their future success."
This report by The Canadian Press was first published Aug. 3, 2021
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.