In Canada, regulation of the securities industry is carried out by provincial securities commissions and self-regulatory organizations, which include the Investment Dealers Association of Canada. Each province has government bodies i.e.securities commissions or administrators that oversee a provincial securities Act. This Act is a set of laws and regulations which outlines what participants in the market can do. The securities commissions delegate certain aspects of securities regulation to the :
Useful Tools:
Stock Ticker TSX Group
Live stock market tape runs javascript that delivers continuous and instantaneous market information right on your computer's desktop. Build your own customized Stock Ticker by selecting your preferred indices and stocks below.
TSX Group
TSX Group is a cornerstone of the Canadian financial system and is at the centre of Canada's equity capital market. TSX Group owns and operates Canada's two national stock exchanges – Toronto Stock Exchange serving the senior equity market, and TSX Venture Exchange serving the public venture equity market.
Canadian Council of Insurance Regulators (CCIR)
The Canadian Council of Insurance Regulators (CCIR) is an inter-jurisdictional association of regulators of insurance. Its mandate is to facilitate and promote an effective regulatory system in Canada to serve the public interest. CCIR works cooperatively with other financial services regulators to enhance consumer protection and to develop and harmonize insurance policy and regulation across jurisdictions. Need to know how to get licensed in Canada?
Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national trade association of non-government property and casualty (P&C) insurers, the private companies that insure the cars, homes and businesses of Canadians. Member insurance companies provide about 90% of the home, car and business insurance sold in Canada. Associate membership in IBC is available to other industry stakeholders. Need more info?
Canadian Life and Health Insurance Association (CLHIA)
The Canadian Life and Health Insurance Association (CLHIA), established in 1894, is a voluntary trade association that represents the collective interests of its member life and health insurers. The Association's membership accounts for 99 per cent of the life and health insurance in force in Canada and administers about two-thirds of Canada's pension plans.
The Office of the Superintendent of Financial Institutions (OSFI)
The Office of the Superintendent of Financial Institutions (OSFI) was created to contribute to public confidence in the Canadian financial system. OSFI supervised institutions and pension plans to determine whether they are in sound financial condition and meeting minimum plan funding requirements respectively, and are complying with their governing law and supervisory requirements. Need Financial Data On Life Insurance Companies in Canada?
The Investment Dealers Association of Canada-IDA
Question: How do I become registered to trade in securities?
Answer: Individuals wishing to become registered should contact the Registration Department at their Firms. Also, prior to becoming registered with an IDA Member Firm, an applicant must have completed the Canadian Securities Course within the past 3 years, and the Conducts and Practices Handbook Course within the past 2 years.
90 Day Training
Upon commencement of employment with an IDA member firm the applicant will undergo a training period, during which time they may not deal with clients. The training period is 90 days for Registered Representatives-RR and 30 days for Investment Representatives-IR. (Registered Representative has full registration to deal with the public and can advise on trades. An IR cannot advise on trades although he/she can take unsolicited client orders.)
PFP or IMT with first 30 months
After being registered as a RR, an applicant must complete the CSI’s Professional Financial Planning Course ("PFP") or Investment Management Techniques Course ("IMT") within 30 months of initial registration.
Question: Are Certified Financial Planners and Registered Financial Planners required to do the Professional Financial Planning Course or the Investment Management Techniques Course within 30 months of first being approved as a registered representative?
Answer: The IDA’s Education and Proficiency Committee is in agreement that the Certified Financial Planners designation demonstrated equivalency to the PFP for the purposes of the 30-month post-licensing requirement outlined in Policy 6, Part I, A, 3 (c). As a result, individuals who have completed the CFP exam and received the designation may apply for an exemption from the requirement to complete the 30-month post-licensing requirement. The Professional Financial Planning Course or the Investment Management Techniques Course is still required because the courses contain information that is not covered by the Registered Financial Planners courses. For more information, Go To: www.ida.ca
Do not forget Continuing Education
The CE Program operates on three-year cycles. All CE registrants are on the same schedule: the first cycle began on January 1, 2000 .
Filing a Complaint with IDA of Canada
The IDA is committed to the protection of investors in the Canadian marketplace. The IDA provides an effective system of resources dedicated to investor protection and the fair resolution of disputes.
The IDA has established services to assist investors who are Seeking Compensation:
All IDA Member firms also participate in the Canadian Investor Protection Fund, which provides 1 million dollars of coverage against losses due to an investment dealer firm’s insolvency.
If you believe you have been subject to unfair or improper business conduct by your investment professional, you should complain to the investment dealer firm promptly in writing. First, communicate your concerns in writing to your branch manager or firm’s compliance department and keep records of all communication.
Note: Recommending unsuitable investments, performing transactions without client approval or encouraging an excessive number of transactions are all examples of improper practices that can warrant a complaint to the IDA. For more information, please see Complaints in the Enforcement section.
Filing a Complaint: You Have Options:
The IDA toll-free telephone service to answer any questions you may have about filing a complaint:
Call the Information-Complaint Line at 1 877-442-4322