IC/PM referral agreements in focus at compliance forum

first_img Rapport Credit Union partners with Wealthsimple Investment Counsel/Portfolio Manager (IC/PM) referral agreements will likely pose reporting challenges for fund dealers as the make up of such agreements evolve, according to panelists at the Association of Canadian Compliance Professionals (ACCP) 13th Annual Compliance Forum on Monday. IC/PM referral agreements are likely to become more complicated for dealers as more financial planners decide to forgo licensing with a regulator, panelists said. “We are seeing kind of the advent of the non-regulated entity,” said Francis D’Andrade, vice president, HAHN Investment Stewards & Co. Inc., who spoke as part of a panel at the Toronto event. D’Andrade gave the example of one financial planning firm that his company deals with where the principles, who provide tax, retirement income and estate planning advice, have all given up their mutual fund licenses. “This is now on the radar of the CSA [Canadian Securities Association],” said D’Andrade, “so it’s going to get some attention.” Fellow panelist, Karen McGuinness, senior vice president, member regulation, compliance, Mutual Fund Dealers Association of Canada (MFDA), said the movement of some registered individuals into non-registered roles has not gone unnoticed by regulators. “Obviously as a regulator this causes us concern,” said McGuinness, “because we wonder how different are the activities that you’re preforming now that you’re unregistered then when you were registered.” As such, McGuiness said referral arrangements with former registrants could become particularly difficult for dealers. Just as who fund dealers make referral arrangements with changes so to will the agreements themselves. “I suspect that that type of activity will continue to increase although I’m not sure it will be through a referral structure,” said McGuinness. Instead, McGuiness said many dealers are considering moving portfolio managed solutions into their own operations. However, due to the new client relationship model (CRM) requirements those agreements will not likely to resemble a referral structure. Agora partners with Pascal Financial Related news Share this article and your comments with peers on social mediacenter_img Insights from an audit of a referral business Keywords Mutual fund dealers,  Referral relationships Fiona Collie Facebook LinkedIn Twitterlast_img read more

Council could require permits for large adult groups using Santa Monica beaches

first_imgHomeFeaturedCouncil could require permits for large adult groups using Santa Monica beaches Dec. 17, 2018 at 5:00 amFeaturedNewsCouncil could require permits for large adult groups using Santa Monica beacheseditor2 years agoNewsSanta Monica Council will debate a set of changes to rules for local beaches and the regulation of some community events. Some of the updates are administrative in nature and cover small bookkeeping issues. For example, existing beach codes were established before the City took control of the Annenberg Beach House and the facility is currently excluded from relevant sections of the city code. Staff are asking for the property to be brought under the control of the relevant codes governing beaches and park property.  A second revision will explicitly allow staff to ban individuals from the city’s aquatic facilities. Current rules allow for issuing an administrative citation and staff can suspend an organization’s use permit but suspending use for an individual is not explicitly part of the code. The suspension would mirror those applied to the library allowing the individual to appeal the suspension and limiting the timeframe to one year maximum. Under existing rules, group activities (defined as less than 20 people) for individuals under the age of 18 require a permit on local beaches. Staff are asking the permit process be expanded to cover groups of adults. “Over the past several years, the City has seen an increase in organized adult groups of more than 20 entering the water for ocean swims and training,” said the report. “These groups include swim clubs, school teams and other swim training organizations. The unregulated organized group swim activity has caused use conflicts, overcrowding, and potentially unsafe conditions.”Staff said requiring a permit will allow lifeguards to better plan for everyone’s safety. “With the increase in adult-organized groups of 20 or more persons entering the water, staff is proposing expanding Code 4.55.210 to cover all organized groups, regardless of age,” said the staff report. “Such groups that visit the beach and enter the water would be required to acquire a City permit. Issuing permits for all groups when more than 20 persons enter the water will assist Los Angeles County Lifeguards in managing the water and ensuring adequate lifeguard coverage.”The final revision will allow vending during community events in residential neighborhoods. The change would allow activities like hosting a food truck during a block party.“Currently no vending is allowed on a closed street at a neighborhood street event or residential block party,” said the staff report. “Changing this policy to allow for vending or commercial activity on closed street events may offer benefits such as promoting and encouraging cultural enrichment, economic sustainability and vitality, and the enhancement of community identity. Additionally, neighborhood-serving businesses will have a better opportunity to engage with area residents. Neighborhood groups may be more apt to take part in a neighborhood block party as revenue from vendors (i.e. food trucks) may help cover the costs of producing the event.”Council will meet on Tuesday, Dec. 18 in City Hall, 1685 Main Street. Closed session begins at 5:30 p.m. and open session will not begin before 6:30 [email protected] :NewsSanta Monicashare on Facebookshare on Twitteradd a commentSMMUSD considers foregoing Head Start in favor of district preschool modelAllen bill tries to streamline affordable housing constructionYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall9 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor19 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press19 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press19 hours agoNewsCouncil picks new City ManagerBrennon Dixson19 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter19 hours agolast_img read more