The Globe and Mail reports in its Wednesday edition that Ontario Liberal MPP Rick Bartolucci
tabled legislation Tuesday to create a new
regulator to license financial advisers
in the province. The Globe's Janet McFarland writes that Mr. Bartolucci says the move
will ensure there are consistent
standards across all investment
He argues the present
"mishmash" of licensing rules
has too many gaps.
He says, "The current system includes a
series of disconnected rules that
evolved over time and fall under
various government ministries."
As a private member's bill, the
legislation faces an uphill battle
to be adopted because it is was
not tabled as government legislation.
The proposed bill would create
a new agency
with powers to investigate
complaints and level penalties on
those who act improperly.
would also create proficiency
standards. The Investment Industry Association
of Canada, an industry
group representing brokerage
firms, says its member
employees already have stringent
proficiency requirements as
members of the Investment
Industry Regulatory Organization
of Canada, including "rigorous
training and ongoing continuing
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