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Globe says IIROC pans bill to regulate advisers

2014-02-19 07:02 ET - In the News

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 sectors. 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. It 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 entrance requirements, training and ongoing continuing education."

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