As the financial services marketplace becomes more global, international standards-setting bodies are attempting to align rules and requirements across nations. While for the most part, countries may choose whether to conform, regulators around the world are under increasing pressure to adopt uniform rules.
Canada can pride itself on having one of the world’s most stringent regulatory regimes, one that is uniquely appropriate for our marketplace.
IFIC believes that domestic application of global standards must reflect and support local conditions.
At the same time, IFIC is increasingly engaging in issues arising from efforts by foreign governments to extend their extraterritorial reach. For example, U.S. tax initiatives such as the Foreign Account Tax Compliance Act (FATCA) and Passive Foreign Investment Company (PFIC) rules potentially harm the ability of American investment fund investors residing in Canada to save for their retirement by imposing onerous levels of taxation and creating substantial compliance costs for Canadian investment fund firms.
This issue of Advisor Insights focuses on regulatory developments in 16 countries and is based on a research report that was updated in May 2018. It summarizes report findings in a number of areas, including expanded disclosure, targeted reforms, best interest standard and embedded commissions and includes key points for advisors to discuss with clients.(May 31, 2018)
Joint Letter from 23 investment funds industry associations worldwide commenting on the second proposed framework from FSB and IOSCO for designating non-bank non-insurer entitites as global systemically important financial institutions(June 26, 2015)
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