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Lecture 13

INFO 16029 Lecture Notes - Lecture 13: National Do Not Call Registry, Personal Information Protection And Electronic Documents Act, Canadian Imperial Bank Of CommercePremium

7 pages119 viewsFall 2017

Department
Faculty of Applied Science & Technology
Course Code
INFO 16029
Professor
Boom
Lecture
13

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Week 13 Finance
April 10 2017
Note takers: Monique and Andrea
Part 1 Andrea
What was the other one we talked about?
S: education
T: life long learning plan. With that plan you can also withdraw, repay over 10 years.
)ts an interest free loan from yourself. You have to pay it back or you pay tax on
that.
We also talked about from a savings perspective, how much income can be put in an
RRSP? 18% right?
Assume our income is  thousand a year, thats 7$. Thats what ) can put in. But
everyone in this room if we all made 40 thousand we would all have this amount of
room.
Is it fair that ) get to save my CPP and RRSP? )s that fair? The government doesnt
think so. )f ) have a pension, )ll have a pension adjustment that reduced the amount.
Maybe my pension adjustment is $, so my maximum RRSP is $. )ts
designed to keep us on a level playing field.
You dont have to calculate this, it comes right on your forms.
Regulation
Remember MF complex? Worst job would be record keeping and paper transfer. It
still holds. Regulation seems boring from a rules perspective, however if you have
the opportunity to go into this field it is fascinating. Great stories come out of these
people. You can go see some of them on the MFDA website. They have a list of all the
cases who have done wrong. Just remember to do right by the client. Honest, open,
document it.
There are some things you can do right now, if you're getting solicited phone calls.
Lots to go over today. Lets talk about these different players.
Roles and functions
Each province and Territory has its own regulatory bodies. )n Ontario it is the OSC,
but other areas have their own. In Ontario the OSC sets all of your standards for
registration. )f you have a criminal background you cant register. They can revoke
registration. The idea is to protect people from fraud or unfair practices. So people
have confidence in our system.
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Ever province and territory has different rules. This is an issue and we should have a
standard.
This is where the CSA comes in. They bring in all the little pieces and they come up
with harmonized rules and regulations. The idea is that they have OSC
representatives, from every province. They get together and harmonize some rules:
this is a rule across the board for everyone. It reduces risk to the market, and this
promotes investor confidence.
That is from a governmental perspective. We look too at other groups involved in
legislation and regulation.
First is MFDA. Theyre part of the industry and controlling the industry. This can be
a problem. This self-regulatory organization investigates you. The MFDA has come
to my office over three times. Theyll just walk in and ask for your files. You better
have your documents in order and your notes. You better have been playing by the
rules. Hey also check to make sure I'm working in the right office. They mark off
offices. Clients have to know they're dealing with securities not a bank. )f )m not, the
MFDA might fine me, lose my license, I could go to jail. They tend not to be as
extreme as going to jail.
The same thing happens when you work for a brokerage firm. IIROC is for the
brokerage end. They might be selling MFs but also stocks etc. All in the effort to
promote confidence and the rules.
MF Legislation
The Securities Act:
The law you must follow. )ts very thick its the actual laws. )t goes over al the details
of what we can do.
National Instruments:
We talked a lot about disclosure (NI 81-, weve talked a lot about suitability N)
81-105). These are some national level items to keep in mind. The rules on
disclosure are so important they are done on a national level. The rules of suitability
are the same
Remember at least two of these things, because two deal with what we have been
dealing with all term. Last time ) told you to memorize and you didnt. listen to me
this time, hint hint.
MFDA
Regulates our conduct with clients and that sort of thing
[reading off slides]
Important Regulations
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