Republicans to disclose plan to revamp major sections of Dodd-Frank.DealBook reported that Representative Jeb Hensarling, Republican of Texas and Chairman of the House Financial Services Committee, plans to outline a legislative proposal that intends to dismantle major sections of the Dodd-Frank financial regulatory overhaul. While the plan is said to have little chance of passing Congress this year, the proposal may influence the presidential debate and help form the Republican agenda in the next term. The plan would also repeal the Volcker Rule and prevent the FSOC from designating nonbanks as “systemically important.” (6/7/2016)
Joint Regulators Committee responds to OBSI independent evaluator’s report.The Joint Regulators Committee issued a statement in response to the release of the independent evaluator’s report of the recently published Ombudsman for Banking Services and Investments. (6/6/2016)
2016 CSA Investor Education Study finds that an increasing number of Canadians are reviewing risk tolerance. A CSA survey on investment knowledge, investor behavior and incidence of investment fraud among Canadians, the 2016 CSA Investor Education Study, found that changes in the economy (38%) and advice from a financial adviser (36%) are the top two reasons why investors who normally do not review their risk tolerance did so in the last year. Another 17% reviewed their risk tolerance because of a major life change. (6/2/2016) CSA press release.
Canadian Securities Regulators announce contractual agreement to renew CSA National Systems. The CSA announced that it has entered into an agreement with CGI Information Systems and Management Consultants Inc. to renew the CSA National Systems. As of June 1st, CGI assumed responsibility for preparing, configuring, testing, deploying, and then running and maintaining a new system to replace the CSA National Systems (e.g. SEDAR, SEDI, Cease-Trade Order Database, National Registration Database, National Registration Search and Disciplined List) with a single integrated solution. The new system is expected to be delivered in stages throughout 2018 and 2019. (6/1/2016) CSA press release.