41. Personal Information Protection and Electronic Documents Act (PIPEDA): *** Personal information must be collected for a reasonable purpose and with consent. *** Personal information must be used for the purpose consented, and limit the collection, use, and disclosure. *** Individuals must have a right to correct any inaccuracies. *** Companies must store personal information securely. 42. Personal information * Name * Date of birth * Address * Telephone number * Gender * Physical descripti…

40. Anti-Money Laundering/Terrorist Financing (AMLTF) Requirements for the Financial Sector: 1. Establish an effective compliance regime 2. Appoint an AMLTF Compliance Officer 3. Identify clients 4. Conduct surveillance to detect improper activities including: * Large transaction reviews * Suspicious transaction reviews * Terrorist property reviews 5. File surveillance reports including: * Suspicious Transaction Reports * Large Cash Transaction Reports * Terrorist Property Reports * Monthly Supp…

38. Investor Protection Funds Firms registered in the capital markets must maintain a strong financial position, which is monitored by the securities regulators and SROs, the same for the members of the MFDA and IIROC. If a firm fails, investors of the investor protection funds are covered for any losses (up to maximum coverage levels) as a result of the insolvency: *** Investor Protection Fund (MFDA IPC): For MFDA Members *** Canadian Investor Protection Fund (CIPF): For IIROC Members The d…

35. Securities regulators’ mandate: Policy: Develop rules and regulations Registration: Administer the registration of market participants Compliance: Oversee and monitor registrants for compliance with legislation and regulations Enforcement: Enforce the rules, regulations, and legislation. Discipline market participants who breach the rules, regulations, and legislation 36. Canadian Securities Administrators (CSA) manages: A) CSA Regulations B) Passport System C) Electronic Databases 1) System…

34. Canada's Insurance Regulators: 1. Office of the Superintendent of Financial Institutions (OSFI) 2. Provincial and Territorial Insurance Regulators 3. Canadian Council of Insurance Regulators (CCIR) and Canadian Insurance Services Regulatory Organizations (CISRO) 4. Compensation Organizations (Assuris, and Property and Casualty Insurance Compensation Corporation (PACICC)) 5. Dispute Resolution Organizations (OmbudService for Life and Health Insurance (OLHI) and General Insurance OmbudService …

30. Financial services industry is one of the most highly regulated industries in the world. 31. Regulators of Financial Services: 1. Banking Regulators 2. Insurance Regulators 3. Securities Regulators 4. Other Regulators 32. Bank Act: A federal legislation, governing how banks operate in Canada. 1. Access to Basic Banking Services 2. Access to Funds 3. Complaints 33. Banking sector is the responsibility of the below regulators: 1. Department of Finance 2. Office of the Superintendent of Finan…

24. The Investment Industry's Players: * Providers of capital (lenders) * Users of capital (borrowers) 25. Types of Securities: 1. Equities are shares, issued by a corporation for the share owners (Common shares * Preferred shares) 2. Fixed income securities are issued by governments and corporations, to borrow money (Money market instruments * Bonds * Debentures) 3. Derivatives are contracts, to give the holder the right to buy/sell an asset and its value is derived from the asset (Options * …

18. How Does the Insurance Industry Work? A) Providing insurance policies to consumers and businesses for the premiums, paid by the policy holders. B) The insurance companies' profit is the difference between the premiums collected (plus investment returns) and the claims paid to policy holders. C) Insurance companies employ underwriting operations to evaluate the risks and insurability of applicants. If the risks are acceptable, policies are approved and contracted with the policy holders. 19…

14. The banking industry in Canada is comprised of 88 banking institutions: Big 6 (TD, RBC, CIBC, Scotiabank, BMO, NBF) 29 Domestic banks 21 Foreign bank subsidiaries 28 Foreign bank branches 4 Foreign bank lending branches 15. Banks, Operating in Canada Schedule I: Domestic Canadian banks + Accept and insure deposits under the Canadian Deposit Insurance Corporation (CDIC) Schedule II: Foreign bank subsidiaries, controlled by foreign institutions + Banks owned by insurance companies under the …

12. Financial Services Industry Segments' Acts: 1. Banking: a) Bank Act (Canada) b) Trust and Loan Companies Act (Canada) 2. Insurance: a) Insurance Companies Act (Canada) b) Insurance Acts of the provinces and territories 3. Investment: a) Securities Acts of the provinces and territories b) National Instruments of the Canadian Securities Administrators (CSA) c) Rules of the Self-Regulatory Organizations (SROs) 13. Bank Products and Services: 1. Deposit Products and Services: Savings accounts …