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13 th Annual Association of Canadian Compliance Professionals Forum Session 1: Referrals in 2014 - The Risks, Challenges and Opportunities.

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  1. 13th Annual Association of Canadian Compliance Professionals ForumSession 1: Referrals in 2014 - The Risks, Challenges and Opportunities This exceptional panel explores the advantages and disadvantages of PM referral arrangements - situations in which they work best and what their limitations are in the context of MFDA regulations. Panel: • Karen McGuinness - Senior Vice-President, Member Regulation, Compliance, MFDA • Francis D’Andrade - Vice President Private Client, HAHN Investment Stewards & Company Inc. • Michael Stanley - President and CEO, Quadrus Investment Services Ltd. Moderator: • Patricia Chisholm - Senior Editor, Investment Executive

  2. Reference Materials Sections 13.7 to 13.10 under National Instrument 31-103 establishes the regulatory requirements for referral arrangements: http://www.osc.gov.on.ca/documents/en/Securities-Category3/ni_20130715_31-103_unofficial-consolidated.pdf The MFDA has also issued two additional Notices on Referral Arrangements dealing with specific issues:  Referral Arrangements in respect of specific securities http://www.mfda.ca/regulation/MSN/MSN-0043.pdf Referral Arrangements with other securities registrants  http://www.mfda.ca/regulation/notices/MR-0071.pdf The OSC has also published some information on referrals in their Annual Compliance Reports:  OSC Staff Notice 33-736 section 5.2 paragraph entitled: “Delegating know your client and suitability obligations" http://www.osc.gov.on.ca/en/SecuritiesLaw_sn_33-736_annual-rpt-dealers.htm OSC Staff Notice 33-742 section 4.32 paragraph entitled "Delegating KYC and suitability obligations to referral agents"   http://www.osc.gov.on.ca/en/SecuritiesLaw_sn_20131107_33-742_annual-rpt-dealers.htm

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