IR Leader
November 05, 2013
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Top Stories

LSE and Other Industry Players Want MiFID II to be More "Canadian"

MiFID II would place strict limits on dark pool trading with proposal for an 8% cap of the total volume of trades in the EU. In a recent letter to the EU regulatory agencies, the LSE and other parties called instead for the introduction of a "meaningful price improvement rule" for orders conducted on dark pools - similar to those rules introduced in Canada and Australia.

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Dundee Corporation Joins Urbana Corporation in Making a Strategic Investment in CNSX Markets Inc.

On the heels of the recently announced Aequitas Exchange (backed by RBC, ITG and Barclays) comes word that Dundee Capital's Ned Goodman joined the Tom Caldwell-led Urbana Corp as backers of CNSX Exchange. Both square off against TMX Group, themselves backed by several large Canadian banks.

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Does SEC Independence Mean A Lack Of Accountability?

Earlier this week, Broc Romanek highlighted a recent panegyric on SEC independence given by SEC Chairwoman Mary Jo White. Independent agencies are the platypodes of the federal government. Many are inclined to view independent agencies as part of the executive branch. But there are problems with that view.

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CFPB Proposes New Diversity Standards

The CFPB and five other regulatory agencies have proposed new joint standards for assessing the diversity policies and practices of the entities they regulate. Dodd-Frank directed the CFPB, Securities and Exchange Commission, National Credit Union Administration, Office of the Comptroller of the Currency, Federal Reserve and Federal Deposit Insurance Corporation to establish Offices of Minority and Women Inclusion (OMWI).

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Regulation of SEFs in the United States

Securities regulators in Ontario, Quebec, Alberta and Manitoba have temporarily exempted swap execution facilities, or SEFs, from recognition as exchanges. This temporary exemption comes as a result of the recently established U.S. regulatory framework for a new type of marketplace for trading swaps.

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A New Era of Openness, or Open Season on Hedge Funds?

In a recent speech before the Managed Funds Association, U.S. Securities & Exchange Commission (SEC) Chair Mary Jo White discussed what she called a "new era of transparency and openness" for the private funds industry, including hedge funds. Her address largely provided an overview of two significant pieces of legislation, namely, the Dodd-Frank Act, which among other things requires most hedge fund advisers to register with the SEC, and the JOBS Act, which lifted the longstanding ban on solicitation in connection with certain private securities offerings.

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CSA Proposes to Amend National Instrument 52-108 Auditor Oversight

On October 17, 2013, the Canadian Securities Administrators (the "CSA") published a request for comments on proposed amendments to National Instrument 52-108 Auditor Oversight ("NI 52-108"). The amended NI 52-108 is intended to replace the current NI 52-108 in its entirety.

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SEC Proposes Crowdfunding Rules

The U.S. Securities and Exchange Commission yesterday released proposed rules that would allow companies to raise capital through crowdfunded offerings.

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Special Report: Economy-Class Activist Investor Crashes the Corporate Party

Shareholder activists come in different flavors. One is the deep-pocketed investor, such as Carl Icahn or Dan Loeb, who takes big stakes in companies and forces management to change strategy. Another type is the persistent provocateur who buys a handful of shares and agitates on a shoestring. That's John Chevedden.

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Dual Class Share Policy

?In October 2011 the Canadian Coalition for Good Governance issued its Governance Differences of Equity Controlled Corporations policy and at that time indicated we also would prepare guidelines for companies which had dual class shares ("DCS") (i.e., multiple voting shares and subordinate voting shares). This publication sets out CCGG's current views on DCS companies.

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