Fina 312 LLQP 2 Course Assignment Role of Organizations that Protect Clients For this assignment you are required to investigate four (4) of the following organizations that are primary regulatory...

Fina 312 LLQP 2
Course Assignment
Role of Organizations that Protect Clients
Canadian Council of Insurance Regulators (CCIR)
Canadian Council of Insurance Regulators is an association of insurance regulators which aims to provide and effective insurance regulatory process throughout Canada in order to assist the people of the country. It was in the year 1989, The Association of Provincial Superintendents of Insurance of the Dominion of Canada was renamed to Canadian Council of Insurance Regulators. The ultimate objective of the organization is to edifice various solutions which are common issues with respect to regulatory norms. CCIR was established as a means to secure standardization of the laws which are related to the insurance agreements by the four superintendents of insurance from the Western provinces. Over a period of time, it was all the territories as well as the federal office of Superintendent of Financial Institutions which were included in the council. It is CCIR which illustrates the vision with respect to the regulatory norms for all insurance companies in the future (CCIR, 2021). They also frameworks numerous priorities along with initiatives which are essential for a three-year planning of the insurance organization. There are two policy managers and an administrative coordinator who acts as the permanent secretariat who provides research on execution of regulatory policies, project management as well as administrative assistance and technical support with respect to the CCIR initiatives. CCIR have three members of the Joint Forum of Financial Market Regulators which consists of CAPSA, CSA and CISRO. This joint forum was established with an aim to co-ordinate, harmonise and streamline the regulation with respect to the financial products and services in Canada as well as monitor the pension, securities and the insurance products of the companies throughout Canada.
In this paper we will discuss on the Canadian regulatory were focused on the fee transparency which were related to harmonization of the regulatory rules with respect to the mutual and segregated funds. The current meeting held by the CCIR was mainly focused on the transparency of the investment fees of the mutual fund companies in Canada. The meeting was held on 10th June where the regulators consulted on the association of the industry and investor advocates for reporting the performance of the current costs for possessing of investments which included embedded fees with respect to mutual and segregated funds. Further, a broader observation on the manner in which the costs reports are presented to the stakeholders were being discussed in the meeting by the chairman of Canadian Securities Administrators Louis Morisset with the president and CEO of the Autorite des marches financiers through a statement issued in this respect. There have been instances in the past where the Joint Forum has attempted to blend the disclosures from the point-of-sale with respect to mutual funds and the segregated funds. Now as per the recent norms established by the regulators there has been a proposal of total cost reporting which is synchronized in nature in order to reduce the regulatory difference with respect to the various insurance products, securities and its distribution channels. The CCIR have introduced a lock step in association with the regulatory partners with respect to the various investments in order to ensure that the consumers have sufficient information with respect to the expenses, charges and performance of the segregated and mutual funds. This is an attempt to treat the consumers fairly with respect to prudential oversights. The results of this project will permit the consumers to make informed financial decisions (James Langton, 2021).
The policies with respect to fee disclosures when will be implemented by CCIR will provide the consumers more reliable experience while purchase of mutual and segregated funds. The details will extend beyond the cost of distribution and will align with the necessities with respect to financial facts, risk classification of the funds along with providing an equal standard of care for the companies which deals in segregated funds as well as mutual funds. The regulatory policies with respect to the fee disclosures will allow the insurers to provide the consumers all new and updated information as presented in Appendix IV, along with flexibility in terms of layout and finally observation of the disclosure documents. Finally, through this methodology the segregated fund disclosure will help to enhance the demands of these funds and will allow for a greater transparency in the financial service sector. This will also assist in controlling the costs of the financial products and services like the mutual and the segregated funds (CCIR, 2018).
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
The Financial Transactions and Reports Analysis Centre of Canada is a financial intelligence unit which is located in Canada. The ultimate objective of the regulatory body is to provide assistance with respect to recognition, prevention and preventive measures with respect to the money laundering used for the financing of terrorist activities in the financial institutes in Canada. Also, the primary objective of the FINTRAC is to ensure that there is protection of personal information which are under the control of the financial organizations. FINTRAC is a large financial organization situated in Canada and delivers various services with respect to anti-money laundering and anti-terrorist funding along with partnering with various federal, provincial and municipal partners and as a fragment of finance portfolio. The prescribed regulations with respect to crimes related to money laundering and terrorist financing regulations are identification of the customer’s requirements; protection of the personal and financial records of the customers; reporting of the transactions like electronic fund transfers,...