Welcome and Introduction

Joel Wiesenfeld, Torys LLP

Managing Regulatory Risk

Neil B. Gross, Carson Gross Christie Knudsen
Nigel Campbell, Blake, Cassels & Graydon LLP
Robert Brush, Crawley Meredith Brush LLP
Kathryn Daniels, Deputy Director, Case Management & Litigation Enforcement Branch, OSC

In a time of increased regulator activity, are there clear trends that can be pinpointed? Have regulators become more aggressive in their enforcement activities? Hear from industry leaders on the status of regulatory enforcement, including:

• Regulator activity and disciplinary proceedings against investment professionals, including investment counsel and portfolio managers
  
• Is there an upward trend in penalties?
  
• Up-to-date statistical analysis on what the trend is for typical offences
  - volume of disciplinary proceedings initiated
  - penalties imposed
  
• Costs awarded against investment advisors

Managing Civil Liability Risk

John Fabello, Torys LLP
Alex Popovic, Vice President, Enforcement, IIROC
Johanna Braden, Stockwoods LLP
Ellen Bessner, Cassels Brock & Blackwell LLP

• When are portfolio losses the result of:
  - market conditions?
  - wrongdoing by the investment advisor?
  - an investor’s conduct?
  
• What makes holding/buying/selling securities unsuitable in a down market?
  
• Common regulatory issues that bear upon civil proceedings
  
• Current client complaints compared to common client complaints — differences and similarities
  - how to manage and respond
  
• Recent trends in retail broker civil litigation

Special Session: Know Your Product

Laura Paglia, Torys LLP
Paul C. Bourque, Associate Partner, Financial Advisory

Deloitte & Touche LLP
Peter A. Dunne, Cassels Brock & Blackwell LLP

Senior practitioners will discuss compliance considerations surrounding structured products, alternative investments and new products, including:

• Why are they different?
  
• What is a reasonable level of due diligence by an investment dealer in the product approval process?
• When do compliance officers and salespersons have ‘sufficient knowledge’ of these products?
  
• Is there an over-reliance by compliance and salespersons on offering memorandums and risk ratings?
  
• What are the suitability concerns surrounding exempt securities?
  
• Is there liability for outsourced product due diligence?

Luncheon and Guest Speaker

Tom Atkinson, Director, Enforcement, OSC
“Changing Behaviour Through Enforcement Strategy”

Handling Client Complaints

Shaun M. Devlin, Vice-President, Enforcement, MFDA
Wendy Berman, Heenan Blaikie LLP
Ken Kivenko, Chairman, Advisory Committee, SIPA
Richard J. Corner, Vice President, Member Regulation Policy, IIROC

The handling of client complaints varies from one market player to another. Several key organizations are now working towards the implementation of new policies on this issue, which will clarify regulator expectations of dealers, and how they investigate and respond to client complaints. Hear from the experts on the details of the new policies and learn what clients are saying about these upcoming proposals. Topics include:

• Client complaint handling policies to be rolled out by MFDA, IIROC and the CSA (including the OSC)
• Current revisions to MFDA Policy 3
• Comparison between MFDA, IIROC and CSA policies
  
• OBSI Terms of Reference
  
• The client’s perspective

Client Compensation Update

Joel Wiesenfeld, Torys LLP
Jeffrey Kehoe, Director of Enforcement, IIROC
Peter R. Jervis, Davis LLP
Robert Paddick, Deputy Ombudsman, Investments, OBSI

There are no industry standards in place or general agreement on what the benchmark is for offering client compensation. This expert panel will update you on:

• The different mechanisms available for investors to seek compensation
• The latest changes from OBSI
• Risk levels – how do you properly assess them?
• What is fair?
  
• Should securities regulators be involved in client compensation issues?