CSA adopts changes for funds transitioning to IFRS

Initially proposed in 2009, the IFRS-related amendments to were deferred and not finalized at the time securities legislation was first changed to accommodate the transition to IFRS by registrants and reporting issuers, other than investment funds, for financial years beginning on or after Jan. 1, 2011. In 2010, the International Accounting Standards Board (IASB) recognized a potentially significant accounting issue for investment funds and made revisions in 2012 to largely resolve this issue. To accommodate the timing of the IASB revisions, the Canadian Accounting Standards Board (AcSB) issued a deferral of the mandatory IFRS changeover date for investment funds for three years until Jan. 1, 2014. The CSA was also of the view that it was preferable to wait for the IASB’s revisions before IFRS was adopted by investment funds in Canada. The final amendments published today reflect comments received on the 2009 proposal, additional stakeholder consultations and further IASB developments related to investment funds. The changes impact investment fund requirements relating to the presentation of financial statements and terminology to reflect the transition to IFRS. IE Staff After pandemic’s liquidity storm, possible fund reform Share this article and your comments with peers on social media SEC to overhaul fund valuation rules Keywords Investment funds,  IFRSCompanies North American Securities Administrators Association Related news The Canadian Securities Administrators (CSA) has completed the final step in the transition to International Financial Reporting Standards (IFRS) for investment funds. The CSA Thursday published final amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, its Companion Policy and related amendments. Investment funds must apply the changes for financial years beginning on or after January 1. Retail investor costs in EU regs’ crosshairs for 2021 Facebook LinkedIn Twitter read more

MX hires new head of derivatives trading

first_img CETFA elects new board leader AMF officials to head major IOSCO committees PenderFund names new SVP for investments The Montreal Exchange (MX) has appointed Luc Fortin as managing director, derivatives trading. His focus will be on developing and deploying strategies to grow the derivatives business Fortin, whose appointment takes effect on June 27, will also focus on the efficient delivery of new products and oversee the day-to-day operation of the derivatives market. Keywords AppointmentsCompanies Montreal Exchange He brings more than 25 years of capital markets experience to MX, with a specialty in leading client-facing teams in fixed-income and derivatives. Most recently, he served as managing director, Canadian head of the institutional client group at HSBC Bank Canada. In this role, Fortin led HSBC’s institutional client-facing businesses in rates and credit, derivatives, foreign exchange and money markets across Canada. Prior to that, he held senior leadership positions with Toronto-Dominion Bank and its subsidiary, TD Securities Inc. “MX is proud to bring Luc Fortin, a proven, respected leader in the Canadian fixed-income and derivatives industry to our leadership team,” says Alain Miquelon, president and CEO, MX, and group head of derivatives, TMX Group Ltd., in a statement. “MX continues to work closely with our stakeholders to grow the use of derivatives in this country and to enhance the appeal of our markets to investors in Canada and around the world. I look forward to working with Luc, who brings to MX deep industry expertise and a crucial client perspective that will help shape our future direction.” Photo copyright: Moustyk/123RF Related news TD getting new head of private wealth, financial planning Share this article and your comments with peers on social media IE Staff Facebook LinkedIn Twitterlast_img read more