CFA Society Toronto - Board

2016_CFA_SocietyToronto_BoardManual

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The Canadian Advocacy Council (the CAC) is a group of volunteers that come from CFA Societies across Canada and work in all sectors of the capital markets. The CAC's goal is to advocate the principles embodied in the CFA Code of Ethics and Standards that all CFA charterholders around the world agree to uphold. The CAC represents Canada's approximately 15,000 CFA charterholders by engaging with securities regulators, standard setters, self-regulatory organizations, industry groups, and legislators. This is achieved by writing comment letters, in-person discussions, surveys, public consultations, and participation in user groups. The decision on which issues to engage in is made by the CAC members by measuring the issue against the "Litmus Test" of importance to Canadian CFA charterholders and investors, the opportunity to promote high standards of ethical and professional conduct in the investment industry, and the resources and expertise available to the CAC to address the issue in a comprehensive manner. In commenting on these issues, the CAC always takes the approach of putting the interests of clients first and promoting integrity and professionalism in the investment industry. The CAC has existed in Canada in one form or another since the mid-1990s. It began as an informal gathering of past Society presidents, then evolved into a more formal committee of representatives from each Canadian Society, and eventually began to accept all Canadian CFA charterholders who are passionate about advocacy. The CAC regularly recruits new members and tries to maintain a balance of skills, experiences, and locations in order to create a diverse committee able to address issues affecting every part of the Canadian capital markets without bias or skew to one particular viewpoint. When new members join the CAC, they are asked to commit to a minimum of three years on the committee. This is due to the time it takes to accumulate the experience of various formats and forums of addressing advocacy issues in the most efficient manner. The committee meets in person two to three times a year, and holds regular monthly conference calls. In-person meetings are typically a full day and usually involve meeting regulators and standard setters in person to discuss current issues on their plate and those coming up in the future. Canadian CFA Society Presidents are welcome to listen in on the monthly calls and sit in at the in-person meetings. The CAC is funded by the Canadian CFA Societies and CFA Institute and reports to the CAC Oversight Committee comprised of the Presidents of the four largest CFA Societies in Canada (Toronto, Montréal, Vancouver, and Calgary) and the Presidents of two additional societies that rotate on an annual basis. The CFA Institute President's Council Representative for Canada acts as an observer. The CAC Oversight Committee also provides an important feedback mechanism between the Canadian CFA Societies and the CAC on advocacy issues. All comment letters produced by the CAC can be found on its website, www.cfaadvocacy.ca. You can also "Follow Us" on LinkedIn to stay informed. For comments, questions or suggestions, please contact the CAC Chair at chair@cfaadvocacy.ca CFA Society Toronto Board Manual 2016 Page 150 of 194

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