Specific Responsibilities: The Section provides advice on the development of rules that are of particular relevance to senior financial and operations officers and other individuals having similar responsibilities.
The Section is also responsible for establishing Sub-Committees to consider issues and to make recommendations to the Section on specific initiatives designed to address new and changing financial and operational developments in the industry.
Finally, the Section is responsible for organizing seminars (including the annual Financial Administrators Section Conference) on financial, operational and general securities industry issues to assist in educating Dealer Members.
Membership & Structure
Membership: Membership in the Section shall be restricted to senior financial and operations officers or other persons having similar responsibilities, regardless of title who are employed by Dealer Members or Marketplace Members.
- President (or another officer of IIROC designated by the President); and
- Chair of the Board (or another member of the Board designated by the Chair or the Board).
Liaison Officers: Liaison officers shall be appointed by the Section to represent: (1) The Bourse de Montreal, (2) CDS Clearing and Depository Services Inc., (3) The Canadian Derivatives Clearing Corporation, (4) The Canadian Investor Protection Fund and (5) The Toronto Stock Exchange.
Term: No term or limit on the number of terms
Nominating Process: Each Member shall be permitted to nominate a maximum of three persons for membership in the Section, providing they meet the membership requirements. Where a Member has nominated either two or three persons to be members of the Section, one of the nominations must be designated as the "Primary Member" and the other nomination(s) must be designated as the "Alternate Member(s)".
Appointment Process: All nominees are reviewed and appointed by the Section itself.
Executive and Subcommittees
Chair and Vice-Chair: The Chair and Vice-Chair of the Committee shall hold office for a two-year term commencing on the date of the FAS Annual Meeting of the relevant year. In order to ensure consistency, the Vice-Chair will assume the role of Chair of the Executive Committee for the subsequent two-year period.
Voting Process: Each Member with members in the Section shall be entitled to one (1) vote at the Section's meetings; provided that if any two (2) or more Members are affiliates of each other, such Members shall jointly be entitled to one (1) vote at the Section's meetings. The Chair shall only vote in the case of a tie vote.
Executive Committee: The Section shall be governed by an Executive Committee comprised of the Chair, Past-Chair and Vice-Chair, together with 12 additional members. Only one person from each member may sit on the Executive Committee at any one time, unless a specific exemption is provided by majority vote of the Committee.
A Nominating Committee comprised of the Chair and Vice-Chair shall submit to the Section Annual Meeting a list of persons that it recommends to serve on the Executive Committee. In determining its recommended list of persons the Nominating Committee shall ensure that there is equitable representation on a geographic (regional versus national dealers), business line (institutional versus retail, debt versus equity versus derivatives), business structure (introducer versus self-clearing) and business size (small, medium and large sized firms) basis.
Sub-Committees: Standing Sub-Committees may be established at the initiative of Committee. The existing Sub-Committee are:
- Capital Formula Sub-Committee, which provides specialized advice on issues and policy development initiatives relating to Dealer Member capital, margin, security segregation, capital formula, financial record keeping and financial reporting requirements. Member list
- Contingency Planning Sub-Committee, which provides specialized advice on issues and policy development initiatives relating to Dealer Member emergency preparedness planning matters, including business continuity and pandemic planning.
- Insurance Sub-Committee, which provides specialized advice on issues and policy development initiatives relating to Dealer Member insurance coverage including financial institution bond coverage and related insurance coverage riders. Member list
- Mutual Funds Sub-Committee, which provides specialized advice on issues relating to Dealer Member mutual funds operations that have regulatory implications in terms of ability to comply with existing or proposed regulatory requirements or that have the potential to increase risk. Member list
- Operations Sub-Committee, which provides specialized advice on issues relating to Dealer Member operations that have regulatory implications in terms of ability to comply with existing or proposed regulatory requirements or that have the potential to increase risk - mandate includes the monitoring of domestic and international initiatives that affect the operations of Dealer Members and clearing corporations. Member list
Meeting Schedule: Regular quarterly meetings and special meetings at the call of the Chair.