June 26, 2016
Under foreign corrupt practices or behaviour enabling the above could you please take a look at the negligent behaviour of regulatory oversight in Canada and impact on the capital markets and the small investor eg the self directed do it yourself
Non of the entities under the CSA including the osc bother to vet the wording of contracts inked with self directed retail investors by a large dealer broker. Who also operates in the US. Nor have osc iiroc or bbsi explained where in law they are allowed to cherry pick which category of investor to protect. Eg kyc is where they stop checking. Ie advisors and seemed to have erred in law by thinking that their duties end with this group. There are many investors who don't use advisors or purchase mutual funds for a range of reasons or in addition to those large industry feeder portals also invest on their onw
Opening an account under iiroc rules is deemed to be a core outsourced activity as per further material iiro uses from csa and osico. And in the consolidated ont securites act regs and rules pages 621 to 624 registration requirements dealer brokers Tregistered entities are to be responsible for any and all functions they outsource or use a third party service providor or vendor for. And that would include opening accounts to ensure the statutes rules of sros and other laws are complied with. So I don't see where tdwaterhouse can ink clauses that shift the onus and liability re over to the self directed investor as they do in clauses 4 and 5 of page 37 online of td client account agreements and disclosure. Oversight have NOT addressed this or explained why or where td gets the authority to breach the law not just re terms of the contract when opening accounts or for other issues stemming from its neglgience that are likely to cause harm eg erros and omissions in data feed interruption of service. As to why regulatory oversight who are supposed to control and regulate the behaviour of participants and to protect investors. Again there has been no explanation as to why they don't address and vet flawed contracts as a basic step in compliance oversight. Let alone why they turn a blind eye to enable the large dealer broker to continue this way let alone how a contract with such non compliant temrs let alone the entity inking it can continue to be deemed in good standing. I keep being told we addressed this so go away by oversight when in fact they certainly have not. It is as if someone clicked a computer butoon to keep sandbagging my compliant re this as well why don't oversight vet contracts including when accounts are openned as a routine proceedure a director in albera said they didn't but that she might add this as a proposal for a policy directive at the next joint regulator meeting
You do need to know about this because our regulatory oversight ink mous with your side and in light of the defieicneis re this which can certainly enable market manipulation what else are they missing. I have been threatened rather than thanked for my efforts on the Canadian side. Why are they failing to protect a large group of investors and limit their scrutiny to advisors mutual funds and insurers. The self directed investor is also a participant