Duties of Securities Brokers in Canada
Written by two experienced industry experts, Duties of Securities Brokers in Canada shines a light on the responsibilities and obligations that govern the relationship between Canadian stockbrokers and their clients. Because it is national in scope, it promises to be a truly indispensable volume for securities professionals and practitioners across the country.
A Thorough Analysis
Duties of Securities Brokers in Canada begins with a comprehensive overview of the applicable legislation, industry rules and standards, and professional rules and standards that apply to securities brokers, with particular emphasis on the broad-textured securities laws and industry rules that are especially significant.
The authors analyse the fundamental “know your client”, “know your product” and suitability obligations that lie at the heart of dealers’ regulatory obligations. They then proceed to consider brokers’ potential civil liability for breaches of the duty of care or fiduciary duty.
Duties of Securities Brokers in Canada is particularly useful because the Investment Industry Regulatory Organization of Canada (IIROC) rules that are examined throughout the text are applicable nationwide. Combined with the Canadian Securities Institute’s Conduct and Practices Handbook, the IIROC rules have frequently been drawn upon by courts in defining thresholds of liability in contract as well as tort. In short, the court and regulatory decisions in all of the Canadian provinces and territories are reflective of the same underlying principles – which are deftly analyzed in this book.
A Useful Volume
Written in plain English and offering comprehensive treatment of this important and always relevant subject, Duties of Securities Brokers in Canada will appeal to a broad audience, including:
- Securities lawyers who must advise brokerage firm clients about how to craft internal rules and instruct compliance officials, registered representatives, branch managers and others on how to conduct themselves so as to meet their legal obligations
- Corporate/securities litigation lawyers who represent registrants and other brokerage officials who have breached their duties to clients, resulting in administrative proceedings before IIROC or the OSC, or civil suits before the courts
- Securities industry professionals, including registered representatives, compliance officers, branch managers, limited market dealers, advisors and portfolio managers, who must understand the duties brokers owe to their clients (e.g., compliance officers will learn more about monitoring compliance, portfolio managers will find it useful when they’re unsure how to act when working directly with clients, etc.)
- Law libraries interested in completing their securities law collection to provide comprehensive resources to patrons
Table of contents
Chapter 1: Introduction to the Legal and Regulatory Framework
Chapter 2: Overview of Key Industry Rules
Chapter 3: The Gatekeeper Role
Chapter 4: Know-Your-Client Rules
Chapter 5: The Suitability Obligation
Chapter 6: Civil Liability of Brokers (Part I) – Duty of Care and Duty to Warn
Chapter 7: Civil Liability of Brokers (Part II) – Fiduciary Duty
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