The Canadian Advocacy Council (the CAC) is a group of volunteers that come from different CFA Societies and different parts of the capital markets with a goal of advocating the principles embodied in the CFA Code of Ethics and Standards that all CFA charterholders around the world agree to uphold.

Last year, the CAC commented on issues as far ranging as the Maple Group acquisition, mutual fund disclosure, minimum amount and accredited investor exemptions, and scholarship plan.

In Canada, the CAC represents CFA charterholders by engaging with securities regulators, standard setters, self-regulatory organizations, industry groups, and legislators. This is achieved by comment letters, in-person discussions, surveys, public consultations, and participation in user groups. CAC members decide which issues to engage in by measuring them 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.

UNBIASED VIEWS

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 Canadian capital markets without bias.

When new members join the CAC, they are asked to commit to a minimum of three years on the committee because it takes some time to accumulate the experience of various formats and forums to address advocacy issues in the most efficient manner. Last year, the CAC commented on issues as far ranging as the Maple Group acquisition, mutual fund disclosure, minimum amount and accredited investor exemptions, and scholarship plans. 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. All letters, surveys, and reports produced by the CAC can be found on our website, www.cfasociety.org/cac.

The CAC is funded by Canadian CFA Societies and CFA Institute and reports to the oversight Committee comprised of the CFA Institute President’s Council Representative for Canada (currently Aaron Brown, CFA), the Presidents of the four largest CFA societies in Canada (Toronto, Montreal, Vancouver, and Calgary), and the President of one “floater” society (currently Ottawa). The oversight Committee provides an important feedback mechanism between Canadian CFA Societies and the CAC on advocacy issues.