• IIAC urges IRS to amend draft self-tender regulations
• FINTRAC offers information sessions
• Retirement Planning Guide
• Association requests IDA for audit relief
• IIAC publishes investor brochure on bond investing

IIAC urges IRS to amend draft self-tender regulations
The IIAC wrote to the IRS and U.S. Treasury Department expressing serious concerns with respect to draft regulations setting onerous escrow and paper certification procedures for self-tenders, with the default being U.S. withholding agents withhold at a 30-per-cent rate until dividend treaty rates or other information is provided. The procedures have already been implemented by some large U.S. withholding agents, including DTC. The IIAC also developed template letters to the IRS and Treasury for member use - while the regulations may be withdrawn or changed substantially, we encourage members to tailor and send such letters requesting simplification and extension of the procedures to QIs, copying user@example.com for IIAC use in a presentation to the IRS and Treasury at February 6 hearings.

FINTRAC offers information sessions
Throughout the month of February 2008, FINTRAC will be hosting information sessions on the new legislative and regulatory changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The sessions are offered free of charge but attendees must register in advance. Locations, dates and registration information can be found online at http://www.fintrac-canafe.gc.ca/reporting-declaration/info/session-eng.asp.

Association requests IDA for audit relief
The Association has submitted a request to the IDA to allow Introducing Firms to submit qualified audit opinions in respect of section 5970 of the CICA Handbook. The section requires that the Introducing Firms obtain an audit of their Carrying Broker in respect of certain functions provided by the Carrying Broker for the Introducing Firms. We believe that this requirement duplicates existing audit requirements and as such, imposes significant costs on both Introducing Firms and Carrying Brokers without any commensurate benefit.

IIAC publishes investor brochure on bond investing
The IIAC this week released the next publication in a series of investor brochures. ""Bonds: An introduction to bond investing" provides investors with an easy to read document outlining the various investor considerations when investing in bonds. Member firms wishing to obtain printed copies of the publication are asked to email user@example.com to obtain information.