Important Changes Approved

Attendees at this year's Annual Meeting and proxy voters agreed on several important changes affecting CIA members. Here is a brief look at what occurred:

The Bylaws and Rules of Professional Conduct

Voters approved alterations to the Bylaws and Rules of Professional Conduct: as explained here, the changes will ensure that the creation and dissolution of a council, or a revision to a council mandate, can be done by the Board without the need for a formal bylaw amendment, in order to streamline this process going forward.

Links to more details about the amended Bylaws, and a necessary amendment to the Rules of Professional Conduct, can be found here.

International Relations Council

The Committee on International Relations, which since 2012 has been regarded as a quasi-council reporting to the Board, has now become a council. The move is a reflection of the Institute's continued importance in the international arena, and the growing interconnectedness between financial and regulatory organizations of every kind around the globe.

Under its chair, Micheline Dionne, the new International Relations Council has the following mandate:

Revised CIA Rules of Practice and Procedure of a Disciplinary Tribunal

The rules governing CIA disciplinary tribunals have been modified slightly. The current CIA Rules of Practice and Procedures of a Disciplinary Tribunal were initially approved by the Board of Directors on November 19, 1997, and had not been revised since November 1998. Based on the experience over the past 16 years, a number of changes have been made:

  1. Time frames for completion of various stages of the discipline process have been added throughout the rules to assist with a smooth and more cost-efficient procedure.
  2. The problems created by a respondent simply ignoring the discipline process have been addressed by requiring a specific response in order to be permitted to participate and also giving the Disciplinary Tribunal the power to continue the hearing process when no such response is forthcoming.
  3. Provisions regarding an objection to the composition or jurisdiction of the Disciplinary Tribunal have been structured to help ensure that such an objection is registered and addressed at an earlier stage in the entire process, and not left until just before the actual scheduled hearing itself.
  4. Some flexibility has been given to the Disciplinary Tribunal and the Chair of the Tribunal Panel to adjust time frames and make necessary case management decisions to reflect unforeseen events in the interest of justice and a timely completion of the process.

Documents containing the changes in detail were still being finalized as this (e)Bulletin neared its deadline, but they should now be available on the CIA website.

Canadian Institute of Actuaries/Institut canadien des actuaires