Toronto, February 8, 2012 - The Portfolio Management Association of Canada (PMAC) has selected the ADR Institute of Canada (ADRIC) to provide mediation and arbitration services for PMAC member firms (PMAC Members) and their clients.
This service is designed to assist PMAC Members (who are all registered Portfolio Managers) in complying with the requirement in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. It requires that registered firms provide independent dispute resolution services, such as mediation or arbitration, at their expense, for their clients to resolve complaints. The obligation is to be met by September 28, 2012. PMAC Members may choose to participate in the ADRIC-PMAC Dispute Resolution Program to meet this requirement.
The objectives of this partnership are to:
- Provide dispute resolution services to PMAC Members independent of the Association and its membership that adhere to best practices in professional standards and ethics of the Alternative Dispute Resolution field;
- Offer a full roster of qualified, knowledgeable and independent mediators and arbitrators with specialized industry knowledge and experience, so that investors have options that can lead to greater satisfaction;
- Deliver dispute resolution services locally across Canada, on a user-fee basis;
- Supply a cost-effective service that provides value for services utilized.
Mediators and arbitrators on the roster are independent suppliers, who do not work for ADRIC, PMAC or PMAC Members. These dispute resolution professionals are retained for their experience and qualifications as mediators and their industry knowledge and experience.
“We believe this is an optimal solution for all parties,” says PMAC President Katie Walmsley. “We want to ensure that investors can choose a mediator or arbitrator from a roster of local, qualified independent professionals and that the mediation or arbitration process adheres to nationally accepted standards and best practices.”
About the ADR Institute of Canada
The ADR Institute of Canada (ADR Canada) is a national non-profit organization that provides national leadership in developing and promoting dispute resolution services in Canada and internationally. With seven regional affiliates across the country, it represents and supports professionals who provide dispute resolution services and the individuals and organizations that use those services. More than 1,700 individuals and 60 business and community organizations from across Canada are members of ADR Canada. More details about the Institute are available from www.amic.org.
Formerly the Investment Counsel Association of Canada (ICAC), the Portfolio Management Association of Canada (PMAC) represents more than 150 portfolio management companies that oversee more than $800 billion in assets for over one million institutional and high net worth clients. Member firms support private clients, pensions, insurance, foundations and endowments. As one of Canada’s largest financial industry associations, PMAC continues the 50-year tradition of ICAC and operates in both official languages. PMAC’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors. PMAC uses a collaborative information-sharing business model and represents its members to securities regulators and government agencies. The Association increases awareness of investment counselling benefits, provides a forum for networking, and keeps members current on regulatory and compliance issues. For further information on PMAC, visit www.portfoliomanagement.org.
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