John Taft, CEO of RBC Wealth Management (U.S.), has been named 2011 chair of the Securities Industry and Financial Markets Association (SIFMA), a securities industry trade group representing securities firms, banks and asset management companies in the U.S. Taft’s appointment follows his role as 2010 chair-elect of SIFMA.
During his tenure as SIFMA chair, Taft will continue to be a leader in financial reform, encouraging lawmakers and regulators to strike a balance on reform measures that will help ensure that the U.S. avoids future financial crises while allowing financial institutions to effectively do their part in supporting America’s economic recovery and job creation, according to a press release.
“The industry is working to effectively communicate the impact of these new laws on the American businesses, investors and families served by our members,” said Tim Ryan, president and CEO of SIFMA.
“I look forward to helping lead the organization’s efforts toward making our financial system safer, sounder and more secure for investors while working to ensure that our financial institutions have the ability to promote economic growth,” added Taft.
– Suzanne Sharma
DBRS hires new senior VP
Mike Babick has joined the structured finance group as a senior vice-president at DBRS, effective Nov. 1, 2010. In his new role, Babick will focus his efforts in the asset-backed securities group as a lead analyst and will report directly to Claire Mezzanotte, head of the U.S. and European ABS, RMBS and covered bond group.
Most recently, Babick worked at Assured Guaranty Corp. where he originated and analyzed consumer asset-backed securitizations in the auto finance and credit card sectors. Prior to that, he was employed at Ambac Assurance Corp. as a lead analyst for non-mortgage consumer asset-backed transactions, including retail auto loans and leases, rental fleet, dealer floor plan and credit card securitizations.
Babick has a BA from Dartmouth College and an MBA from Pennsylvania State University Graduate School of Business.
– Suzanne Sharma
BNY appoints Caroline Cruickshank
Caroline Cruickshank has been appointed senior sales representative for eastern Canada, a newly created role at BNY Trust Company of Canada, a wholly owned subsidiary of BNY Mellon.
Cruickshank will focus on increasing the company’s sales through Ontario, Quebec and the Maritimes. She reports to Erin Courcey, managing director and head of sales for Canada and Latin America at BNY Mellon Corporate Trust.
Most recently as vice-president at BNY Mellon Corporate Trust in London, Cruickshank was responsible for the business development of products and services that support insurance and reinsurance sector clients in Europe, the Middle East and Africa.
Earlier this year, BNY Mellon acquired the corporate trust business of CIBC Mellon, more than doubling its share of the corporate trust market in Canada and expanding its leadership position in a number of key segments, it was stated in a press release. It now services approximately $300 billion in outstanding debt with offices in Vancouver, Calgary, Toronto and Montreal.
– Suzanne Sharma
IIROC sets hearing in the matter of Michael Jones
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) will meet to set a date for a disciplinary hearing in the matter of Michael Thomas Jones.
The hearing concerns allegations that Jones misappropriated $25,000 from one of his clients, and refused to cooperate with IIROC’s investigation into his conduct.
The set date hearing is open to the public, unless the panel orders otherwise. The date for the disciplinary hearing will be published when it becomes available.
Set Date Hearing: 10:00 am, November 23, 2010
Location: IIROC Boardroom 1
121 King Street West, Suite 1600
Toronto, ON
Specifically, the allegations are that Jones:
(a) engaged in business conduct unbecoming or detrimental to the public interest when he took client funds that were intended for an insurance premium payment and deposited the funds in his personal account , contrary to IIROC Rule 29.1, and
(b) refused to co-operate with an IIROC investigation about his conduct, contrary to IIROC Rule 19.5.
IIROC began its investigation in April, 2010, after receiving notice of Jones’ termination by BMO Nesbitt Burns and receiving a client complaint. The alleged violation of Rule 29.1 occurred in 2007 when Jones was a Registered Representative with the Cambridge, Ontario branch of BMO Nesbitt Burns, an IIROC-regulated firm. Jones is no longer registered with an IIROC-regulated firm.
– Staff
(11/10/10)