Latest news with #FSRA
Cision Canada
2 days ago
- Business
- Cision Canada
New Members and Re-appointments to FSRA Board of Directors Français
TORONTO, May 29, 2025 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA), is pleased to announce the appointment of two new members to its Board of Directors, as well as the re-appointment of three existing members. Steve Geist and Douglas E. Turnbull join FSRA's Board of Directors for a two-year term, effective May 1, 2025. In addition, current members Joanne De Laurentiis (Chair), Peggy McCallum and Lucie Tedesco have been re-appointed to FSRA's Board of Directors. New Members Steve Geist is a seasoned financial services executive with more than 30 years of leadership experience. He previously held senior executive roles at CIBC Wealth Management and as CEO of CIBC Asset Management. He currently serves as Vice Chair and Director of the Ontario Financing Authority, and a member of the Board of Directors at Quinte Health and Chair of the Canada Life Investment Management Independent Review Committee. Mr. Geist holds a BBA from Wilfrid Laurier University. His professional qualifications include a Chartered Professional Accountant (CPA) designation with a distinction of Fellow (FCPA/FCA) from the Chartered Professional Accountants of Canada, an ICD.D designation and Certified Financial Planner designation. Douglas E. Turnbull Douglas E. Turnbull is a distinguished leader with deep expertise in investment banking, debt capital markets, advisory and credit rating businesses. He is the recently retired Vice Chairman and Country Head (Canada) of Morningstar DBRS Ltd. and has held other leadership roles at TD Securities, BMO Nesbitt Burns, Gordon Capital, and RBC Dominion Securities (including its predecessor, A.E. Ames & Co.). Mr. Turnbull is currently the Non-Executive Vice Chairman of Morningstar Canada and serves on several boards and advisory committees, including board member of Elexicon Corporation, Chairman of the Board of Directors of The Canadian Ditchley Foundation and a member of the Advisory Board for the Toronto Global Forum. Mr. Turnbull holds a BA from Western University and an ICD.D designation from the University of Toronto Rotman School of Management. "Steve and Douglas each bring a wealth of knowledge and leadership to the FSRA board. Their extensive experience in financial services will be invaluable as FSRA continues to mature and implement important strategic priorities in this uncertain global economy," said Joanne De Laurentiis, Chair of FSRA's Board of Directors. "I look forward to working alongside them to better protect consumers and strengthen public confidence in the financial services sector." Re-appointed members Joanne De Laurentiis ' term as Chair has been extended by six months, effective June 28, 2025. Her continued leadership will be instrumental in guiding the board's strategic direction and supporting FSRA's initiatives. Peggy McCallum has been re-appointed for a three-year term, effective May 18, 2025. With her extensive expertise in pension and benefits governance, risk management, administration and investment, she will continue to provide valuable insight to the board. Lucie Tedesco has been re-appointed for a three-year term, effective July 13, 2025. Her significant experience across banking, insurance, payments, external complaint bodies, market conduct, consumer protection and regulatory technology will remain a key asset to the board. For biographical information on all Board Members, please visit our governance page. FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Yahoo
2 days ago
- Business
- Yahoo
New Members and Re-appointments to FSRA Board of Directors
TORONTO, May 29, 2025 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA), is pleased to announce the appointment of two new members to its Board of Directors, as well as the re-appointment of three existing members. Steve Geist and Douglas E. Turnbull join FSRA's Board of Directors for a two-year term, effective May 1, 2025. In addition, current members Joanne De Laurentiis (Chair), Peggy McCallum and Lucie Tedesco have been re-appointed to FSRA's Board of Directors. New Members Steve Geist Steve Geist is a seasoned financial services executive with more than 30 years of leadership experience. He previously held senior executive roles at CIBC Wealth Management and as CEO of CIBC Asset Management. He currently serves as Vice Chair and Director of the Ontario Financing Authority, and a member of the Board of Directors at Quinte Health and Chair of the Canada Life Investment Management Independent Review Committee. Mr. Geist holds a BBA from Wilfrid Laurier University. His professional qualifications include a Chartered Professional Accountant (CPA) designation with a distinction of Fellow (FCPA/FCA) from the Chartered Professional Accountants of Canada, an ICD.D designation and Certified Financial Planner designation. Douglas E. Turnbull Douglas E. Turnbull is a distinguished leader with deep expertise in investment banking, debt capital markets, advisory and credit rating businesses. He is the recently retired Vice Chairman and Country Head (Canada) of Morningstar DBRS Ltd. and has held other leadership roles at TD Securities, BMO Nesbitt Burns, Gordon Capital, and RBC Dominion Securities (including its predecessor, A.E. Ames & Co.). Mr. Turnbull is currently the Non-Executive Vice Chairman of Morningstar Canada and serves on several boards and advisory committees, including board member of Elexicon Corporation, Chairman of the Board of Directors of The Canadian Ditchley Foundation and a member of the Advisory Board for the Toronto Global Forum. Mr. Turnbull holds a BA from Western University and an ICD.D designation from the University of Toronto Rotman School of Management. "Steve and Douglas each bring a wealth of knowledge and leadership to the FSRA board. Their extensive experience in financial services will be invaluable as FSRA continues to mature and implement important strategic priorities in this uncertain global economy," said Joanne De Laurentiis, Chair of FSRA's Board of Directors. "I look forward to working alongside them to better protect consumers and strengthen public confidence in the financial services sector." Re-appointed members Joanne De Laurentiis' term as Chair has been extended by six months, effective June 28, 2025. Her continued leadership will be instrumental in guiding the board's strategic direction and supporting FSRA's initiatives. Peggy McCallum has been re-appointed for a three-year term, effective May 18, 2025. With her extensive expertise in pension and benefits governance, risk management, administration and investment, she will continue to provide valuable insight to the board. Lucie Tedesco has been re-appointed for a three-year term, effective July 13, 2025. Her significant experience across banking, insurance, payments, external complaint bodies, market conduct, consumer protection and regulatory technology will remain a key asset to the board. Learn more: For biographical information on all Board Members, please visit our governance page. FOR MEDIA INQUIRIES: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
FSRA issues notice of proposal against Joel Kelman and 1368486 Canada Inc. operating as "Quick Cash Mortgage"
TORONTO, May 28, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Joel Kelman (Kelman) and 1368486 Canada Inc. operating as "Quick Cash Mortgage" (QC Mortgage). FSRA alleges that Kelman is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and that Kelman contravened the Act, and its regulations as follows: a. By failing to take reasonable steps to ensure that the brokerage and each broker and agent authorized to deal or trade in mortgages on its behalf complies with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07. b. Causing a brokerage to contravene subsection 46(1) of Ontario Regulation 188/08 by failing to maintain accurate records related to mortgage transactions, contrary to section 3 of Ontario Regulation 187/08. c. By providing false information to FSRA, contrary to subsections 45(1) and 45(2) of the Act. FSRA further alleges that QC Mortgage is not suitable to be licensed under the Act because the past conduct of Kelman, who is QC Mortgage's principal broker, officer and sole director, affords reasonable grounds for belief that the business of the corporation will not be carried on in accordance with the law and with integrity and honesty. FSRA is proposing to refuse to renew Kelman's mortgage broker licence and impose administrative penalties in the total amount of $120,000 against Kelman. FSRA is also proposing to revoke QC Mortgage's mortgage brokerage licence. Kelman and QC Mortgage have requested a hearing before the Financial Services Tribunal about this proposal. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
3 days ago
- Business
- Cision Canada
FSRA issues notice of proposal against Joel Kelman and 1368486 Canada Inc. operating as "Quick Cash Mortgage" Français
TORONTO, May 28, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against (Kelman) and 1368486 Canada Inc. operating as "Quick Cash Mortgage" (QC Mortgage). FSRA alleges that Kelman is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and that Kelman contravened the Act, and its regulations as follows: a. By failing to take reasonable steps to ensure that the brokerage and each broker and agent authorized to deal or trade in mortgages on its behalf complies with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07. b. Causing a brokerage to contravene subsection 46(1) of Ontario Regulation 188/08 by failing to maintain accurate records related to mortgage transactions, contrary to section 3 of Ontario Regulation 187/08. c. By providing false information to FSRA, contrary to subsections 45(1) and 45(2) of the Act. FSRA further alleges that QC Mortgage is not suitable to be licensed under the Act because the past conduct of Kelman, who is QC Mortgage's principal broker, officer and sole director, affords reasonable grounds for belief that the business of the corporation will not be carried on in accordance with the law and with integrity and honesty. FSRA is proposing to refuse to renew Kelman's mortgage broker licence and impose administrative penalties in the total amount of $120,000 against Kelman. FSRA is also proposing to revoke QC Mortgage's mortgage brokerage licence. Kelman and QC Mortgage have requested a hearing before the Financial Services Tribunal about this proposal. Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Zawya
3 days ago
- Business
- Zawya
XBTO receives Full 3A licence approval from ADGM
Abu Dhabi, UAE – XBTO, a 10-year global leader in institutional digital asset management, is proud to announce that it has received full approval for its Financial Services Permission (FSP) under the 3A licence category from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) in the UAE. The approval authorises XBTO to provide a range of financial services in and from ADGM, including custody, dealing in investments as matched principal, advising on investments, and arranging deals in investments. This marks a significant milestone in the company's expansion strategy across the MENA region and beyond. 'The UAE is a leading market in digital assets, and the 3A licence enables us to be a part of a positive digital movement in the region. This licence also serves to reinforce our long-term commitment to institutional integrity, regulatory transparency, and financial innovation in the UAE,' said Philippe Bekhazi, CEO and Founder of XBTO Group. 'ADGM has built one of the most respected regulatory frameworks in the digital asset space globally, and we are honoured to be recognised under its jurisdiction.' The licence enables XBTO to operate as a regulated counterparty to institutional investors, including sovereign wealth funds, family offices, and regional financial institutions. It also allows the company to actively market its services across the UAE, bolstering its ability to engage directly with local stakeholders and deepen its presence in the region. 'This approval gives XBTO the strategic footing to engage more actively with regional partners and demonstrates our alignment with the UAE's vision of becoming a global hub for digital finance,' said Karl Naim, Chief Commercial Officer and General Manager for UAE at XBTO. 'ADGM has created a forward-thinking environment that balances innovation with robust oversight - a model we are proud to be part of.' The licence approval complements XBTO's existing regulatory footprint in Bermuda and is part of its broader global expansion strategy, with the next regulatory milestone being its anticipated entry into the UK market. XBTO's regulatory approval has been welcomed by key stakeholders within Abu Dhabi's thriving digital asset ecosystem. The company has been an active participant in Hub71's specialized digital assets cohort and has collaborated with the technology hub on educational initiatives focused on advancing digital asset knowledge and best practices across the region. Peter Abou Hachem, Head of Growth and Strategy, Hub71, said, "We're proud to see XBTO, a global leader in digital assets, secure their 3A license and scale from Hub71 to serve the world. Their move to Abu Dhabi reflects a clear shift toward the Middle East - one of the fastest-growing and most liquid markets globally. XBTO's focus on regulatory excellence and innovation embodies the caliber of founders we back. As more startups choose our ecosystem to launch and grow, we remain committed to helping them scale with speed and impact." XBTO is exploring plans to celebrate this milestone with a media event in Abu Dhabi, underlining its commitment to fostering long-term partnerships within the UAE and the wider region. About XBTO From asset management to capital markets, XBTO helps clients capture opportunities in the age of digital assets. Founded in 2015 as a proprietary trading firm, XBTO built its foundation through nearly a decade of active participation in digital asset markets. Since 2023, XBTO has expanded into a full-service crypto quantitative investment firm. With a strong focus on Bitcoin, XBTO delivers risk-adjusted strategies across the alpha–beta continuum designed to perform across market cycles and regulatory environments. With decades of experience earned at the world's leading financial institutions and deep expertise in digital markets, XBTO brings a rare combination of financial discipline and digital-native insight. XBTO operates under robust regulatory oversight, with operating entities regulated by the Bermuda Monetary Authority and the Financial Services Regulatory Authority in Abu Dhabi. It operates from key financial hubs including Bermuda, New York, Miami, London, Paris, and Abu Dhabi.
