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OSC Glossary

Terms

Acronym Category Description
IA approach Markets  

Internal Assessment Approach is the term given to any IRB approach whereby a bank calculates its capital requirement in respect of its credit risk/securitization exposure.

(Source: Morgan Stanley Intuition website)

IAASB Auditing

International Auditing and Assurance Standards Board is “a committee of the   International Federation of Accountants (IFAC) that works to improve the uniformity of auditing practices and related services throughout the world by issuing pronouncements on a variety of audit and assurance functions and by promoting their acceptance.”

(Source: Financial Stability Forum)

 IAP  OSC

Investor Advisory Panel focuses on providing the OSC with advice on investor related issues. It’s a 7-member panel to provide advice on investor perspectives about OSC   priorities, draft rules and policies.

(Source: OSC website, Investors page)

 IAPC  Auditing

International Auditing Practices Committee is a committee of the International Federation of Accountants (IFAC) charged with improving the uniformity of auditing and attest functions by issuing pronouncements on practices. 

(Source: IFAC website)

 IASB  Accounting

International Accounting Standards Board is an independent standard-setting body of the IFRS Foundation. Responsible for the development of IFRS publications and for approving interpretations. Seeks to establish convergence in accounting standards around the world.

(Source: IFRS website)

 IBS  Regulatory

International Bank for Settlements (Basel) is now referred to as the BIS (Bank for International Settlements) – Its mission is to serve central banks in their pursuit of monetary and financial stability and to foster international cooperation in this area.

(Source: Bank for International Settlements, About Page)

 ICAAP  Markets

Individual capital adequacy assessment process.

(Source: Allen & Overy Briefing Papers Glossary)

 ICAO Professional Association 

Institute of Chartered Accountants for Ontario is the governing body of Ontario’s   Chartered Accountants and CA students.

(Source: ICAO website)

 IDA Professional Assocation

Investment Dealers’ Association of Canada was a Canadian self-regulatory   organisation and trade association for investment dealers. They worked to encourage investment activity and monitor the practices of investment dealers. As of June 2008.   the IDA combined with Market Regulation Services Inc. (RS Inc.) to form the   Investment Industry Regulatory Organization of Canada (IIROC). 

(Source: CanLII website, IDA page)

 IEF OSC

Investor Education Fund is a non-profit organization founded by the Ontario Securities   Commission that provides unbiased and independent financial tools to help you make better money decisions.

(Source: IEF website)

 IFPA OSC 

 Investment Funds Product Advisory Committee – OSC.

 IFIC Markets

Investment Funds Institute of Canada seeks to educate Canadian mutual funds   investors.  

(Source: IFIC website)

 IFRS Markets 

International Financial Reporting Standards is a not-for-profit organization. The organization seeks to develop a uniform set of globally accepted International Financial Reporting Standards through the ISAB and to promote application of those standards.

(Source: IFRS website)

 IIAC Professional Association

Investment Industry Association of Canada is a member-based professional association with 175 members representing a majority of IIROC registered organizations (IIROC is the national self –regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada). They represent the investment industry’s position on securities regulation, public policy and industry issues.

(Source: IIAC website)

 IIROC Regulatory

Investment Industry Regulatory Organization of Canada is a national self-regulatory organization. It oversees investment dealers and trading activity on debt and equity markets. IRROC sets standards, provides protection for investors and seeks to strengthen market integrity. IIROC replaced the IDA  and RS Inc. in 2008.

(Source: IIROC website)

 IMF Markets

International Monetary Fund is an organization of 188 countries. It seeks to facilitate global monetary cooperation, financial stability, international trade, and economic growth and to reduce poverty.

(Source: IMF website)

 Infraction Law 

Infraction is a violation of the rule of law.

(Source: A Brief Overview of the Regulatory Structure of Securities Regulation in Ontario)

 Investment Funds OSC 

Investment Funds, as in the OSC branch, is responsible for regulating investment products that offer securities for sale to the public in Ontario, including mutual funds, exchange-traded funds, structured products and scholarship plans.

(Source: OSC website, Branches & Offices page)

IOSCO Regulatory 

International Organization of Securities Commissions is an international body of securities regulators, which, through information-sharing and consultation, promotes investor confidence and safe and effective markets.   

(Source: IOSCO website)

IP  OSC 

Investor Protection – the OSC goal to champion investor protection, especially for retail investors.

(Source: OSC Strategic Plan)

IPO  Markets

Initial Public Offering is the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can   also be done by large privately owned companies looking to become publicly traded.

SEC forms for an IPO include:

·            S-1: A primary corporate offering of either stock or bonds filed by companies that have been public filers for less than 3 years.

·            S-4: Registration of securities acquired by stockholders in transactions involving: a merger or consolidation transaction (stock swap), reclassification of stockholder’s securities, transfers of assets and mergers not requiring solicitation of consent of all security holders of the company to be acquired. Companies often do “stock swap” mergers to avoid paying taxes when buying out a company.

·            SB-1, SB-2: Primary offering by a qualified “small business”.

(Source: Investopedia and SEC Forms and Exhibits Reference Guide)

 IRB approach Markets 

Internal ratings based approach is a credit risk measurement technique permitted under Basel II. IRB allows banks to use their own internal ratings of counterparties and exposures, subject to supervisory approval and review and strict disclosure requirements. Two variations of the IRB are available, Foundation IRB and Advanced IRB.

(Source: Morgan Stanley Intuition website)

ISC OSC

Investor Steering Committee provides OSC staff with a forum in which to explore the impact on investors   of current and proposed policy initiatives, and ongoing internal processes. The ISC also acts as the link between staff and the OSC Investor Advisory   Panel (IAP) by reviewing all staff submissions for the IAP, and recommending the submissions to the OSC Executive Director.

(Source: OSC Intranet)

ISD Law

ISD is the Council Directive of 10 May 1993 on investment services in the securities field (93/22/EEC).

(Source: Allen & Overy Briefing Papers Glossary)

ISDA Professional Association 

International Swaps and Derivatives Association, Inc. is a global trade association representing participants in the privately negotiated derivatives industry, such as interest rate, currency, commodity, credit and equity swaps, and related products such as caps, collars, floors and swaptions.

(Source: ISDA, website)

Issuer Law

An issuer is a legal entity that develops registers and sells securities to finance its   operations. Issuers are legally responsible for reporting financial conditions, material developments, and any other operational activities as required by the regulations of their jurisdictions.

(Source: Investopedia)