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News from 2010

Bylaw Revisions for 2010 Approved at Annual General Meeting

The Bylaws of 2010 were approved at the Annual General Meeting on June 17, 2010.

FIRST BYLAW OF 2010
Explanatory Note:

Three proposed amendments of a housekeeping nature are explained below:

• The Foreword to the Rules of Professional Conduct is amended to remove references to the application of rules to students and firms which had been left in inadvertently as well as to update a reference to “professional good taste” to be consistent with the revisions to Rule 217- Advertising that were approved in 2009;
• Council Interpretation CI 217.1/14 (Use of the term “Specialist”) is amended to correct a misstated reference from Rule 217.1(d) to 217.1(a); and
• Rule 204.8 (Disclosure of Impaired Independence) is revised to update an outdated reference to “related function” to read “related business or practice”.
  (End of First Bylaw of 2010)

• Click here for a clean copy of the final wording of the first Bylaw of 2010.

SECOND BYLAW OF 2010

Explanatory Note:

A new Rule of Professional Conduct 202.2 and related Council Interpretation 202 (Objectivity) are introduced to codify the requirement for objectivity on the part of members while allowing for members to continue to act as advocates when it is appropriate for them to do so. Objectivity is one of the five fundamental principles governing the conduct of members that are articulated in the Foreword to the Rules of Professional Conduct, however, it had not been specifically addressed previously in the body of the Rules themselves.
(End of Second Bylaw of 2010)

• Click here for a clean copy of the final wording of the second Bylaw of 2010.
  

THIRD BYLAW OF 2010

Explanatory Note:

Rule of Professional Conduct 209 (Borrowing from Clients) and its related Council Interpretation are amended to clarify that bona fide business ventures with non-assurance clients are not prohibited by the general prohibition against borrowing from clients. In addition, certain exemptions related to employee loans and client retainers are transferred from the Council Interpretation to the Rules in order to strengthen them.
(End of Third Bylaw of 2010)

• Click here for a clean copy of the final wording of the third Bylaw of 2010.

June 17, 2010

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