Appeals Committee ruling | DSI-2008-02

Assignment of asset manager and financial advisor registration request

DSI Appeals Committee ruling dated February 8, 2008.

The DSI Appeals Committee ruled on a candidate’s application for registration as Asset Manager and Financial Advisor. DSI had rejected the request because, in its view, there was no employment or authority relationship with the stated employer, partly because of the small number of hours, working from home and the lack of clear direction. The Disputes Committee had initially granted the candidate’s appeal, but the Appeals Committee ruled that registration requires a relationship of authority as referred to in employment law. Because the candidate could not sufficiently demonstrate that this was the case, DSI’s appeal was upheld and the registration was still rejected.

Appeals Board ruling

The Appeals Committee found that the absence of an authority relationship and employment relationship meant that the requirements of the DSI General Regulations for registration were not met. DSI’s remaining objections therefore did not need to be addressed.

Articles DSI Code of Conduct applicable: 4.3.1 (employment/substance relationship as a requirement for registration)

Linkage to DSI Core Principles:

• Core principle 5: Comply with rules. – Strict adherence to formal requirements for registration, such as the existence of an employment and authority relationship, is essential for industry trust and client protection.
• Core principle 1: Take responsibility. – Both the candidate and the employer bear responsibility for being transparent and honest about the nature of the employment and working relationship.
• Core principle 3: Act carefully – Diligence in demonstrating a proper and controlled work environment is necessary to ensure the quality and integrity of service delivery.