Topic: An Overview of Mergers and Acquisitions Taxation in Canada

Speaker: Eric Xiao, Partner, Ernst & Young

CCFA has successfully held another lunch-and-learn event on Thursday, February 26th, 2014. We were honored to have Eric Xiao, a tax partner with the Transaction Advisory Services practice of Ernst & Young based in Toronto.  Eric shared his insights on Mergers and Acquisitions Taxation in Canada and his unique career path as the first immigrant from China to become a partner with EY Canada. Around 40 financial practitioners and professionals participated in this event. The talk was well received and ended with an animated Q&A session showing very good feedback from the audience.

After a warm opening remark about Eric’s background by Dr. Gang Wu, the moderator of the lunch-and learn event, Eric began sharing his thoughts on leadership, career development and his experience of being a partner in a Big-4 accounting firm.  He broke this section into three parts: a typical career path to become a partner; his personal experience and challenges; thoughts and the lessons he has learned.

Becoming a partner in a Big-4 accounting firm is never easy. It requires the person to have strong leadership skills, in-depth technical knowledge and business development skills.  Eric highlighted people skills and leadership skills as the most important aspects of the skills set of a partner. As an “untypical” partner candidate in EY, Eric had also faced additional challenges such as language barrier. Eric emphasized that staying out of comfort zone is key to his success.  He also shared a tip about shifting in and out of comfort zone to develop new skills and new network while at the same time maintaining self-confidence.  Eric also shared a few lessons that he has learned with young professionals: setting a higher career goal at the early stage of career, seeking challenges and opportunities to grow, volunteering at a charity, and most importantly, networking and getting to know and to be known by people. He also backed up each suggestion with a real life example.

In the second section of the speech, Eric provided an overview of Mergers and Acquisitions Taxation in Canada. Starting with the transaction lifecycle in M&A, Eric discussed the different objectives of vendors and purchasers in both asset deals and share deals. Then, he moved on to cover tax due diligence, planning ideas for the seller/ purchasers. Eric finished his speech with an overview of the Canadian tax system which actually helps the audiences to have an even clearer idea about the different strategies and planning ideas for M&A transactions from a tax perspective.

After the CCFA Risk Study Group – Session 1: General Discussion on Counter-party Credit Risk on December 9th, 2014, CCFA Risk Study Group extended to cover liquidity risk management on the second session, which was held on February 19th, 2015. The CCFA Risk Study Group session 2 consists of speakers, Wei Zhang and Gavin Jiang, both from Scotiabank model validation group, and some practitioners with years of experiences on risk management from other financial institutions, along with members of the study group.

Liquidity Risk is the risk that a bank is not able to fulfill all contractually required financial obligations. Liquidity risk has played a key role in historical banking crisis. The financial crisis began in 2007 exposed that many banks fail to build up an adequate framework to satisfactorily account for the liquidity risk posed by individual products and business lines.

In order to supervise financial institutions with their liquidity risk management, a few regulatory requirements have been implemented or proposed by the Basel Committee. In this study group session, we mainly focused on LCR (Liquidity Coverage Ratio) and NSFR (Net Stable Funding Ratio) in Basel III as well as some other terms in local financial regulators. In specific, we first went through the detailed terms of both LCR and NSFR, e.g., the characteristics, classification, and calculation of high-quality liquid assets; business judgmental issues in LCR and NSFR; then different supplements used by local regulators such as OSFI and FSA were introduced. At the end, we also discussed about the ideal liquidity risk management in banks, which not only requires a sound framework from the supervisory level but also support from each business unit.

 

The CCFA risk study group aims to provide a platform for members to share the knowledge and learn from each other, eventually to achieve the success in risk management.

马蹄腾瑞雪，羊角触红梅。在这新年开泰之际，CCFA Risk Study Group也迎来了它2015年的第一次group meeting。在上一次的研讨会（2014年12月9日）中，我们针对了对手方信用风险进行了广泛的讨论。而在这一次的学习研讨中，我们有幸邀请到了加拿大丰业银行Model Validation部门的Wei Zhang和Gavin Jiang来为我们分享他们在流动性风险管理方面的经验。同时，本次学习小组亦有多名在各种风险管理领域的精英参加，分享及讨论了他们对流动性风险管理的看法。

作为商业银行经营与管理过程中最基本的风险种类之一，流动性风险是指商业银行无法及时获得或者无法以合理成本获得充足资金，以偿付到期债务或者其他支付义务、满足资产增长或其他业务发展需要的风险。

2008年的次贷危机及之后引发的全球流动性危机进一步暴露了全球银行流动性风险管理及监管制度中的弊端。巴塞尔委员会在这次金融灾难后，立刻指出了大多商业银行在流动性风险管理框架中的不足，并在巴塞尔协议III中添加了流动性风险管理的指标。在这次的学习小组会议中，我们着重讨论了在巴塞尔协议III（Basel III）中新增的两种流动性风险指标：流动性覆盖率（Liquidity Coverage Ratio，LCR），净稳定资金比例（Net Stable Funding Ratio，NSFR）：二种流动性风险指标的定义，衡量，以及衡量过程中可能遇见的难题及挑战。同时，我们介绍了当地金融监管机构中对流动性风险管理的补充条款。最后，各位学习小组成员亦针对如何从公司内部管理层以及各业务单元的不同方向中促进建立一个健全的流动性风险管理系统展开了讨论。

Title: Simplifying the enterprise risk data aggregation challenge – Applying the replicating portfolio techniques to facilitate enterprise risk modeling

Time: Friday, 6 March 2015 from 11:50 PM to 1:30 PM (EST)

Location: Schooner Room, 4th Floor, 44 King Street West, Toronto, ON, Canada

 

Speaker: Michael Zerbs, Senior Vice President & Head of RMIT, Scotiabank

Registration link: https://www.eventbrite.ca/e/simplifying-the-enterprise-risk-data-aggregation-challenge-tickets-15851187328

Audience are encouraged to bring their own lunch.

 

Michael’s presentation will focus on how to use optimization techniques to implement large scale risk simulations. In specific, the following topics would be covered:

• The typical data flow in typical financial institutions
• Objectives and major challenges of Solvency II and G-SIFIs
• What is replication and how it can address these challenges in insurance
• Replication processes and implementations on both asset and liability portfolios
• Common issues of replication and how to optimize its efficiency
• Example: Variable Annuity Portfolio

If you are interested in any of these topics, please come and join us for lunch and discuss about the optimization technique of risk management!                                  

 Speaker’s Bio:

 Michael is currently working as the Senior Vice President & Head of Risk Management Information Technology (RMIT) at Scotiabank. He is mainly responsible for the development and execution of strategic technology plans to support the key functions and business lines at the enterprise level.

 Prior to joining Scotiabank, Michael was the President and Chief Operating Officer at Algorithmics. He successfully led Algorithmics to become the leading enterprise risk firm for market risk, economic capital calculation, risk dashboard, and collateral management. In 2011, IBM acquired Algorithmics and combined it with IBM OpenPages to create a new pillar of Risk Analytics within the IBM Business Analytics software division. Michael led this new unit until joining Scotiabank in May 2014.

Title: An Overview of Mergers and Acquisitions Taxation in Canada

Time: Thursday, 26 February 2015 from 12:00 PM to 1:00 PM (EST)

Location: East York Room, 2nd Floor, 4 King Street West, Toronto, ON, Canada

 Speaker: Eric Xiao, Partner, Ernst & Young

Registration link:

https://www.eventbrite.ca/e/an-overview-of-mergers-and-acquisitions-taxation-in-canada-tickets-15698252897

 Audience are encouraged to bring their own lunch.

 Eric’s presentation will cover two topics. First, as the first immigrant from China to become a partner with Ernst & Young Canada, Eric will share his thoughts on leadership, career development, and his experience of being a partner in a Big-4 accounting firm. Second, Eric will provide an overview of mergers and acquisitions taxation in Canada. He will discuss the key Canadian tax considerations on purchase and sale of a Canadian business, and share his thoughts and observations on cross-border deals based on his 20 years of experience with Ernst & Young Canada.                                               

Eric is a tax partner with Ernst & Young’s Transaction Advisory Services practice based in Toronto. He is the Canadian leader of Ernst & Young’s China Overseas Investment Network.

 With over 20 years of experience, Eric has led many significant transactions providing tax advice to multinational companies on mergers and acquisitions, divestitures, restructurings, spin-offs, and tax due diligence.

 Eric graduated from the University of Toronto in 1991 with an MBA degree. He received his Canadian Chartered Accountant designation in 1997. Eric is a frequent speaker on Canadian income tax matters. He is a lecturer for the CICPA Corporate Reorganizations Course and is a member of the Joint Committee on Taxation of the Canadian Bar Association and Chartered Professional Accountants of Canada.

CCFA team up with Toronto Banker’s Basketball League (TBBL), support its basketball event and look for volunteers to participate.

Volunteers have opportunities to network with players from financial industry and at the same time to have some fun.

 一直觉得多伦多是个好地方,

不经意间,总有惊喜:

如身边努力加班工作和找工作的小伙伴,

如即将到来的金融街篮球大赛.

 是的, 2015由Toronto Banker’s Basketball League (TBBL) 与Maple Leaf Sport & Entertainment Foundation (MLSE) 合办的第二届篮球大赛要开始了.

从二月到五月,历时三个月的比赛,由RBC, TD, Scotiabank, BMO, CIBC, Manulife, Deloitte and KPMG (真是被惊艳了，会计忙季还有精力比赛的牛人, 小声的说，给力！)在North Toronto Collegiate Institute (17 Broadway Avenue close to Eglinton Station) 组队比赛．

现在主办方有了，球队有了，场地也有了．还缺什么呢？

嘿嘿，缺了画中轻描淡写的那一笔：可爱的义工

 现在TBBL 开始找义工，如果你喜欢篮球，希望近距离的和心目中的能文能武的bankers and accountants接触，那来吧！加入我们的篮球后方补给团队．

时间 (must be able to commit to at least 3 event)：Feb 13, 20, 27; Mar 13, 27; Apr 10, 17, 24; May 1

If you are interested to join it as volunteers, please contact Steve Deng at

Torontobankerbasketballleague@gmail.com

T: 647-778-8230

Dear CCFA Board of Directors, Members, Friends and Volunteers,

Time flies! Thanks to all of your hard work, great support and contribution, it has made CCFA a very successful year with record high sponsorship and member involvement! It is time to look back together what we had achieved in year 2014!

• 2014/1 CCFA student mentor program with York University and UofT
• 2014/2 Speaker series: Hot Issues in China Pilot Free Trade Zone
• 2014/3 Conference: CCFA, Shanghai Stock Exchange, Rotman Business School and Toronto Stock Exchange jointly held Conference about Derivative Trading
• 2014/4 Speaker series: The Structure of Canada Capital Markets and Its Opportunities
• 2014/5 Conference: Attending the first “WeiMing” Forum hosted by Bejing University Alumni Fund
• 2014/5 Speaker series: Cutting-Edge Methodology for Stress Testing in Enterprise Risk Management & Leadership
• 2014/6 Conference: CCFA Leadership event
• 2014/6 Speaker series: Introduction of banks’ Asset & Liability Management (ALM) related models
• 2014/7 CCFA Asset & Liability Management (ALM) Study Group was established and have a first Meeting
• 2014/8 Summer networking event: CCFA-CCPAA Joint Summer Barbeque
• 2014/9 Speaker series: Interest Rate Modelling in Prolonged Low Rate Environment by John Hull
• 2014/9  Speaker series: An Overview of Capital Market and Risk Management
• 2014/10 CCFA Asset & Liability Management (ALM) Study Group Second Meeting
• 2014/11 Conference: CPMP-CCFA-CCPAA Joint Leadership Conference

 

• 2014/12 Winter networking event: 2014 CCFA Christmas Party
• 2014/12 CCFA Risk study group was established and have first Meeting

To better organize more future CCFA events, and are responsible for CCFA various activities, in the principle to get more people involved, we have recently created new CCFA executive team to serve our members better.

Michael Wang, VP, Event Organization

• Michael will be responsible for CCFA event organization such as CCFA conference and CCFA networking event (Christmas Party).Michael has been responsible for organizing number of CCFA Christmas Party in the past and an active contributor to the CCFA.

Joe Lu, VP, External relationship

• Joe will be responsible for developing and maintaining the external relationship for CCFA with other Canadian and Chinese organizations. Joe has been responsible for maintaining external relationships for CCFA including Chinese and Canadian Governmental and non-governmental organizations. He has served as CCFA board and executive for many years in the past.

Jin Wang, VP, Membership

• Jin will be responsible for CCFA membership management and promotion. She had successfully organized two CCFA Leadership events in year 2014.

James Shen, VP, Mentorship

• James is in charge of the mentorship program for CCFA. James is seasoned and active CCFA members who has involved in the many training program with Chinese financial industry.

Laurent Gang Wu, VP, Education

• Laurent will lead CCFA education programs, including seminars, lunch-and-learn series and coordinating study groups. He has helped in organizing and hosting numbers of CCFA speaker series in 2014 such as John Hull’s and Jun Yuan’s presentation in year 2014.

Duan Lian, VP, Communication

• Lian has been responsible for CCFA communications, such as writing announcement, promoting different event, liaison with media and TV stations. She has helped drafting announcement for numbers of CCFA event before and is actively participating and contributing to CCFA events.

Yadong Wang, VP, Infrastructure

• Yadong will be responsible for maintaining and applying new technology to build efficient technology platform for CCFA. He developed CCFA WeChat application and led CCFA BBQ event in 2014.

Study Groups:

ALM study group, Gavin Jiang, Luan Pan

Risk Study group, Yuan Jun, Yicent Chen

IT Study group, James Shen

Xiaobo Wang will continuously serve as Secretary General and Yeqi He as CCFA Treasurer.

Thank you all for your dedication and contribution to the success of CCFA! We are looking forward to your continuous support and working together to help CCFA become a better and stronger organization!

Wish You a Prosperous 2015!

 Dianna Zhang

President of CCFA

On behalf of CCFA executive committee

U of T MMF Summit 2015 Invitation

Dear CCFA Board of Directors, Members, Friends and Volunteers,

As one of CCFA partners, University of Toronto Master of mathematical Finance program is inviting CCFA members to join MMF Summit 2015 event. Below link contains the detailed information about the summit and the registration information.

http://summit2015.mmf.utoronto.ca/index.html

Time: February 19th, 2015 – February 22nd, 2015

PANEL TOPICS

• Will banks continue to be profitable businesses?
• Impact of increased regulation, Dodd-Frank, Volker rules, Basel, etc
• Areas of growth in the banking system
• Banks in Canada vs. banks in the US
• Are pensions the new Fed?
• The consequences of gigantic asset pools looking for yield
• Impact of pensions offshore offices
• Will US pensions live to compare with Canadian pensions?
• The search for skill and human capital in Canadian Pension Plans
• Basel III, IV, … where will it end?
• Is risk management a cost centre or a revenue generator?
• Profile of a modern risk manager
• Interest rates: will they ever go up?
• The future of commodities
• Emerging markets: when will they emerge?
• China, Russia and Brazil: economics, politics and jobs

It is a great event to stay tuned on top of the financial trends and learn from the industry leaders! We are looking forward to seeing you there!

Objectives:

To help CCFA members to advance their career to next level by pairing them to qualified mentors. CCFA is now introducing CCFA member mentorship program.

Means:

Duration: 1 year

Mentees: Mentor and mentee 1:1 pairing. This program will facilitate an initial pairing process by let the mentors select mentees. When there are many mentee applicants, potential mentees are prescreened by CCFA based on the application materials.

Recommended meeting frequency: 1/month but up to the pairs

Meeting format and contents: up to the pairs but should be mentee initiated. Quarterly group meetings with all the mentors and mentees will be held.

Mentee requirements: CCFA member with 3+ years of industrial experience.

Application period: Now-March 15. Program start: Mid April.

Application materials:

• Resume
• Cover letter

Please cover the following topics in the application materials:

• Your objectives. The more specific the objectives, the better help you will get from the mentor and the program
• Your past contribution to CCFA
• Your achievements

If you are interested to apply for CCFA mentor program, please send the application materials should be sent to: membermentorshipccfa@gmail.com

Dear CCFA members and friends:


Below please find the news release of the Xmas party and photo links.
http://www.drfrm.com/Yong_Wang/Albums/Albums.html


加中金融协会于12月19日成功举办了第18届Bay Street Chinese圣诞晚会，近400位加中金融协会会员和来宾欢聚一堂，气氛热烈，内容丰富，是一台高档次的金融精英晚装盛宴。

一 年一度的Bay Street Chinese圣诞晚会的吸引力和受重视程度在今年创下了纪录。中加政府官员，银行高管，兄弟协会，社团媒体纷纷到场。中华人民共和国驻多伦多总领事馆总 领事陈立刚先生带领教育、科技领事参加晚会，并做了声情并茂的演讲。陈领事看到协会那么多年轻的金融从业者，非常欣慰地称“加中金融协会是促进中国金融发 展的后备人才库”。协会会长王勇博士总结了加中金融协会的诸多成绩，对协会的进一步发展提出了新的战略。王勇会长的致辞既鼓舞人心又风趣幽默，场上掌声不 断。协会成员表演的健美舞，各位嘉宾及协会管理层的合唱，方言游戏，翻译脱口秀让晚会高潮叠起，笑声涟涟。

今年加中金融协会的晚会可谓一 票难求，几天功夫门票就一售而空。赞助商人数和金额都创纪录，有不少今年就承诺明年的赞助。加中金融协会受欢迎程度与其日益扩大的影响力不可分割。创立于 2001年的加中金融协会是由在金融机构从业的华人精英组成，一贯积极参与促进中加两国在金融领域的交流活动，并帮助和提升华人在加拿大金融领域的发展。 现任会长是“世界华人金融贡献奖”得主、华人社团熟识的皇家银行副总裁王勇博士，副会长是加拿大中国工商银行加拿大分行总裁毕明强博士。领导团队还包括副 会长张文琦女士和卢晓辉先生，秘书长王晓波博士。毕明强先生的加盟为加中金融协会同中国金融机构的深入合作提供了强劲的支持。协会新的宗旨是“扩大协会基 础，提升协会形象”。

加中金融协会在今年开展了多项有益于会员利益及提高协会形象的活动：金融协会与上海市金融办、中国债券清算公司、辽 宁省人才办公室等机构签署了长期合作协议，进一步和多伦多大学、约克大学的学生实施了导师计划，金融协会分别在今年10月和11月率团在中国太原和南宁等 多地为山西晋商银行和中国国债清算公司提供了金融培训，并受到好评。加中金融协会将进一步扩大会员的基础，继续实施导师计划；鼓励会员交流，扩大会员视 野；并向国内金融机构推荐人才，辅助协会的会员及社会精英在加拿大和中国金融领域的发展和金融项目的合作。

无论是从会员的构成还是协会主办的活动、合作对象，加中金融协会都堪称高水准、高档次，无疑是加国华人社区中最受尊重及最具影响力的协会之一。我们期待加中金融协会更多有影响力的活动，并会及时跟踪报道。

加中金融协会和美国三立国际集团将在多伦多市为温州市举办海外人才的招聘活动, 
地点: Room: SF 2202, Sandford Fleming Building, University of Toronto, 10 King's College Road, Toronto M5S 3G4

时间: 2010年12月11日 下午15：00 - 晚上20：00
参加招聘团的机构有：

温 州医学院、温州大学、中国温州留学人员创业服务中心、浙江省亚热带作物研究所、温州建设集团公司、温州公交集团有限公司、温州市宏业投资发展有限公司、兴 乐集团有限公司、人民控股集团有限公司、亚龙科技集团有限公司、浙江超达阀门股份有限公司、温州环科电子信息科技有限公司、温州市华基化工有限公司

招聘团的组织方、来自温州市人事局、温州市委组织部、温州市外国专家局的领导也将在招聘会现场解答大家的有关问题。

各 城市招聘活动现已开始接受报名，参加招聘会及晚餐均免费。因招聘单位数量有限，每场招聘会的时间也有限，为保证现场洽谈效果，各场活动都有人数限制，请有 意前往温州就业的人士尽早在网上（www.oceanandsky.org） 报名。参会人士凭网上报名回执在会议签到处领取胸卡入场。您在本网报名后，应会在5分钟之内收到回执，如没有收到的话，请查一下您邮件的Spam Folder。如果Spam Folder里也没有的话，请与此次招聘活动的北美总协调、美国三立国际集团联系。