Reminder - OSB Releases New Draft Directive on Trustee Designation and Advertising
The Office of the Superintendent of Bankruptcy (OSB) has released a new draft directive on Trustee Designation and Advertising. CAIRP has been working with the OSB for many seasons in order to make this happen. We are pleased to report that the proposed trustee name designation reflects the results of the CAIRP member survey conducted late last year. test123
The Directive will set out a new professional designation to assist debtors in identifying licensed trustees and prescribe professional standards to which all trustees shall adhere when advertising.
Changing the Directive is a major initiative and CAIRP is of the opinion that it is vitally important that it effectively address best practices in advertising both now and in the future.
CAIRP will be submitting further comments on the draft directive now that is has been released. The practices set out in the new directive will fundamentally affect how our profession will brand itself to the public for years to come. We therefore invite our members to submit their comments on the draft directive during this 30-day public consultation period.
Section 10 (b): Endorsements and Statements of Gratitude
CAIRP has received a great deal of feedback from trustees already expressing their concern in the draft directive regarding the proposed prohibition of the inclusion of endorsements and statements of gratitude in trustee advertising. We strongly encourage our members to submit their positions on Section 10 (b) along with the other comments CAIRP has suggested.
Please feel free to use CAIRP’s detailed comments as set out below in making your own submission. It is important that the OSB hear from as many Trustees as possible on this vital issue.
CAIRP COMMENTS ON DRAFT DIRECTIVE
Professional Standards for Advertising:
Endorsements and Statements of Gratitude:
We believe that the proposed new designation presents an opportunity to strongly differentiate Licensed Trustees in Insolvency and Restructuring from their competitors and to improve public awareness.
Below you will find the links for proposed Directive 29R3:
Public Consultation Page: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/h_br02431.html
Proposed Directive’s Page: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03415.html
Comments on the directive should be sent to Sheila Westerink Robin, National Manager, Policy and Regulatory Affairs, at OSBRegulatoryAffairs@ic.gc.ca.
If you have further questions or need additional information, please contact us at email@example.com.