Chapter 11: U.S. and Canadian Regulations, Practices, and Industry Nuances

In this section

• Securities Regulation in the U.S. and Canada
  Explore key securities regulators, historical foundations, cross-border disclosure requirements, and enforcement actions in the U.S. and Canada, with practical insights for CFA Level II candidates.
• Differences in Accounting and Disclosure (IFRS, U.S. GAAP, and ASPE)
  Explore key differences between IFRS, U.S. GAAP, and Canada’s ASPE, focusing on revenue recognition, financial instruments, leasing, and impairment to enhance cross-border financial analysis.
• Taxation and Cross-Border Implications
  Explore how Canadian and U.S. tax structures, treaties, and planning strategies affect cross-border investing, corporate entities, and estate considerations. Learn to minimize multinational tax liabilities through smart asset allocation and advanced planning.
• Market Microstructure and Trading Environments
  An in-depth exploration of North American exchange structures, ATS nuances, short selling, clearing, settlement, and best execution considerations in U.S. and Canadian markets.
• Industry-Specific Valuations in North America
  Explore unique valuation challenges and best practices for key North American industries, including energy, mining, technology, and cannabis, with a focus on ESG, currency fluctuations, and financial statement normalization.
• Pension Plans, Healthcare, and Other Long-Term Liabilities
  Explore how U.S. and Canadian pension plans, post-retirement healthcare obligations, and other long-term liabilities are regulated, funded, and analyzed. Learn key differences in solvency requirements, discount rates, and the impact on corporate financial statements and valuations.
• Future Trends and Developments in North American Capital Markets
  Discover emerging trends in regulatory harmonization, fintech, ESG disclosures, and demographic shifts shaping the future of North American capital markets, with practical examples and exam-focused insights.