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June 9, 2006
Bylaw Revisions for 2006 Approved at Annual General Meeting
The Bylaws of 2006 were approved at the Institute's Annual General Meeting on June 8, 2006.
FIRST BYLAW OF 2006
Rule 209: Borrowing from clients:
Rule 209 and its related Council Interpretation are introduced to prohibit members or students who provide professional services from borrowing or obtaining loan guarantees from clients, except where the loan is made under normal commercial terms by a bank, similar financial institution or other entity whose main business is private lending; or where the lender or guarantor client is a relative of the member or student.
SECOND BYLAW OF 2006
Regulation 7101: New Minimum PLI Requirements
The new minimum PLI limits, which apply to all members in public practice, are:
- $1 million where one member practises public accounting;
- $1.5 million where two or three members practise public accounting;
- $2 million where four or more members practise public accounting.
Many members in small, medium and large firms, who already carry coverage at or above the proposed new levels, will be unaffected by the changes. For those who need to increase their coverage, it is anticipated that base premium costs for minimum coverage would increase by no more than $36 per month.
The effective date of the new PLI limits for Manitoba members is for all new policies and renewals after October 1, 2006.
Click here for more information about the new minimum PLI requirements.
THIRD BYLAW OF 2006
Bylaw 900 and related Regulation 9101: New Minimum CPD Requirements
Under the changes, all members are required to:
- complete a minimum of 120 hours of CPD over a three-year cycle, including at least 60 hours of verifiable learning;
- complete at least 20 hours of learning annually;
- choose learning opportunities that provide for the development of new or existing competencies that are relevant to the individual member's overall professional responsibilities and growth.
The effective date of the new CPD requirements for Manitoba members is January 1, 2007.
Click here for more information about the new minimum CPD requirements and for sample PD plans.
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