(4) Where a contract of insurance is entered into or renewed through more than one broker or agent, or where payment of the premium or any part of the premium thereon is effected through more than one broker or agent, the contract shall, for the purposes of this Part, be deemed to have been entered into or renewed, as the case may be, through the broker or agent directly retained or instructed by the insured and not through any other broker or agent.

(i) a bank or the Business Development Bank of Canada, (ii) an association to which the Cooperative Credit Associations Act applies, a central cooperative credit society for which an order has been made under subsection 473(1) of that Act or a cooperative credit society incorporated and regulated by or under an Act of the legislature of a province, (iii) a body corporate to which the Trust and Loan Companies Act applies or a trust or loan corporation incorporated by or under an Act of the legislature of a province, (iv) an insurance company or a fraternal benefit society incorporated or formed under the Insurance Companies Act or an insu ...[+++]rance corporation incorporated by or under an Act of the legislature of a province, (v) a subsidiary of any company referred to in subparagraph (i), (ii), (iii) or (iv), where the company owns all of the voting shares of the subsidiary, (vi) a dealer registered in the category of broker, investment dealer or securities dealer, (vii) Her Majesty in right of Canada or any province, or (viii) any municipal corporation or public board or commission in Canada,

(d) a trade where the party purchasing as principal is a company or a person and is recognized by the Commission as an exempt purchaser; (e) a trade where the purchaser purchases as principal, if the trade is in a security which has an aggregate acquisition cost to such purchaser of not less than $150,000 or such other amount as is prescribed; (f) a trade from the holdings of any person, company or combination of persons or companies described in paragraph (c) of the definition of " distribution" in subsection 2(1) for the purpose of giving collateral for a debt made in good faith; (g) a trade by or for the account of a pledgee, mort ...[+++]gagee or other encumbrancer for the purpose of liquidating a debt made in good faith by selling or offering for sale a security pledged, mortgaged or otherwise encumbered in good faith as collateral for the debt; (h) a trade in a security that may occasionally be transacted by employees of a registered dealer where the employees do not usually sell securities and have been designated by the Director as non-trading employees, either individually or as a class;

22. Recognises the great importance of financial service intermediaries (agents and brokers), in providing financial services from other Member States to consumers and SMEs; calls on the Commission to ensure a framework that will strengthen that industrial sector; reiterates that any framework for that sector must follow the principle 'same business, same risks, same rules', while avoiding an ill-adapted 'one-size-fits-all' approach; stresses that any provision for intermediaries must ensure legal certainty for agents and brokers, as well as the protection of consumers, for example from dubious sales practices; emphasises, furthermor ...[+++]e, that rules should also be established for the training of financial services intermediaries and advertising and sales consultancies;

A key innovation is to establish a separate provision governing the "best execution" obligations of brokers/broker-dealers.

The overall price formation process and the effective enforcement of "best execution" will be enhanced if (large) dealers and broker-dealers are required to advertise the terms at which they are willing to conclude transactions.