FAIR Canada is pleased to announce that the Supreme Court of Canada (SCC) has granted it intervenor status in the April 2011 SCC case, in which the constitutionality of the proposed national securities legislation will be determined.
Top News
Aug 13 2010
The Most Important OSC Chair in Modern Times
FAIR Canada has written to Premier Dalton McGuinty and Finance Minister Dwight Duncan, urging the appointment of a proactive investor-focused OSC chair. The selection of an investor-focused OSC Chair is crucial at this time, with the term of the current chair ending on October 31 – less than 3 months away.
Jul 27 2010
FAIR Canada Releases Expert Report – Managing Conflicts of Interest in TSX Listed Company Regulation
FAIR Canada has released an expert report with options for improving the management of conflicts of interest at the Toronto Stock Exchange (the TSX), in connection with the TSX’s regulation of listed companies. FAIR Canada has expressed concerns since its establishment about the inherent conflict at the TSX between the TSX’s listings business and listing regulation functions, and has pushed for regulators to address this conflict of interest in a way that is consistent with international standards.
Jul 26 2010
FAIR Canada Executive Director Appears on Lang & O’Leary Show
FAIR Canada’s Executive Director Ermanno Pascutto argues that the recently approved Magna deal is an abusive transaction that creates an extraordinarily bad precedent for all public companies.
Jul 23 2010
SEC Conducting Review of ETFs: Where are the Canadian Regulators?
Pending completion of a review to evaluate the use of derivatives by mutual funds, ETFs, and other investment companies, the SEC issued a release in March 2010 indicating that it will defer consideration of exemptive requests to permit ETFs that would make significant investments in derivatives. The deferral will affect new and pending requests from certain actively-managed and leveraged ETFs that rely on swaps and other derivative instruments to achieve their investment objectives, but will not affect any existing ETFs.
Jul 23 2010
US Reform Measures Strengthen Investor Protection: How long must Canadian investors wait for better investor protection?
U.S. Congress has responded to the recent financial crisis with timely, comprehensive reform measures aimed at protecting investor rights. On July 15, 2010, it approved the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final version of the Act, as passed by both the House and the Senate, includes provisions requiring that…
Jul 22 2010
FAIR Canada is hiring an Office Assistant
FAIR Canada is currently accepting applications for the position of Office Assistant. We are seeking to hire a highly organized and motivated individual with excellent word processing skills. Knowledge of other computer programs (such as Excel) would be an asset.
Jul 19 2010
SEC Settles Goldman Case and Compensates Investors
On July 15, the SEC announced that Goldman Sachs will pay US$550 million, as well as reform its business practices, in order to settle SEC charges that it had misled investors in a subprime mortgage product. In paying the largest-ever penalty levied against a Wall Street firm, Goldman also acknowledged that its marketing materials for the subprime product contained incomplete information.
Jul 12 2010
FAIR Canada Director Honoured at UNA-Canada Gala Dinner
Mr. Jarislowsky’s influence on the Canadian financial sector has been truly profound: as an exemplary business leader, co-founder of the Canadian Coalition for Good Governance and the Institut sur la gouvernance d’organisations privées et publiques, a Board member on local, national and international companies and organizations, author, and dedicated philanthropist.
Jul 09 2010
Recent Mutual Fund Point of Sale Proposal Falls Short
FAIR Canada applauds the Canadian Securities Administrators (CSA) for continuing to move forward on this long-delayed and important initiative, and is pleased that the existing two-day withdrawal right for investors has been retained as we recommended. However, FAIR Canada continues to be of the view that there are several serious deficiencies in the Point of Sale proposal that undermine the goal of protecting consumers who purchase mutual funds…
Jul 07 2010
Problems with Scholarship Plans Identified
Major concerns about the multi-billion dollar scholarship plan industry were identified in an August 2008 report published by Human Resources and Social Development Canada (HRSDC). The report outlined a number of concerns about the multi-billion dollar scholarship plan industry…
Jun 30 2010
Mutual Fund Lobby Group Seeks to Suppress Publication of Independent Mutual Fund Report
Morningstar recently published an innovative report which graded mutual fund companies based on the concept of “stewardship”. The Morningstar Stewardship Grade for Funds assigned a letter grade based on a fund’s score in 5 key areas: regulatory, bond quality, manager incentives, expenses, and corporate culture.
Jun 18 2010
FAIR Canada Calls on the OSC to Stop Magna Deal
FAIR Canada is seeking intervenor status today from the Ontario Securities Commission (the “OSC” or the “Commission”) for the June 23, 2010 proceeding involving Magna International and the Stronach Trust. It is FAIR Canada’s position that the proposed transaction is contrary to both the public interest and the best interests of investors generally, as well as an abuse of the Canadian capital markets.
Jun 16 2010
FAIR Canada Hiring Research Assistant
FAIR Canada is seeking to hire a student to conduct research on a full- or part-time basis this summer. The research will be principally focused on securities law matters, and payment will be at the standard student hourly rate.
Jun 15 2010
Magna Deal An Abuse of the Markets
FAIR Canada announced today that it will make a submission to the Ontario Securities Commission (OSC) calling on the OSC to promptly convene a public hearing to consider the proposed transactions between Magna International Inc. (Magna) and the Stronach Trusts with a view to issuing a cease trade order prohibiting the consummation of the transactions. FAIR Canada is of the view that the proposed transactions are contrary to both the public interest and the best interests of investors generally, as well as an abuse of the Canadian capital markets.
May 26 2010
Alpha Proposal to Become an Exchange
FAIR Canada has repeatedly expressed concerns about the inherent conflict of interest between the “for profit” status of the TSX (part of the TMX group listed on the TSX), and the TSX acting as a regulator of listed companies where it has a responsibility to act in the public interest. We have advocated for regulators to address this conflict of interest in a way that is consistent with international standards. Our concern is shared by other stakeholders.
May 14 2010
FAIR Canada Makes Presentation to Task Force on Financial Literacy
FAIR Canada was invited to make a presentation on May 12, 2010 to the Task Force on Financial Literacy. During her presentation, Associate Director Ilana Singer focused on the following FAIR Canada recommendations…
May 07 2010
FAIR Canada Executive Director Comments on Proposed National Securities Regulator on BNN
FAIR Canada Executive Director comments on the proposed national securities commission and the need for regulators to be investor advocates. He argues that regulators must go beyond simply mandating disclosure in legal documents and be proactive in protecting investors.
May 05 2010
SEC Commissioner Calls for a Statutory Fiduciary Standard
U.S. Securities and Exchange Commissioner Luis Aguilar, in a recent speech, called for a statutory fiduciary standard to be introduced for all providers of investment advice. Aguilar said “The events of the last two years have underscored an age old truth that financial products and technologies will continually change, but the potential for deception and conflicts endure … While the scope of service may vary between clients, the standards of loyalty and care in providing that service should not.”
May 04 2010
FAIR Canada Comments on IIROC Guidance Note About Non Arm’s-Length Investments
FAIR Canada supports the IIROC initiative to issue requirements and best practices for the distribution of non arm’s-length investment products. But it recommends that IIROC go further that what is provided for in the draft Guidance Note, including the following: 1) The IIROC rules should state that the test for the sale of a non [...]
