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Oct
18
2017
Dan Hallett, one of the panelists at the OSC Roundtable on Banning Embedded Commissions writes in the Globe and Mail about how many of the panelists arguments in favour of not banning embedded commissions focused on the interests of industry rather than the interests of clients.
Oct
02
2017
The Canadian Securities Administrators (CSA) have announced the implementation of Multilateral Instrument 91-102 Prohibition of Binary Options, which makes it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual. Binary options take the form of a wager in which investors bet on the performance of an underlying […]
Aug
31
2017
Clare O’Hara reports that beginning September 1st, 2017, the Canadian Securities Administrators will require ETF providers to produce and file a summary disclosure document called “ETF Facts”, similar to the mutual fund “Fund Facts” document. The ETF Facts are to be written in plain language and be no more than two pages, double-sided. ETF Facts […]
Aug
31
2017
Clare O’Hara reports in The Globe and Mail that the Canadian Council of Insurance Regulators (CCIR) is reviewing the regulatory framework for segregated funds to identify whether changes are necessary, particularly in light of recent regulatory reforms – such as the Client Relationship Model initiative – that affects similar investment products. The article quotes Anatol […]
Aug
29
2017
James Langton of the Investment Executive reports that investment advisors overwhelmingly back a best interest standard to govern client and registrant relationships. In this year’s “Report Card” series, the Investment Executive asked advisors in each of the major distribution channels whether they supported a proposal from the Canadian Securities Administrators (CSA) to introduce a best […]
Aug
28
2017
Rob Carrick writes in The Globe and Mail that a lot of investors are not reading their account statements. He cites a recent J.D. Power survey finding that despite recent regulatory reforms requiring investment advisory firms to disclose more information about fees, most investors still do not understand these fees. While some of this may […]
Jul
20
2017
Leo Almazora of Wealth Professional reports on a letter written by Ken Kivenko of Kenmar Associates to the Canadian Securities Administrators on internal ombudsmen at the banks, particularly their level of independence and transparency. The letter in particular takes issue with the “two-step” process for launching complaints (through an internal ombudsman and OBSI) and asks […]
Jul
20
2017
Anita Anand, Andrew Green and Matthew Alexander write in the Globe and Mail about the recent no-contest settlements by the Ontario Securities Commission and whether these are in the public interest: (i) given the lack of transparency over the facts; (ii) the impact on the law’s development and (iii) possible perverse incentives that no-contest settlements may create.
Jun
14
2017
Michelle Singletary of the Deseret News reports how consumers will get some common-sense protection from conflicts of interest when getting advice on their retirement accounts. Barb Roper, consumer advocate at the Consumer Federation of America, explains what the rule means for financial consumers.
Jun
01
2017
Erica Johnson of CBC Go Public reports on The National that employees in the financial industry are speaking out that doctoring documents and forging signatures are more common than people realize. The Mutual Fund Dealers Association noted in its 2016 Annual Enforcement Report that signature falsification had grown as the primary allegation in 130 cases, […]