Yes, regulators really do give credit to firms that cooperate with compliance inquiries and then make bona fide efforts to clean up operations. But you won’t read about it in the papers because those cooperation agreements generally preclude the regulator from providing details about what took place. On the flipside, Jeffrey Kehoe, director of enforcement […]
(December 2005) Sure, you might be able to borrow money from a client at a better rate than you could get from a bank. But just because you can, doesn’t mean you should. It does happen, though, and that’s why the Mutual Fund Dealers Association chose to issue a notice outlining how it expects advisors […]
(December 2005) Sure, you might be able to borrow money from a client at a better rate than you could get from a bank. But just because you can, doesn’t mean you should. It does happen, though, and that’s why the Mutual Fund Dealers Association chose to issue a notice outlining how it expects advisors […]
Giving firms options about what they admit in dispute actions could mean less work for regulators. No contest settlements would keep the regulatory process moving and avoid situations in which advisors litigate matters to the last gasp for fear any admissions will destroy their reputations. David Hausman, a lawyer at Fasken Martineau in Toronto, said […]
(November 2005)Do you want to run a solid registration department and minimize regulatory fines for errors and omissions? Then assign a staff person whose job it to take care of the issue exclusively, instead of asking a compliance person or other officer of the firm to multi-task. Edie Wilson, vice president for regulatory and compliance […]
If you’re a limited market dealer (LMD) that’s a bit weak on the compliance side, it’s time to hustle, Laurie Clark, a partner at Borden Ladner Gervais, told a recent Strategy Institute conference in Toronto. For a long time, she noted, the OSC largely ignored LMDs aside from requiring them to fill in their forms. […]
High commodity prices will be with us for the foreseeable future and that’s good news for energy sector income trusts, Middlefield Capital president Garth Jestley told a Wellington West conference last week. In the resource sector, “depletion is real,” Jestley said. He added production levels have peaked, so even if demand reduction takes place in […]
Do you want to run a solid registration department and minimize regulatory fines for errors and omissions? Then assign a staff person whose job it to take care of the issue exclusively, instead of asking a compliance person or other officer of the firm to multi-task. Edie Wilson, vice president for regulatory and compliance at […]
Let the computers do it. That was the take of many securities market participants filing comment letters in response to the Canadian Securities Administrators’ discussion paper on market structure developments and trade-through obligations. By and large, they indicated the centralized limit order book does a good job of exposing prices and helps dealers fulfill their […]
(October 13, 2005) It took more than three years, but self-regulatory organizations and state regulators in the U.S. finally harmonized their definition of “branch office” for examination, registration and supervision purposes. Late last year, the Securities and Exchange Commission (SEC) approved a proposal hammered out by the New York Stock Exchange (NYSE), National Association of […]