(September 29, 2005) Do we really want to turn into Americans? That’s the question Canadian fund companies and regulators should be asking themselves when considering the Canadians Securities Administrators’ proposal to create Independent Review Committees (IRCs) to oversee conflicts of interest and other issues at mutual funds, says Larry Schwartz, director of LECG Canada’s Toronto […]
(August 23, 2005) Need a job? MFDA has several openings and has recently taken out an ad in the Globe and Mail listing no fewer than six positions and including such titles as Financial Compliance Manager; Compliance Manager; and Financial Examiner. What’s prompting the staff increase? “Our financial examinations department is expanding,” explains MFDA compliance […]
(August 19, 2005) Danger, free money. The MFDA has issued a warning to members regarding what it calls misleading communications involving investment loans. “MFDA staff has become aware of communications sent by affiliated financial institutions of fund managers to MFDA members, which promote investment loans in a manner that is misleading and contrary to the […]
(August 15, 2005) Expansion of electronic communications has created new challenges for investment advisors and broker/dealers looking to ensure client information doesn’t leak to people intent on identity theft. In a recent notice to members, the National Association of Securities Dealers (NASD) reminded its members of their duty to safeguard client data. Of particular concern, […]
(July 15, 2005) Before the debate on soft dollars starts, there should be agreement about what the term means, IFIC says. They may complicate matters, but soft dollars arrangements don’t create barriers to best execution. So says the mutual fund industry association in a recent comment letter on the Canadian Securities Administrators’ concept paper addressing […]
(June 29, 2005) The influence of the 2002 Sarbanes Oxley Act (SOA), which requires improved financial reporting, continues to be felt; this time at the Securities and Exchange Commission itself, where the staff recently completed an SOA-mandated report on off-balance sheet arrangements and related issues. Among other things, the report urged corporations to upgrade financial […]
(June 10, 2005) William Donaldson’s decision to step down as chair of the U.S. Securities and Exchange Commission will mark a change in direction for the agency. Donaldson was appointed in 2003 at a time when public confidence in the U.S. securities markets had been shaken by corporate accounting scandals. In response, and under some […]
(June 6, 2005) Alternative Trading Systems (ATSs) are coming to Canada, and regulators are working to avoid the problems that have plagued the trading venues in the United States. ATS trading venues like Bloomberg Tradebook Canada and Liquidnet Canada have been operational for some time and the field is about to expand with the introduction […]
(May 26, 2005) A concept paper on trade throughs will be issued by the Ontario Securities Commission (OSC) sometime this summer, assistant manager for market regulation Susan Greenglass told a recent compliance conference in Toronto. Release is tentatively set for late June or early July. She indicated the OSC is looking at the new National […]
(May 24, 2005) We’re just making the rounds. So says MFDA vice president for compliance Karen McGuiness regarding her association’s promise to regulators that all member firms will be reviewed by December, 2005. “Some branches are worried we’re out on a witch hunt,” she says. “We’re not. If we find something that warrants referral to […]