Briefly:

(April 28, 2008) The Office of the Superintendent of Financial Institutions penned a letter late last week to the financial community relating to the new international financial reporting standards (IFRS).

In it, OSFI addressed three points specifically meant for federally-regulated financial institutions (FRFIs). OSFI says FRFIs are considered publicly accountable enterprises and, therefore, must adopt IFRS on or after the deadline date of January 1, 2011. The letter adds that FRFIs are not allowed to adopt the new standards early.

FRFIs are also required to submit a semi-annual progress review to OSFI on their adoption plans within 30 days of the end of the period.

OSFI says the CSA will issue disclosure requirements relating to IFRS, before the implementation date, while OSFI will release its own letter requiring all FRFIs who are not subject to the CSA disclosure requirements to make the same disclosures directly to them.

Quadrus Group of Funds gets new auditor

(April 28, 2008) Mackenzie Financial has appointed a new auditor for its Quadrus Group of Funds.

Starting June 30, Deloitte & Touche will be responsible for the Focus Canada Fund, the Ivy European Class, the Universal American Growth Class (Unhedged Class), the Universal Canadian Resource Fund, and the Universal Precious Metals Fund.

Mavrix makes management change

(April 28, 2008) Staff changes are afoot at Mavrix Fund Management. The company announced that, effective May 1, Jackee Pratt, vice-president and portfolio manager, will take on the lead management role for the Mavrix Income Fund.

Pratt currently manages the Mavrix Canada Fund and the Mavrix Diversified Fund.

Mavrix is also proposing to merge its Canada Fund and the Diversified Fund into the Mavrix Income Fund.

(04/28/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.