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(April 20, 2007) Advisor.ca is proud to announce that Doug Watt and Matthew McClearn have been short-listed for the prestigious Kenneth R. Wilson Awards in the Best Feature Article category.

Their article, The Defiant One, appeared in Advisor’s Edge in November 2006, and detailed the inside saga of prominent Saskatoon advisor Brian Mallard’s two-year battle with regulators to save his career. The article also appeared in Canadian Business under the title When the Whistle Stops, and has been nominated for a Canadian Association of Journalists award.

The Advisor.ca website is itself up for a Kenneth R. Wilson award in the category of Best Website. Congratulations to all.

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CSA seeking comment on best execution

(April 20, 2007) The Canadian Securities Administrators (CSA) is seeking comment on proposed amendments to NI 21-101 Marketplace Operation and NI 23-101 Trading Rules, which govern trade-through protection, best execution and access to marketplaces.

“In response to market structure developments and the need to update certain requirements, the CSA are proposing amendments … and are publishing a proposal relating to trade-through protection,” said Jean St-Gelais, chair of the CSA and president and CEO of Quebec’s AMF.

In a joint notice issued in conjunction with Regulation Services (RS), the CSA proposal describes a framework for ensuring that better-priced orders are filled first. The comment period is open until July 19, 2007.

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Mortgages to become cheaper

(April 20, 2007) Finance Minister Jim Flaherty has announced that Bill C-37, An Act to amend the law governing financial institutions and to provide for related and consequential matters, has come into force today, four days earlier than anticipated.

Among the features of the new law are amendments to the Bank Act allowing homebuyers to borrow up to 80% of the purchase price without requiring mortgage insurance.

Prior to the implementation of the bill, homebuyers were required to make a down payment of at least 25% to avoid the added expense of mortgage insurance.

According to Cid Palacio, vice-president, BMO Bank of Montreal, on a $300,000 home, that translates into an annual saving of $2,500 in mortgage insurance premiums for a buyer with only a 20% down payment.

“We believe that a great number of homebuyers will benefit from this change,” said Palacio. “We see a number of customers scrambling to meet the 25% down payment in order to avoid paying the insurance premium.”

The bill also provides an enabling framework for electronic cheque imaging and makes it easier for credit unions to establish cooperative credit associations as a means of expanding their business opportunities.

“Canada has a leading-edge financial sector,” said Minister Flaherty. “The measures contained in Bill C-37 will benefit consumers and businesses and contribute to maintaining the competitive advantage of Canada’s dynamic financial services industry.”

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(04/20/07)