Briefly:

(July 11, 2006) The MFDA Regulatory Issues Committee has announced it will provide exemptive relief from its commingling prohibition rule to all members that are level 3 and 4 dealers, as long as certain conditions are met.

The rule prohibits members from commingling money for mutual fund transactions with money held in trust for the purchase and sale of other securities or financial instruments, such as GICs and segregated funds.

In a bulletin, the MFDA says it has determined that to grant exemptive relief would not be prejudicial to the interest of its members, their clients or the public. To qualify for this exemption, the dealers must also receive approval from their respective securities regulator. Eligible members will be identified in a document the MFDA plans to issue.

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RBC to rebrand online brokerage

(July 11, 2006) RBC Financial has announced it will be rebranding its online brokerage offering, changing the name from RBC Action Direct to RBC Direct Investing, effective September 30th, 2006.

The brokerage assures its clients that the transition will be seamless and require no action on the part of investors. The web address will be changing to reflect the new name, but the company will provide an automatic redirect to the new site, allowing investors time to adjust their bookmarks.

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Staff

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