Briefly: ‘AMF teams with United Arab Emirates’ and more news

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The Québec Autorité des marchés financiers (AMF, the Emirates Securities and Commodities Authority (ESCA), the agency responsible for ensuring efficient securities markets in the United Arab Emirates,entered into a co-operation agreement.

The purpose of this agreement is to set up and implement a system for mutual assistance and exchange of information between the ESCA and the AMF in order to facilitate the performance of their respective securities-related functions, in particular:

• supervising the operations of a securities exchange, intermediary or any other person regulated by the AMF or the ESCA, or the issuance and trading of securities in their respective jurisdictions;
• investigating contraventions of laws and regulations relating to financial instruments;
• enforcing laws and regulations governing the securities or derivatives industry;
• promoting and securing the fitness and propriety of persons registered or licensed in their respective jurisdictions and overseeing their activities.

The agreement was signed by His Excellency Sultan Bin Saeed Al Mansoori, Minister of Economy of the United Arab Emirates and Chairman of the Board of the ESCA, and Jean St-Gelais, AMF President and CEO, at the 35th Annual Conference of the International Organization of Securities Commissions (IOSCO), attended by representatives and experts of world finance this week in Montréal.

“The growth in international trading in the financial markets and the need to establish a relationship of co-operation and mutual assistance were the impetus for this agreement,” noted Mr. St-Gelais. “This agreement creates a connection between securities markets in the United Arab Emirates and Québec, and will enhance the protection of investors and bolster enforcement measures between the two jurisdictions,” added His Excellency Sultan Bin Saeed Al Mansoori.

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Rubin wins National Business Book Award

Jeff Rubin, the author of ‘Why Your World is About to Get a Whole Lot Smaller: Oil and the End of Globalization’, is the winner of this year’s National Business Book Award.

In his book, Rubin explores the pivotal role that the price of oil plays in determining the state of both the economy and society. Rubin attributes the main cause of the recent recession to the dramatic rise in oil prices rather than subprime mortgage lending. He argues that as oil prices rise, assumptions about the inevitability of globalization will be overturned and the focus will shift toward more local and regional economies and green initiatives.

In its 25th year, the National Business Book Award celebrates Canadian business-related writing, published in Canada, in English or French. It is considered one of Canada’s most prestigious and respected literary awards. Co-sponsored by PricewaterhouseCoopers LLP and BMO Financial Group, the National Business Book Award honours the winning author with a $20,000 prize.

Rubin’s work first gained attention in 1989 when he accurately predicted that Toronto real estate prices would decline by 25 per cent. Later, Rubin’s recommendation to set the Goods and Services Tax rate at 7%, instead of 10, was also accepted. For almost two decades, Rubin has been a resource for key economic issues and events. His research on emerging trends in energy markets and their impact on the global economy has earned recognition around the world.

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Western Trust offers extensive mutual fund research

Canadian Western Trust Company (CWT) and HighView Financial Group (HighView) today announced that CWT will now offer web access to HighView’s independent mutual fund research and guided fund portfolio solutions via CWT’s online query tool, CWeb.

“We are very pleased to announce this new business relationship with HighView, who we believe are some of the most trusted and respected wealth stewards in the industry,” said Rick Wood, Director of Business Development, Corporate and Group Services for CWT. “The timing of this new partnership also aligns with the one-year anniversary of CWT’s new office in Toronto.”

“HighView is thrilled to be working in partnership with CWT,” said Mark Barnicutt, President and CEO of HighView. “By combining CWT’s ‘best in class’ custodial platform with our mutual fund and fee-based portfolio, our investment solutions will have a unique advantage in the marketplace. It will also enable advisors on the CWT platform to further distinguish themselves.”

CWT has been offering retirement, trustee and custodial solutions to financial advisors, corporations and individuals for more than 20 years, and currently administers over $5.8 billion of assets. CWT’s reputation for demonstrating flexibility and responsiveness are points of pride within the business.

(06/10/10)