Briefly: “IIAC calls on G-20 for open trade, investment” and more news

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The IIAC has issued a joint statement with its American counterpart, the Securities Industry and Financial Markets Association, calling for world leaders to resist protectionist temptation and keep the global market for trade and investment open.

“Where new regulatory actions are deemed necessary at the national or international level, they should be crafted to guard against the dangers of protectionism,” said Ian Russell, president and CEO of IIAC.

The call comes ahead of a meeting of the G-20 finance ministers in Britain this weekend. The leaders of the G-20 nations will meet in London on April 2 to discuss the global financial crisis.

“It is essential that G-20 members work towards consensus on approaches to achieve consistent and efficient regulatory standards to promote well-functioning global capital markets and to avoid the unnecessary burden of negotiating a maze of differing regulations,” Russell said. “And, as policymakers develop new proposals in the face of the current challenges, they should consider the monitoring of regulations to ensure effectiveness, and collaborate on findings to encourage consistency of approach.”

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OSC freezes fees until March 2010

The OSC has frozen its market participation and activity fees for the coming 12 months, ending March 31, 2010, citing tough economic times for registrants.

In October 2008, the OSC had proposed raising fees to match its forecast costs over the next two years. Today’s announcement reflects comments from numerous market participants.

“We understand the challenges faced by market participants in Ontario and recognize that now is not the time for a fee increase,” said commission chair David Wilson. “Maintaining the current fee levels for the next year will not impact our ability to provide protection to investors from unfair, improper or fraudulent practices and foster fair and efficient capital markets.”

The OSC has posted profits in the past, which it has earmarked to offset any shortfall it may experience over the coming year. The commission will further review its fee model over the next 12 months.

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Sprott Global Equity manager departs

Sprott Asset Management has announced the departure of Sylvain Ratelle, a member of the Sprott Global Equity Fund management team. Charles Oliver and Jamie Horvat take over as senior portfolio managers of the fund.

While there will be no change made to the fund’s fundamental investment objective, the portfolio will change to reflect Oliver and Horvat’s investment style. These changes are expected to be completed on or about April 30, 2009.

The fund’s investments will include small-, medium- and large-cap companies from around the world, and may include debt securities and convertible debentures.

The fund was launched in April 2007, and its A-series has generated a loss of 29.75% since inception.

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Standard Life shuffles Canadian board

The Standard Life Assurance Company of Canada has announced the retirement of board chairman Jocelyn Proteau, who will be succeeded by Sir Sandy Crombie, currently group chief executive of Scotland-based Standard Life plc and director of the company.

The company has also announced the appointment of William Black as deputy chairman and the retirement of non-executive director Maurice Forget. All changes will be effective on May 15, 2009.

“We will miss Jocelyn Proteau greatly when he retires in May,” said Gerry Grimstone, chairman of Standard Life plc. “Having been closely linked to the Canadian operations for many years and considering his thorough understanding of the issues facing our industry today, I am convinced that Sir Sandy will be successful in continuing to steer our largest operation outside the U.K. towards growth.”

Since 2003, Proteau has served as director, chairman of The Standard Life Assurance Company of Canada, and director of the board of the parent company in Scotland.

Forget has been a director on the Board of The Standard Life Assurance Company of Canada since 1989. He is a partner and past chair of the law firm Fasken Martineau in Montreal.

“Maurice Forget’s contribution to Standard Life has been tremendous, especially in the years leading up to demutualization,” said Jocelyn Proteau. “We want to thank him and recognize his vast expertise in corporate law, which has been instrumental in ensuring the right corporate structure and governance were in place.”

(03/13/09)