By The Book:

(February 13, 2008) The Investment Dealers Association of Canada has imposed a fine of $50,000 on Randall Wayne Reiffenstein, formerly an approved person with the Calgary branch office of Dundee Securities.

The hearing panel found that between November 2, 2005, and February 14, 2006, Reiffenstein failed to cooperate in an investigation into his conduct, contrary to bylaw 19.5.

Reiffenstein faces a permanent ban if he fails to contact the IDA, pay his fine and costs, and fully cooperate within 90 days.

CSA seeks comment on accounting

(February 13, 2008) The Canadian Securities Administrators has issued an invitation for comment on its new concept paper on the proposed amendments to securities rules on acceptable accounting principles.

The proposed changes stem from Canada’s adopting International Financial Reporting Standards, which will replace the Canadian generally accepted accounting principles (GAAP). There’s no rush to brush up on IFRS, however, as its proposed adoption date is January 1, 2011.

To implement the change, the CSA is considering the need for amendments to National Instrument 52-107, Acceptable Accounting Principles, Auditing Standards and Reporting Currency.

Of particular interest to the CSA is comment on the use of IFRS by domestic issuers prior to its official adoption; the use of U.S. GAAP; and references to IFRS in CSA securities rules.

“The move to a single financial reporting standard is occurring on a global basis,” said Jean St-Gelais, chair of the CSA and president and CEO of the Autorité des marchés financiers. “Securities regulators in Canada are committed to understanding and meeting the needs of Canadian investors, advisors, reporting issuers and auditors as this global shift occurs.”

The concept paper and request for comments are available on various CSA members’ websites.

(02/13/08)

Staff

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