By The Book:

(February 22, 2008) The OSC has agreed to drop criminal charges against Andrew Rankin, the former managing director in the mergers and acquisitions department of RBC Dominion Securities at the centre of a stock-tipping scandal since 2001.

In the agreement, he admits that childhood friend Dan Duic had access to his home and may have had access to confidential information about impending deals when Rankin was not at home. For his part, he denies that the settlement agreement is an admission of guilt.

Rankin has been permanently barred from registration in Ontario, including serving as a director or officer of any reporting issuer. He has been barred from trading in any securities for a period of 10 years and may only invest in mutual funds and ETFs through a registered dealer in one locked-in retirement account held in his name.

Rankin has also agreed to pay $250,000 in investigation costs. The settlement agreement must still be approved by the securities commission.

CSA extends comment period on exec perks

(February 22, 2008) The Canadian Securities Administrators (CSA) is seeking further comment on a proposal to repeal and replace form 51-102F6, Statement of Executive Compensation.

“Executive compensation practices are constantly evolving and have become quite complex,” said Jean St-Gelais, chair of the CSA and president and CEO of the Autorité des marchés financiers (Québec). “Improving disclosure will allow investors to assess how compensation decisions are made and provide insight into a key aspect of a company’s overall stewardship and governance.”

The form has been revised to take into account disclosure of information, including equity awards and pensions, and requires the inclusion of “narrative discussion and explanation” of these perks.

The comment period closes April 22, 2008.

(02/22/08)

Staff

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