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Industry
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that five employees at TD Securities Inc. violated the Universal Market Integrity Rules (UMIR) by entering artificial closing bids in 322 instances over a six-month period. The panel dismissed an allegation that TD Securities failed to comply with its trading supervision […]
By Staff |December 20, 2010
2 min read
Economic Indicators
Federal Finance Minister Jim Flaherty appears set to discard the option of enhancing the Canada Pension Plan, heading into the meeting with his provincial counterparts in Kananaskis, Alberta. Last week Flaherty proposed a private sector solution to Canada’s future retirement funding crisis, which would allow workers without a pension plan to contribute to a pooled […]
By Steven Lamb |December 20, 2010
1 min read
Standard & Poor’s and TSX Group have launched two new yield- focuses indices for the Canadian marketplace: the S&P/TSX Equity Income Index and the S&P/TSX Composite Dividend Index. The Equity Income Index focuses on dividend income and is comprised of 50 to 75 dividend-paying stocks selected from the S&P/TSX Composite Index. It is designed to […]
The Autorité des marchés financiers (AMF) has filed penal proceedings against six individuals in connection with Centre de traitement d’information de crédit (C.T.I.C.) inc. and is seeking fines totalling $2,795,350. Specifically, the AMF has filed 127 charges against Patrick Gauthier for illegally acting as a securities dealer on 16 occasions and, on 88 occasions, aiding […]
A settlement hearing in the matter of Zenon Smiechowski was held yesterday in Vancouver, British Columbia before a Hearing Panel of the MFDA’s Pacific Regional Council. The Hearing Panel accepted the Settlement Agreement between Mr. Smiechowski and MFDA Staff, as a consequence of which Mr. Smiechowski: In the Settlement Agreement, Mr. Smiechowski admitted that: (a) […]
By Staff |December 17, 2010
One in six retirees are currently without the financial resources to replace three-quarters of their pre-retirement consumption, the amount often used as the basis of retirement planning. That number is expected to increase to at least two in five over the next 40 years, according to a study released today by the C.D. Howe Institute. […]
By April Scott-Clarke |December 17, 2010
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement, including sanctions, between IIROC Staff and Alain Béland. In the agreement, Mr. Béland admits to engaging in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, and failing to ensure investment recommendations to his […]
3 min read
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and Jean-Guy Ducharme. In the agreement, Mr. Ducharme admits to making over-the-counter transactions for his personal account without informing his firm. He also admits to failing to ensure that certain investment recommendations were suitable to […]
The federal government has proposed changes to the Income Tax Act provisions governing real estate investment trusts, which were exempted from the taxation treatment imposed upon other income trusts. “Our government is committed to providing clarity in the application of the REIT rules,” said Finance Minister Jim Flaherty. “These changes take into account constructive comments […]
By Steven Lamb |December 17, 2010
BMO Financial Group has announced a massive expansion of its U.S. presence with the $4.1 billion (U.S.) purchase of Milwaukee-based Marshall & Ilsley Corporation, a diversified financial services company.
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