Industry News

BMO offers guaranteed retirement income product

BMO has announced the launch of a new guaranteed income product aimed at clients aged 55 and up. The BMO Lifetime Cash Flow product bank deposit backed by BMO and is fully protected against market volatility. The initial deposit (minimum $5,000) provides exposure to a portfolio of BMO Mutual Funds which is rebalanced annually to […]

By Staff |January 18, 2011

1 min read

Industry

Union Securities names new COO

Union Securities announced the appointment of Bill Wright as its Chief Operations Officer earlier this month. In this new role, he will oversee operational controls, procedures, and reporting systems. “We are very pleased to welcome Bill Wright to the executive management team,” said John MacPhail, CEO of Union Securities. “We believe Bill will be a […]

By Staff |January 18, 2011

1 min read

Industry

OSC seeks new small business committee members

The Ontario Securities Commission (OSC) is seeking applicants for membership on its Small Business Advisory Committee (SBAC). OSC staff recognize the pivotal role played by small issuers in the capital markets and the critical importance of consulting with investors, industry participants and other stakeholders. Small issuers account for 40 per cent of Ontario’s reporting issuers, […]

January 18, 2011

1 min read

Industry

Desjardins offers variable-rate GIC

Desjardins Group has announced that it will offer a five year GIC which features an annual interest rate adjustment. The “5-in-1” Enhanced Rate Guaranteed Investment will be available January 31. The product is aimed at investors who are reluctant to lock in at a fixed rate, fearing interest rates will rise over the next five […]

By Staff |January 18, 2011

1 min read

Op Ed: Full MFDA review is needed

There has been quite a fuss over the decision by the British Columbia Securities Commission’s (BCSC) decision to censure the Mutual Fund Dealers Association (MFDA) for its proxy solicitation practices. In fact, it has not been a particularly good year for the MFDA so far when, added to the BCSC’s decision, we have the Saskatchewan court’s refusal to toss a civil suit against it and the ruling in the Mallard case as well. Both have raised questions about the integrity of the MFDA.

5 min read

Flaherty tightens mortgage rules

Finance Minister Jim Flaherty has announced new rules for mortgage lending and home equity credit lines designed to rein in growing debt among Canadians. The first of three new measures reduces the maximum amortization period from 35 to 30 years for new government-backed insured mortgages with loan-to-value ratios higher than 80%. “This will significantly reduce […]

3 min read

IIROC reaches decision for Ronald Stoneburg

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found Ronald Stoneburg misappropriated $350,000 in client funds and forged a client signature. The penalty against Mr. Stoneburg includes a $425,000 fine and a permanent ban on conducting securities-related business in any capacity with an IIROC-regulated firm. The panel has also ordered […]

By Staff |January 17, 2011

1 min read

IIROC settles with All Group Financial Services

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and All Group Financial Services Inc. In the agreement, All Group Financial Services Inc. admits that it failed to maintain Risk-Adjusted Capital above zero, and that it reduced its capital by redeeming shares without prior […]

By Staff |January 17, 2011

1 min read

IIROC settles with Paul Ryan Klemke

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Paul Ryan Klemke. In the agreement, Mr. Klemke admitted to unauthorized trading in client accounts; violating his know-your-client and suitability obligations in certain trading in client accounts; and trading in a security that was […]

By Staff |January 17, 2011

2 min read