News and resources for Canada's top financial advisors
Industry
The 12 Canadian provinces and territories who have signed on to the passport model have released a progress report on their continuing efforts to harmonize the country’s securities regulations. The model became effective on September 19, 2005, giving participants access to markets in multiple jurisdictions simply by dealing with the rules of their principle, or […]
By Doug Watt |November 18, 2005
2 min read
The fight for control of Clarington is heating up, with CI Financial’s president and CEO calling the dismissal of his company’s bid “ridiculous.” “It wasn’t until we received a copy on Wednesday of the support agreement between Clarington and Industrial Alliance that we were able to discover the conditions under which they would consider another […]
By Steven Lamb |November 18, 2005
Retail investors in the failed Norshield Group of companies, which include Norshield Asset Management and Olympus United Funds, may only get back $8.5 million of the $132 million they placed in Norshield funds, according to the second report of receiver RSM Richter. The receiver stresses that this is only a preliminary finding. In addition, RSM […]
By Scot Blythe |November 18, 2005
3 min read
Canadian investors poured $5 billion into foreign securities in September, making it the eighth straight month they added to their holdings, according to Statistics Canada. All of that capital was invested in debt instruments, with foreign bonds totaling $3.9 billion and money market instruments worth $1.2 billion. U.S. Treasury bonds accounted for $2.3 billion, nearly […]
By Steven Lamb |November 17, 2005
David Wilson says he intends to protect investors and restore trust in the Canadian marketplace, stressing the need for stronger regulation through a common securities regulator. In his first speech as OSC chair, at the annual Dialogue with the OSC in Toronto, Wilson said a common securities regulator in Canada would “improve both the efficiency […]
By Mark Brown |November 17, 2005
The rate of venture capital investment must rise if Canada is to compete on the global stage, according to the head of the industry association. “The Canadian venture capital industry remains undercapitalized,” said Rick Nathan, president of Canada’s Venture Capital and Private Equity Association (CVCA) and managing director of Goodmans Venture Group. Third quarter venture […]
By Staff |November 16, 2005
Giving firms options about what they admit in dispute actions could mean less work for regulators. No contest settlements would keep the regulatory process moving and avoid situations in which advisors litigate matters to the last gasp for fear any admissions will destroy their reputations. David Hausman, a lawyer at Fasken Martineau in Toronto, said […]
By Philip Porado |November 16, 2005
Three weeks after the MFDA board voted not to accept an invitation to merge with the IDA, a letter has been released to members explaining the MFDA’s controversial decision. On Friday, the MFDA sent out a three-page letter to its members laying out nine reasons for rejecting the overture from the IDA (although it added […]
By Mark Brown |November 16, 2005
CI Financial has made a renewed higher bid for Clarington, just one week after the fund company’s board agreed to a friendly takeover by Industrial Alliance. The bidding war for Clarington began October 31, when CI announced a $13 per share offer for Clarington. On November 7, Industrial Alliance countered with a $14.25 offer, which […]
By Doug Watt |November 15, 2005
Mutual funds generated $1 billion in new sales in October, according to IFIC, despite poor markets and uncertainty in the income trust sector. “The net sales for October helped increase the industry’s year-to-date sales to $19.4 billion, the highest for that time period since October 2001,” said IFIC president Tom Hockin. Gross sales for the […]
By Steven Lamb |November 15, 2005
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