Industry News

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Dodge calls for harmonized securities laws

(September 22, 2005) Bank of Canada governor David Dodge says there is no need for different rules to be applied province-by-province, repeating that the country needs some sort of harmonized securities regulatory system. “Efficiency dictates that Canada should have uniform securities laws and regulations based on principles that apply to everyone,” Dodge said in a […]

By Doug Watt |September 22, 2005

3 min read

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Boomers vulnerable to fraud, study suggests

(September 21, 2005) An academic study of B.C.’s notorious Eron Mortgage scam suggests that pre-retirement investors, as well as those who consider themselves highly knowledgeable, may be more vulnerable to fraud than the general population. The report also calls for regulatory reform to protect investors in the private market and a new push on investor […]

By Doug Watt |September 21, 2005

2 min read

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Receiver details Portus investments, recommends bankruptcy

(September 20, 2005) After six months, and nine reports, receiver KPMG has offered a first accounting of the Portus Group’s investment structure, a structure so complex that the receiver says it is not practical to trace Portus investments back to individual investors. Instead, the receiver has recommended that the best way for 29,000 investors to […]

By Scot Blythe |September 20, 2005

4 min read

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Trusts blindsided by Ottawa

(September 20, 2005) If you haven’t jumped on the income trust bandwagon yet, it might be too late. Monday’s announcement by Ottawa that it is suspending advanced tax rulings on income trusts has sent an instant chill through the industry. Effective immediately, the Canadian Revenue Agency will not offer advanced opinions on trust structures regardless […]

By Mark Brown |September 20, 2005

4 min read

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Briefly:

(September 23, 2005) Northern Financial has taken the unusual step of admitting that is subsidiary, Northern Securities, is under investigation by market regulators for allegedly failing to meet internal trading supervision obligations. Northern says it has been given until October 11 to settle the case or RS will issue a notice of hearing. In a […]

By Staff |September 19, 2005

11 min read

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Business success depends on privacy protection

(September 19, 2005) Canadian consumers trust you with their personal information, but tread lightly. Clients are increasingly savvy about risks associated with online banking and financial institution transactions, but a new survey suggests they would take drastic action, including closing their accounts, if their financial institution suffered a security breach compromising their personal information. The […]

By Kate McCaffery |September 19, 2005

3 min read

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I am not a crook: Advisor

(September 19, 2005) A panel discussion at the 85th Annual General Congress of Advocis-Toronto was supposed help establish “a framework for effective regulation,” but by the end of the talk, all the financial advisors in the room wanted to know was why regulators treat them like crooks. Midway through the question and answer portion of […]

By Mark Brown |September 19, 2005

3 min read

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Turnover an issue at western regulator: audit

Produce more substantial enforcement results over the next fiscal year. Expeditiously complete investigation reports for all current investigations. Clarify and define Chief Counsel duties, create specific performance objectives and include these duties and functions in the Investigations and Enforcement Policies and Procedures Manual. Reconsider hiring a separate Manager of Investigations to manage files and allow […]

By Steven Lamb |September 16, 2005

3 min read

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Fund companies bet on new advertising strategies

(September 16, 2005) It’s no wonder the mutual funds offered by banks are attractive to clients — the banks and a select few mutual fund companies are the only entities trying to reach consumers directly these days. Recent announcements from Fidelity and Dynamic Mutual Funds, however, could signal the beginning of a new cycle that […]

By Kate McCaffery |September 16, 2005

3 min read

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Saskatoon college launches financial assistant diploma program

(September 15, 2005) As it pushes its centennial year, the Saskatoon Business College has started up a program for assistants in the financial services sector. The first of its kind in Saskatchewan, the 10-month, five-hour a day diploma program kicked off earlier this month for the purpose of fast-tracking students into the work force upon […]

By Heidi Staseson |September 15, 2005

4 min read

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