Industry News

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Briefly:

> (July 18, 2003) Altamira is closing down four of its funds, saying that the rates of return are too low to justify their existence. The asset values of the Global Telecommunications Fund, RSP Japanese Opportunity Fund, RSP Global Diversified Fund and RSP Biotechnology Fund have dropped so much that the fixed costs of continuing […]

By Staff |July 14, 2003

4 min read

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Passport model focus of finance ministers’ consultations

(July 14, 2003) Hot on the heels of the wise persons committee, six provincial finance ministers are in Toronto this week for consultations on reforming the country’s securities regulatory system. While the wise persons committee has been asked to take a broad look at securities reform, the provincial initiative is somewhat more focused, paying specific […]

By Doug Watt |July 14, 2003

3 min read

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OSC repeats call for national, pan-Canadian securities regulator

(July 11, 2003) The Ontario Securities Commission (OSC) says it’s time Canada moved to a national securities regulatory structure, although not necessarily one run by the federal government. In a written submission to the federal wise persons committee charged with reviewing the country’s regulatory system, OSC chair David Brown reiterated his support for a pan-Canadian […]

By Doug Watt |July 11, 2003

2 min read

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Rookie advisor gets career advice in Talvest Town Hall

(July 11, 2003) Some experienced advisors became career counsellors this week in Advisor.ca’s Talvest Town Hall after a newcomer to the industry asked for advice. Mark, who said he has completed the CSC and written the CFP exam, wanted to know which firms offer the best training for new advisors, adding he has had meetings […]

By Doug Watt |July 11, 2003

2 min read

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MERs only part of the fee story, analyst says

(July 10, 2003) Although management expense ratio (MER) fees have been getting most of the attention recently, mutual fund investors should also be aware of brokerage commission fees, a hidden cost also borne by unitholders, says analyst James Gauthier of Dundee Securities. Because brokerage commission fees are capitalized rather than expensed, they are excluded from […]

By Doug Watt |July 10, 2003

2 min read

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Duelling regulators: OSC takes aim at BCSC’s deregulation project

(July 9, 2003) The Ontario Securities Commission (OSC) has firmly rejected the British Columbia Securities Commission’s (BCSC) proposal to simplify securities regulation by shifting the focus away from rules toward a more principles-based regime. In a letter to BCSC chair Doug Hyndman, OSC chair David Brown calls the B.C. approach “extreme,” adding it would further […]

By Doug Watt |July 9, 2003

2 min read

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Synchronizing accounting principles globally on top accountant’s agenda

(July 9, 2003) Countries that don’t accept new accounting standards will find themselves frozen out of top markets like the U.S., U.K., Canada and Australia, warned Sir David Tweedie, chair of the International Accounting Standards Board (IASB). The goal of the IASB is to collect and put forward a set of global accounting standards. The […]

By Steven Lamb |July 9, 2003

3 min read

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Wise persons committee begins cross-country road trip

(July 9, 2003) A federally appointed committee asked to come up with ways to reform the country’s fractured securities regulation system slipped quietly into Toronto this week for two days of consultations. The wise persons committee, chaired by Michael Phelps, is starting a three-week cross-country road trip, with stops in 10 cities. The Toronto consultations, […]

By Doug Watt |July 9, 2003

3 min read

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Don’t ignore new U.S. RRSP tax laws, experts say

(July 8, 2003) Tax experts are warning Canadians with RRSPs who live in the United States not to ignore an upcoming filing deadline set by the Internal Revenue Service (IRS). Those who made contributions to or received distributions from an RRSP or RRIF in 2002 must file two complex forms — one six pages and […]

By Doug Watt |July 8, 2003

3 min read

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Banks warn Canada will lose top G-7 spot to U.S.

(July 8, 2003) While the U.S. economy will be slow to recover, it should outperform the rest of the developed world as the global economy stagnates, according to reports released today from Scotiabank and RBC Financial Group. Despite incredibly low interest rates and tax cuts intended to spur economic activity, the U.S. is on the […]

By Steven Lamb |July 8, 2003

3 min read

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