By Staff | May 27, 2008 | Last updated on May 27, 2008
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(May 27, 2008) The Independent Financial Brokers of Canada revealed on Tuesday that it has put in place a new errors and omissions insurance program for its members.

Plan members can expect enhanced coverage rates that are “equal to or lower than those they have paid in previous years.” The organization says individual broker plans will start at $654.

John Whaley, IFB’s executive director, says one benefit of the new plan is that it’s practice-based. “Many E&O programs offer coverage on a menu basis, and in doing so, they list those products that are and more — importantly — are not covered,” he says.

With a practice-based policy, mutual fund representatives or life insurance brokers are covered for virtually all the products they are licensed to sell.

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Connor Clark & Lunn extends option on energy fund

(May 27, 2008) Connor, Clark & Lunn Risk-Managed Energy Fund announced the extension of the expiration date of the fund’s exchange option with respect to its initial public offering.

The cut-off date to exchange securities of exchange-eligible issuers, listed in the fund’s preliminary prospectus for class A units and class F units, has been extended to June 24, 2008.

The Risk-Managed Energy Fund is an investment trust offering investment in a portfolio of energy-related securities made up of the 12 largest issuers by market capitalization included in the S&P/TSX Capped Energy Index.

A prospective purchaser wishing to utilize the exchange option will have until 5:00 p.m. on June 24, 2008, to deposit securities of one or more exchange-eligible issuers through CDS Clearing and Depository Services Inc.

CC&L notes that CDS participants may have an earlier deadline for receiving instructions from their clients to make deposits pursuant to the exchange option.

(05/27/08) staff


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