Regulatory

Suitability lapse costs $23,000

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Radoslaw Andrzej Chrabalowski. In this agreement, Chrabalowski admits that he failed to meet his suitability obligations when he recommended an investment product for two elderly clients which was not suitable given their […]

By Staff |August 5, 2011

1 min read

Bad documentation leads to fines

If you’re an insurance advisor who hasn’t been keeping detailed records, watch out. Any files connected to transactions after October 2007 must contain detailed needs analyses demonstrating product suitability and reasons for recommendations. If they don’t, advisors need to revisit transactions, speak to clients and create suitable records, says Rick Forchuk, vice-president of retail distribution […]

By Al Emid |August 4, 2011

2 min read

IIROC settles with Morgan Stanley Canada

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has approved a settlement agreement, with sanctions, between IIROC staff and Morgan Stanley Canada Limited. In this agreement, Morgan Stanley Canada admits that it failed to properly review and address the actions of a direct market access client that was engaged in potentially […]

By Staff |August 3, 2011

2 min read

CSA aims for compensation clarity

The Canadian Securities Administrators (CSA) has announced new reporting standards, aimed at providing investors with a better understanding of key risks, governance matters and compensation practices of publicly listed companies. To achieve this, the CSA is amending Form 51-102F6 Statement of Executive Compensation, effective October 31, 2011. The new version of the form will require […]

By Staff |July 22, 2011

1 min read