News and resources for Canada's top financial advisors
Est. 1998
Industry
The Ontario Securities Commission is warning investors not to send money to Impact Finance or Douglas Charles. Representatives of these entities, including an individual purported to be Ian T. Ball, may be soliciting residents of Ontario in a fraudulent advance fee scheme. Impact Finance and Douglas Charles representatives are contacting investors who hold securities of […]
By Staff |January 17, 2011
1 min read
The board of directors of IIROC has approved two key changes to the SRO’s arbitration program, effective immediately for new cases. First, the previous $100,000 reward limit has been increased to $500,000. Second, investors now have the option, under certain conditions, to eliminate the discretion of arbitrators to award costs against a party. “The higher […]
By Staff |January 14, 2011
At a time when investors and industry participants are calling for proper regulatory enforcement, we get word that the OSC is considering a request that an IIROC investigation be shut down. The request comes from Deutsche Bank Securities, which is under scrutiny for its role in the distribution of asset backed commercial paper products, which […]
By Steven Lamb |January 14, 2011
Canada’s securities regulation regime is in dire need of an overhaul, as individual investors question whether the system is rigged against them, according to the chair of the board of governors of CFA Institute. Speaking to The Canadian Club in Toronto today, Marg Franklin called for the creation of a single national securities regulator in […]
By Steven Lamb |January 13, 2011
2 min read
The Mutual Fund Dealers Association of Canada (MFDA) doesn’t have much to say about a British Columbia Securities Commission (BCSC) decision to censure the not-for-profit self-regulatory organization over how they solicit proxies.
By Vikram Barhat |January 12, 2011
A disciplinary hearing in the matter of Sergio Peter Gizzo was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA’s Central Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the following allegation in the Notice of Hearing had been established: Allegation #1: Commencing May […]
By Staff |January 7, 2011
A Saskatchewan court has dismissed an attempt by regulators to derail a lawsuit brought forward by Saskatoon-based advisor Brian Mallard. Mallard is seeking damages from the Mutual Fund Dealers Association and the Saskatchewan Financial Services Commission, alleging unlawful interference with economic interests. Mallard has had a long-running battle with the two regulatory bodies – arguing […]
By Doug Watt |January 7, 2011
A Hearing Panel of the Central Regional Council of the MFDA has issued its Reasons for Decision in connection with the settlement hearing held in Toronto, Ontario on August 20, 2010 in the matter Excel Financial Growth Inc. A copy of the Hearing Panel’s Reasons for Decision is available here, or on the MFDA website […]
By Staff |January 5, 2011
Recent federal government regulations will allow banks and other financial institutions to do more business with customers online and electronically transmit documents currently mailed at hefty postage, printing, disposal and environmental costs.
By Richard E. Austin |January 1, 2011
3 min read
The Autorité des marchés financiers (AMF) has launched penal proceedings against Hooshang Imanpoorsaid and is seeking fines totalling $376,000. The AMF alleges that Hooshang Imanpoorsaid illegally pursued activities as a securities dealer on 19 occasions and made 13 illegal distributions, mainly debt securities bearing an interest rate of as high as 18%. The AMF further […]
December 22, 2010
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