The Canadian Securities Administrators has updated the regulatory framework for firms and individuals that deal in securities, provide investment advice or manage investment funds. The revised rules codify current exemption orders and frequently asked questions, provide new filing timelines, refine certain exemptions and provide extended transition periods in respect of certain requirements. New guidance and […]
Steady state: securities lending post-Lehman June 25, 2010 | Scot Blythe Securities lending has come through a rough two years globally. Surprisingly—or perhaps unsurprisingly, given the country’s seemingly inherent financial conservatism—Canada hasn’t been affected all that much. In fact, one observer thinks custodians serving Canadian clients “ought to be congratulated for not getting carried away.” […]
Almost half (47%) of money managers polled believe the market to be undervalued, according to a survey. Russell Investments’ latest Investment Manager Outlook survey finds that the number of managers who believe the market to be undervalued has risen 19 percentage points since a similar survey in March, while only 9% of managers believe the […]
Alberta and Quebec have joined forces in a broadside against the formation of a national securities regulator. In a blistering 44-page missive, Fraser Milner & Casgrain lawyer Pierre Lortie assails the federal government’s rationale for the necessity of a national regulator and questions the idea that such a body would be preferable to the patchwork […]
The verdict is out. While Ontario, Nova Scotia and British Columbia have expressed support for Finance Minister Jim Flaherty’s plan for a national securities regulator, Alberta and Quebec have outright balked at the recommendations, threatening legal action in a bid to keep jurisdiction over regulation. Flaherty said in a statement that the seriousness of the […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | An Ontario investment firm is the latest out-of province player to be fined by the BCSC for conducting business in British Columbia without being properly registered. Cluster Asset Management, which is registered to sell securities in Ontario, and its president, Peter […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | The group led by the Ontario Teachers’ Pension Plan which plans to take over BCE may reportedly propose another plan. Bloomberg News reports that the group might offer to buy a minority stake in the telecom firm. The buyers would instead […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | The Ontario Municipal Employers Retirement System (OMERS) has opened up a London office to accelerate its expansion into private market investments and to take the next step in establishing a global footprint. The London office, under the OMERS Worldwide brand, will […]
Shortly after the U.S. House of Representatives approved the revised US$700 billion bailout package on its second try, U.S. President George W. Bush signed the bill into law on Friday afternoon. Earlier Friday, the House voted 263-171 in favour of the package while the Senate voted 74-25 in favour of the bill earlier this week. […]
Even though a tweaked version of the US$700 billion rescue plan was passed in the U.S. Senate Wednesday, markets still dropped, with the S&P/TSX composite plunging 814 points—mostly due to a huge decline in commodity stocks—while the Dow lost nearly 350 points. Avery Shenfeld, a senior economist at CIBC World Markets, says there’s still a […]