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CSA Proposes Changes to Registration Rules for Dealers and Advisors
Amendments intended to make rules clearer By James Langton Canadian securities regulators are proposing changes to the registration reform that was adopted last fall. The Canadian Securities Administrators announced Friday that they are seeking public comment on proposals to amend the registration regime for dealers, advisers and fund managers. The CSA says that the proposed amendments are the result of its experience with the implementation of the registration reform rules. The proposed amendments are intended to make the registration rules clearer and the on-going requirements more targeted, it says. The amendments proposed by the CSA include proposals that would:
- add an obligation for registered reps to understand the structure and features of each security they recommend;
- add obligations for investment fund managers to deliver trade confirmations and account statements to investors who deal directly with them, rather than through a dealer;
- propose guidance dealing with complaint handling;
- amend the requirement to ensure independent resolution in cases where a complaint relates to trading or advising activity, a breach of client confidentiality, theft, fraud, misappropriation or forgery, misrepresentation, an undisclosed or prohibited conflict of interest or personal financial dealings with a client;
- address the impact of the coming introduction of International Financial Reporting Standards on the valuation of securities;
- remove certain non harmonized provisions for the mutual fund dealer category; and
- grant additional exemptions to members of self regulatory organizations where the SRO rules adequately cover the same regulatory risks.
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New Regulations Looming for Securitized Products
CSA says rules will address investor protection, market stability concerns By James Langton
The Canadian Securities Administrators say they are planning to propose reforms to the regulation of securitized products and credit rating agencies later this year. In a staff notice published on Friday, June 18, the CSA says that it is working on regulatory proposals concerning securitized products, including asset-backed commercial paper and asset-backed securities. |
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ASC Fines Alberta Men $40,000 for Illegal Distribution of Securities Investors were deprived of fundamental protections, panel finds By Megan Harman The Alberta Securities Commission has imposed sanctions against Simon Wilby and Michael Sirman, former officers and directors of Calgary-based The Hear Now Incorporated, for taking part in an illegal distribution of The Hear Now securities. An ASC panel found that between 2006 and 2008, Wilby and Sirman actively promoted THN to Alberta investors as a manufacturer and distributor of specialty pet products, and raised over $7 million worth of The Hear Now securities through an illegal distribution to the public using a network of investment clubs. |
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Exempt Market Dealers Association Meeting in Calgary
The Exempt Market Dealers Association of Canada is pleased to announce it will host a meeting of exempt market dealers in Calgary on Monday, July 12, 2010, at 2:00 p.m. at the Blackfoot Inn (5940 Blackfoot Trail South East, Calgary, AB). Brian Prill, President of the EMDA will be meeting with EMDs to discuss the registration requirements under National Instrument 31-103 and the upcoming September 28, 2010 deadline for registration. |
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