Industry News

IIROC finds against Brian Vaughn Wilson

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Brian Vaughn Wilson made unsuitable recommendations for a client, a resident of Nova Scotia. The panel also found that Wilson engaged in unauthorized trading in that client’s account. At the disciplinary hearing held on July 26, 2011, the panel heard […]

By Staff |August 15, 2011

1 min read

TD buys MBNA Canada’s credit card business

TD Bank Financial Group and Bank of America today announced a definitive agreement under which TD will purchase MBNA Canada’s credit card portfolio, as well as certain other assets and liabilities. TD will pay a modest premium on an expected $8.5 billion of credit card receivables at closing. “We are very pleased to be acquiring […]

By Staff |August 15, 2011

2 min read

Fund Facts to satisfy prospectus requirement

The Canadian Securities Administrators (CSA) has published for comment proposed amendments to NI 81-101 Mutual Fund Prospectus Disclosure, which will allow delivery of the Fund Facts document to satisfy the current prospectus delivery requirements. Under current securities legislation, a prospectus must be delivered to an investor within two days of buying a mutual fund. The […]

By Staff |August 12, 2011

2 min read

Jovian sells MGI Financial to Desjardins

Jovian Capital has announced a deal to sell its mutual fund dealer subsidiary MGI Financial Inc. to Desjardins Financial Security, for about $27 million. The deal is expected to close on or about September 30, 2011, subject to regulatory and contractual consents and approvals. The transaction includes MGIF’s various subsidiaries, including its 50% stake in […]

By Staff |August 12, 2011

3 min read