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CANADA’S NEWS SOURCE FOR FINANCIAL PROFESSIONALS
OCTOBER 2020
20 PAGES
Task force report draws criticism BY JAMES LANGTON
sweeping recommenda-
tions to reform Ontario’s secur- ities laws are facing a barrage of criticism from certain corners of Bay Street.
The Ontario Capital Markets Modernization Taskforce, which began its review of the province’s securities laws in February, pub- lished its draft recommenda- tions in July. The task force aims to deliver its final recommen- dations to the government by the end of the year, despite con- ducting most of its consultations amid a global pandemic.
The task force’s work has been remarkable for both its speed and its ambition, but critics say the
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REGULATION
INSIDE
NEWS
CAUSE FOR CONCERN
Proposed changes to Ontario’s securities laws draw criticism. PG. 1
PROTECTING INVESTORS
Funding for independent investor advocates remains inadequate. PG. 1
STATE OF CONFUSION Efforts to help investors understand fees haven’t worked. PG. 1
PROFIT SURVEY Some financial services firms had decent results in their latest quarter, but many did not. PG. 7
BYB
A STEADY HAND Shauna George uses her past experience to guide clients through the current crisis. PG. 14
THE NEXT NORMAL How to best position your practice for a post-pandemic world. PG. 15
PRODUCTS
REAL EFFORT Some segments of the real estate market have taken a beating during the pandemic, but attractive opportunities remain. PG. 16
ALPHABET SOUP It’s time to memorize another acronym, because there’s a brand new security to invest in: the LRCN. PG. 17
WHAT’S NEW? A roundup of new investment offerings from TD, BMO, Horizons and CIBC. PG. 17
INSIGHT
GET OFF THE POT It’s time
to either create a national regulator or abandon the idea altogether. PG. 18
THE CAMPAIGNING BEGINS The throne speech is unlikely to trigger an election, but that doesn’t mean parties aren’t preparing for one. PG. 18
EMBRACING CHANGE
DARREN HULL
Shauna George, portfolio manager with Newport Private Wealth Inc., has worked through several financial crises and she uses her experience to help guide worried clients. (See story on page 14.)
INVESTOR PROTECTION
Support lacking for investor advocates
DISCLOSURE
Governments and regulators aren’t funding independent advocacy
BY RUDY MEZZETTA
investor advocacy in
Canada is increasingly shifting in-house to the boards and advi- sory panels of the investment
industry’s regulators. But stable and reliable funding for independent investor advocacy is badly needed, experts say.
Laura Tamblyn Watts, CEO of seniors’ advocacy group CanAge Inc. and an independent direc- tor of the Investment Industry Regulatory Organization of Canada’s (IIROC) board, says having consumer and investor advocates represented at the
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Despite disclosures, investors still don’t know what they pay
BY JAMES LANGTON
research from the can-
adian Securities Administrators
(CSA) reveals that efforts to arm investors with more informa- tion about the performance and costs of their investments aren’t working.
In August, the CSA published the results of a three-year track- ing study carried out by Toronto- based Innovative Research Group Inc. The study was designed to assess investor know- ledge, attitudes and behaviour in the wake of reforms to the point- of-sale (POS) disclosure require- ments for mutual funds and the cost and performance reporting requirements introduced as part of the client relationship model (CRM2) initiative.
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Fee confusion persists
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