FAIR Canada not in favour of regulators’ stance on best interest standard

Members of Lévis, Que.-based Fédération des caisses Desjardins du Québec and Montreal-based Caisse centrale Desjardins have approved the amalgamation of the two organizations, according to an announcement released on Monday.

The approval was made official at special general meetings held on Monday. In approving the joining of the two entities, members also approved the amalgamation by-laws that were submitted to them.

The proposed amalgamation is still subject to required regulatory approvals, including that of Quebec’s securities regulator, the Autorité des marchés financiers, the announcement notes. However, the directors and management of the two entities expect the move to become effective Jan. 1, 2017.

Desjardins Group announced the proposal in October, noting that the move would combine all of the activities related to the issuance of securities of the co-operative under a single issuer and result in a significant reduction in efforts relating to financial disclosures.

Photo copyright: pressmaster/123RF