Panel expresses concern that DSC products may be sold more aggressively in advance of the prohibition being fully implemented
Users will have access to unlimited trades of more than 8,000 publicly traded stocks and ETFs
The conduct of Virtual Brokers amounted to a recommendation, which discount brokers and prohibited from providing
The move is intended to reduce regulatory uncertainty following the CSA’s plan to propose rule changes
The self-regulatory organization aims to improve its surveillance capability
The announcement follows a similar proposal against TD Asset Management launched in April and the CSA’s proposal to ban mutual fund firms from paying discount brokerages trailer fees
The self-regulatory organization expects firms to rebate the portion of a mutual fund’s trailing commission that is related to advice
The action against TD Asset Management claims damages of $200 million
Clients of the U.S. discount brokerage can gather news, do their research, get real-time quotes and take action
The self-directed brokerage industry has come under fire since late December