Unsuitable investments, undisclosed personal dealings lead to $40,000 fine
Separate hearing to determine penalty
BCSC panel rules out suspension for Victoria broker Carolann Steinhoff
The regulator’s goal is to enhance overall compliance at firms that don’t belong to a self-regulatory organization
Concerns about suitability top the list
Exempt market securities misrepresented as a prudent investment
In a recent review, most exempt market dealers and portfolio managers were issued deficiency reports
The OSC's proposed research is in the planning stage the goal will be to assess the suitability of advice given to clients
Marsha Gerhart, counsel, Borden Ladner Gervais, gives tips on KYC, KYP and suitability for the exempt market. Gerhart drills down into the specific requirements for exempt market dealers and explains the interdependence of knowing your client, knowing the product -- and determining suitability. Gerhart spoke to Paula Virany, multimedia editor and video producer for Investment Executive, at the 2013 EMDA Exempt Market Dealers conference in Toronto.
Regulator plans to conduct mystery shopping exercise to gauge suitability of investment advice