Latest news with #StanMagidson
CTV News
9 hours ago
- Business
- CTV News
Securities regulator proposes ending chargebacks in distribution of investment funds
A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a $20 bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, Wednesday, Sept. 4, 2024. THE CANADIAN PRESS/Justin Tang TORONTO — The Canadian Securities Administrators is proposing to stop the use of chargebacks in the distribution of investment funds. The regulatory group says investment dealers sometimes receive an upfront commission or payment when their client buys securities. It says chargebacks happen when those clients redeem those securities before a fixed schedule, requiring the dealer to pay back all or part of the upfront commission or payment. The CSA says it's concerned that poses a conflict of interest as it may incentivize advisers to prioritize their own interest over that of their clients. CSA chair Stan Magidson, who also is chair and CEO of the Alberta Securities Commission, says the proposed amendments prioritize investor protection and foster fairer compensation practices. The council of the securities regulators of Canada's provinces and territories has published the proposed amendments for a 90-day comment period, which closes on Sept. 24. --- This report by The Canadian Press was first published June 26, 2025.
Yahoo
10 hours ago
- Business
- Yahoo
Securities regulator proposes ending chargebacks in distribution of investment funds
TORONTO — The Canadian Securities Administrators is proposing to stop the use of chargebacks in the distribution of investment funds. The regulatory group says investment dealers sometimes receive an upfront commission or payment when their client buys securities. It says chargebacks happen when those clients redeem those securities before a fixed schedule, requiring the dealer to pay back all or part of the upfront commission or payment. The CSA says it's concerned that poses a conflict of interest as it may incentivize advisers to prioritize their own interest over that of their clients. CSA chair Stan Magidson, who also is chair and CEO of the Alberta Securities Commission, says the proposed amendments prioritize investor protection and foster fairer compensation practices. The council of the securities regulators of Canada's provinces and territories has published the proposed amendments for a 90-day comment period, which closes on Sept. 24. This report by The Canadian Press was first published June 26, 2025. The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
11 hours ago
- Business
- Cision Canada
Canadian securities regulators propose prohibiting the use of chargebacks in the distribution of investment funds Français
, June 26, 2025 /CNW/ - The Canadian Securities Administrators (CSA) has published, for a 90-day comment period, proposed amendments that would prohibit the use of chargebacks in the distribution of investment funds offered by prospectus. Dealers or dealing representatives sometimes receive an upfront commission or payment when their client purchases securities. Chargebacks occur when clients redeem their securities before a fixed schedule, and the dealing representative is required to pay back all or part of the upfront commission or payment. The CSA is concerned that the use of chargebacks poses an inherent significant conflict of interest as they may incentivize advisors to prioritize their own financial interest over that of their clients. "Prohibiting the use of chargebacks in the distribution of investment fund securities can further align investment advice with a client's best interest," said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. "The proposed amendments prioritize investor protection and foster fairer compensation practices." The proposed amendments are in alignment with the 2025-2028 CSA Business Plan. Under the Business Plan, the CSA will propose and enact regulatory amendments, or other regulations, to ban chargebacks in the distribution of investment fund securities, not solely mutual funds, to improve investor protection and maintain investor confidence in Canadian capital markets. The proposed amendments are available on CSA members' websites. The comment period closes on September 24, 2025. The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators [email protected] Julia K. Mackenzie Ontario Securities Commission [email protected] Sylvain Théberge Autorité des marchés financiers [email protected] For investor inquiries, please contact your local securities regulator
Cision Canada
13 hours ago
- Business
- Cision Canada
CSA publishes 3-year Business Plan focused on competition and investor protection Français
CALGARY, AB, June 26, 2025 /CNW/ - The Canadian Securities Administrators (CSA) released today its 2025-2028 Business Plan setting out the priorities of its members for the next three years. The Plan highlights the CSA's ongoing commitment to responsive and harmonized regulation and is rooted in two overarching goals: to enhance the competitiveness of Canadian capital markets and to advance investor protection. The Plan recognizes the uncertain time Canadian businesses and investors are operating in. It focuses on four main areas that together provide a stable, unified and trusted foundation for Canada's capital markets: Capital markets: The CSA will maintain a regulatory framework that supports efficient, effective and globally competitive capital markets in Canada. Investors: The CSA will continue to advance investor protection and enhance investor confidence in the markets, both of which are pivotal to market integrity and long-term resilience. Innovation and technology: The CSA will encourage positive and responsible innovation in the capital markets, while providing regulation that keeps pace with the evolving business realities of market participants. Systemic risk: The CSA will remain focused on identifying, assessing and responding to risks that could affect the stability of Canada's financial markets or the broader economy. "Our Business Plan sets out ambitious initiatives to support our markets, businesses, and investors," said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission (ASC). "It reflects the challenges of today's global economy, changing investor expectations and rapid technological change. Now more than ever, Canadian regulators must work together to be proactive, thoughtful and adaptable stewards of our capital markets." The 2025-2028 Business Plan also coincides with the re-appointments of CSA Chair Stan Magidson, Chair and CEO of the ASC, and CSA Vice-Chair David Cheop, Chair and CEO of the Manitoba Securities Commission. Grant Vingoe, CEO of the Ontario Securities Commission, was also renewed as Chair of the Policy Coordination Committee. While the CSA works to deliver the strategic goals within the Plan, it will also remain agile to address new issues and challenges presented by evolving capital market conditions. The CSA, the council of securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact:
Cision Canada
19-06-2025
- Business
- Cision Canada
Canadian securities regulators launch consultation on ETF framework Français
TORONTO, June 19, 2025 /CNW/ - The Canadian Securities Administrators (CSA) today published a consultation paper on the exchange-traded fund (ETF) regulatory framework. In 2023, the CSA began reviewing ETF regulations to assess whether the current regulations applicable to ETFs remain appropriate. The review focused on the unique features of ETFs, such as secondary market trading, creation and redemption of ETF units by authorized dealers, and the underlying arbitrage mechanism of ETFs. The consultation paper proposes certain enhancements to the framework, taking into consideration a study of the Canadian ETF market conducted by the Ontario Securities Commission's Thought Leadership Division and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds published by the International Organization of Securities Commissions. ETFs have experienced robust growth in Canada, with assets under management reaching $518 billion by the end of 2024. Retail investors make significant use of ETFs, and the CSA expects interest and investment in ETFs to grow further. "ETFs are an increasingly important investment vehicle for Canadians, providing investors with access to a wide range of investment exposures and strategies and offering intraday liquidity," said Stan Magidson, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "This consultation will provide the CSA with important insights into the unique regulatory considerations for these products." The consultation also seeks stakeholder views on investor access to U.S. ETFs through brokerage accounts and exposure to U.S. and other foreign ETFs through publicly offered investment fund holdings. The CSA invites stakeholders to respond to the consultation paper, which is available on CSA members' websites. The comment period closes on October 17, 2025. The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators [email protected] Julia K. Mackenzie Ontario Securities Commission [email protected] For investor inquiries, please contact your local securities regulator.
