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CSA proposal to come could reshape oversight of investment, mutual fund dealers – OrilliaMatters

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TORONTO — Canadian securities regulators say they will publish specific recommendations this summer after gathering feedback about whether the regulatory bodies for investment dealers and mutual fund dealers should be restructured or merged.

The Canadian Securities Administrators says it will soon release a long-anticipated paper outlining its position on the future of the Investment Industry Regulatory Organization of Canada and Mutual Fund Dealers Association of Canada.

Louis Morisset, CSA chair and chief executive of Quebec’s Autorité des marchés financiers, says the CSA’s forthcoming recommendations on the future of the two bodies will have a significant and long-lasting effect on investors and Canadian capital markets.

The CSA, which harmonizes regulation for capital markets across the provinces and territories, released a consultation paper last year on the topic, and both IIROC and MFDA have released their own suggestions on reforming the regulatory framework.

In a written submission to the CSA on the topic in October, the Investor Protection Clinic at the University of Toronto Faculty of Law said the existing regulatory structure of the CSA, IIROC and MFDA can be so confusing it leads to investor fatigue

IIROC chief executive Andrew Kriegler says the organization looking forward to the specific recommendations promised by the CSA.

“This work is important to Canadians and their financial futures,” said Kriegler in a news release.

This report by The Canadian Press was first published Feb. 22, 2021.

The Canadian Press

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Manulife Investment Management Announces Reduction of Management Fees on Three Mutual Funds and Three Upcoming Fund Terminations – Canada NewsWire

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C$ unless otherwise stated                                            TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Feb. 25, 2021 /CNW/ – Manulife Investment Management announces a reduction of management fees on three global equity funds and the termination of three mutual funds. These changes will help streamline our platform of actively managed investments and further our commitment to offering diverse, strong-performing products to help investors achieve their goals.

Reduction of Management Fees

A reduction of management fees on the following series of three mutual funds will be effective on or about March 1, 2021:

Fund Name

Series

Existing Management Fee (%)

New Management Fee (%)

Manulife Global Equity Class

Advisor Series/ Series T

1.95%

1.82%

Series F/Series FT

0.85%

0.72%

Manulife Global Thematic Opportunities Fund

Advisor Series/ Series T

1.95%

1.82%

Series F/Series FT

0.85%

0.72%

Manulife Global Thematic Opportunities Class

Advisor Series/ Series T

2.00%

1.87%

Series F/Series FT

0.90%

0.77%

It is expected that the reduction in management fees should have a corresponding impact on the management expense ratio of the funds over time.

“Delivering the best value possible to Canadian investors is a priority for us,” said Leo Zerilli, Head of Wealth and Asset Management, Canada. “Our team constantly monitors our fund lineup and identified an opportunity to improve our pricing on certain products within the global equity category.”

Fund Terminations

Effective on or about June 28, 2021, Manulife Investment Management will terminate the following funds and distribute the proceeds to securityholders of record on that date. The planned terminations include:

  • Manulife Fundamental Dividend Class
  • Manulife Global Dividend Growth Class
  • Manulife Global Real Estate Unconstrained Fund

Prospectus qualified securities of the terminating funds will no longer be available for new purchases effective as of 4 p.m. ET on March 3, 2021. This includes purchases through automatic investment services such as pre-authorized chequing plans or automatic rebalancing services. Impacted investors are encouraged to contact their advisor to discuss the financial and tax implications of these fund changes and to discuss options, including how to switch their assets to another Manulife mutual fund that best meets their individual investment needs and circumstances prior to the termination date.

About Manulife Investment Management

Manulife Investment Management is the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 17 countries and territories. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. 

As of December 31, 2020, Manulife Investment Management had CAD$966 billion (US$758 billion) in assets under management and administration. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of December 31, 2020, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, and in the previous 12 months we made $31.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

SOURCE Manulife Investment Management

For further information: Media Contact, Olivia Jones, Manulife, 438-340-3416, [email protected]

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https://www.manulifeim.com/

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Bank of America Cuts Staff in Investment Banking and Trading – Yahoo Canada Finance

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The Canadian Press

Military reeling as new defence chief steps aside amid allegations of misconduct

OTTAWA — The Canadian Armed Forces is reeling after news defence chief Admiral Art McDonald is being investigated for misconduct, only weeks after military police launched an investigation into allegations against his predecessor. Defence Minister Harjit Sajjan revealed late Wednesday that McDonald had “voluntarily stepped aside” while military police investigate unspecified allegations. McDonald took over as the chief of the defence staff last month from Gen. Jonathan Vance, who is being investigated after allegations of inappropriate behaviour. Vance has denied any wrongdoing and McDonald has not commented. Canadian Army commander Lt.-Gen. Wayne Eyre has been appointed acting chief of the defence staff. Conservative defence critic James Bezan called Thursday for the government to reveal the nature of the allegations against McDonald, who used his first address as defence chief on Jan. 14 to apologize to victims of military sexual misconduct and hate. “In the interest of morale, and for our women and men in uniform to have confidence in the senior leadership of the Canadian Armed Forces, Minister Sajjan must confirm why chief of defence staff Admiral Art McDonald is under investigation,” Bezan said in a statement. Bloc Québécois Leader Yves-François Blanchet said the message from the government must be that the military “can be no less than exemplary.” “I believe that the people that go into the army, that decide that this is their choice for a career, are good people, and must not be judged as a whole. I believe that there are a few people in the institutions that are not up to the task of being exemplary.” In a memo to members of the Forces on Wednesday, McDonald made no mention of allegations against him, but said the “time for patience is over” and the military must “accelerate our culture change.” “Our institution can no longer put the burden of change and transformation on those affected by harassment, discrimination, or any form of misconduct. That burden must rest on us. All of us,” he wrote. “I as the Chief, along with all the leaders in CAF, need to work every day to earn your trust. And we are all committed to doing so.” “If you are considering speaking to anyone with information on (the Vance) case, or any other case of alleged misconduct, you have my support to come forward, to speak up, and to tell the truth. And you can expect to be heard, supported, and protected as you do.” The investigation of McDonald has renewed calls for external oversight of the military, which self-polices allegations of sexual misconduct in the ranks. Lawyer and retired colonel Michel Drapeau said the government needs to appoint a permanent and independent inspector general similar to that of other militaries. That person would have the investigative powers to look into allegations of wrongdoing within the Canadian Armed Forces. “If, during his investigation, he came across any evidence of a criminal nature, he would be duty bound to stop his investigations and turn the matter to the criminal police,” Drapeau said in an email. Barring that, Drapeau said, Sajjan should immediately convene a board of inquiry — perhaps headed by a military judge — to investigate the allegations against McDonald, with police only involved if the allegations are of a criminal nature. Should police become involved, Drapeau added, it should be the RCMP, not the Canadian Forces National Investigation Service, the investigative arm of the military police. “I do not have confidence in terms of training, experience and independence,” Drapeau said of the service, known as the NIS. “Additionally, (the military police) and NIS report to the vice-chief of the defence staff, which makes any claim of ‘independence’ illusory.” In addition to criminal offences, Canadian military personnel can also be charged with what are known as service offences, which usually relate to inappropriate conduct such as drunkenness and having a relationship with a subordinate. Former naval reservist Marie-Claude Gagnon, who founded a group for survivors of military sexual misconduct called It’s Just 700, has been raising concerns for years about gaps in the system. She said the time for external oversight of the Armed Forces is now. “External oversight, it’s essential,” Gagnon said. “Self-policing itself has never worked. … It’s not a recipe for success. I’m hoping that there’s no doubt that there needs to be oversight.” In the House of Commons Thursday, Conservative MP Leona Alleslev said a thorough, independent investigation of the allegations against McDonald is critical, but senior officers who may themselves be complicit remain in key positions within the chain of command. “How will the minister ensure that compromised senior officers are not interfering in these investigations to protect themselves?” she asked during question period. Sajjan replied that all allegations would be investigated thoroughly, independent from the chain of command. “And regardless of position, and regardless of rank, we will take the appropriate action because we owe it to our members.” This report by The Canadian Press was first published Feb. 25, 2021. — With a file from Christopher Reynolds Lee Berthiaume, The Canadian Press

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Cannabis May Be the Hottest Investment Opportunity of the Year – Baystreet.ca

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Cannabis may be one of the hottest investments of the year.

More states are legalizing its use, including New Jersey. North Dakota just approved a cannabis legalization bill. Legalization has been proposed in Maryland. In fact, the Maryland sponsor of the bill, Del. Jazz Lewis, argues, “the bill would take the production of cannabis off of the streets to ensure safer products, while simultaneously creating jobs, helping small businesses, and bringing in potentially hundreds of millions of dollars in annual tax revenue.”

Even some of the top lawmakers in D.C. want to federally decriminalize cannabis. To-date, according to CNET, recreational sales are legal in 15 states, plus Washington, D.C. Medical sales are legal in 35 states. Medical sales of CBD are legal in seven states. In addition, it has been decriminalized in 32 states.

It’s also fueling big growth for the global edibles market, which could generate about $13.65 billion by 2025 at a CAGR of 30.5%, says Zion Market Research. “The growing acceptance of cannabis is the key factor likely to drive the cannabis edibles market globally in the future.”

All Could Help Drive Cannabis Stocks to Higher Highs

Pure Extracts Technologies Corp.(CSE:PULL)(OTC:PRXTF)(XFRA:A2QJAJ), for example, just announced that its wholly owned subsidiary, Pure Extracts Manufacturing Corp.’s distribution partner has submitted a Notice of New Cannabis Product (NNCP) application to Health Canada on behalf of the Company seeking approval for its retail cannabis products including cannabis extracts and edible cannabis.

The Company submitted over 20 Stock Keeping Units (SKUs) product identifiers for approval including THC vapes, CBD vapes, 1:1 blended vapes, and 3 different flavours/formulations of gummies. The Company plans to launch these products under its ‘Pure Pulls Vapes’ and ‘Pure Chews Gummies’ branded product lines and is looking forward to having them listed for sale with provincially authorized distributors and retailers nationwide.

Pure Extracts is continuing to develop its portfolio of cannabis 2.0 products with emphasis on its 34 proprietary formulations of ‘Pure Pulls’ branded full spectrum oil (FSO) vape products and on its new line of ‘Pure Chews’ edible gummies manufactured under license from Taste-T, LLC, the manufacturer of Fireball cannabis gummies.

Pure Extracts CEO, Ben Nikolaevsky, remarked, “We create products that are in high demand by provincially authorized distributors and retailers nationwide, and are looking forward to having our high quality, FSO products in consumers’ hands early in Q2 of this year.”

Or, look at Canopy Growth Corporation (NASDAQ:CGC)(TSX:WEED).

The company just announced the launch of a new line of science-backed CBD products for dogs under the brand name SurityPro. Leading scientists at Canopy Animal Health developed this new generation of advanced pet specialty CBD products for dogs to support calm behavior, joint health and flexibility, healthy aging, and overall physical and mental well-being in dogs. The SurityPro portfolio is scientifically-formulated to deliver carefully controlled CBD content for customized daily use in dogs of all sizes. All SurityPro CBD Pet products carry the National Animal Supplement Council (NASC) quality seal, denoting strict adherence to manufacturing, labeling, testing and marketing guidelines. The products also contain no corn, soy, artificial flavors, colors or preservatives.

Organigram Holdings (NASDAQ:OGI)(TSX:OGI) announced its results for the first quarter ended November 30, 2020. “We are pleased with our double-digit sales growth in the Canadian adult-use recreational market this past quarter as it reflects the success of many of our new product launches, particularly in the dried flower value segment,” said Greg Engel, CEO. “Now we look forward to our new higher margin Edison dried flower offerings contributing substantially to overall revenue with even more new products to come in the next few quarters. We believe our product portfolio revitalization combined with additional resources to ramp up production and achieve greater economies of scale as well as our relentless focus on increased automation and cost efficiency opportunities position us well to generate further top-line growth and significantly improve gross margins.”

Charlotte’s Web Holdings, Inc. (TSX: CWEB)(OTCQX: CWBHF), the market leader in hemp CBD wellness products, announces that Charlotte’s Web, Inc., a wholly-owned subsidiary, has been granted U.S. Utility Patents for its hemp genetics by the United States Patent and Trademark Office. The newly issued patents cover two of the Company’s new feminized seed hybrid hemp varieties developed under the Company’s breeding program; ‘Kirsche’ (US Patent No. 10,888,060) and ‘Lindorea’ (US Patent No. 10,888,059).  ‘Lindorea’ and ‘Kirsche’ are the world’s first two allowed U.S. Utility Patents reading on feminized hybrid hemp plants. The Company now has earned a total of five U.S. hemp variety patent grants: one Plant Patent and four Utility Patents as it advances the science of hemp horticulture. 

Neptune Wellness Solutions Inc. (NASDAQ:NEPT)(TSX:NEPT) announced groundbreaking research on the absorption of omega-3 fish oils, which are the basis of its exclusive product MaxSimil®. The study was published in The Journal of Nutrition by the Oxford University Press. MaxSimil® is a patented omega-3 fatty acid delivery technology that uses enzymes that mimic the natural human digestive system to predigest omega-3 fatty acids. The study — titled ‘Pharmacokinetics of Supplemental Omega-3 Fatty Acids Esterified in Monoglycerides, Ethyl Esters, or Triglycerides in Adults in a Randomized Crossover Trial’ —adds to a growing body of research on Neptune’s patented MaxSimil® fish oils.

Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Pure Extracts Technologies Corp. by a third party. We own ZERO shares of Pure Extracts Technologies Corp. Please click here for full disclaimer.

Contact Information:
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[email protected]

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