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Merger of Canadian investment industry regulators heads to final stages with new board – The Globe and Mail

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A merger between two self-regulatory organizations that oversee the country’s investment industry is heading into its final stages of approval as regulators announce the final framework and a new board of directors.

On Thursday, the Canadian Securities Administrators (CSA), an umbrella organization of Canada’s provincial and territorial securities commissions, released the names of proposed board members for the new self-regulatory organization (SRO) that will combine the functions of the Investment Industry Regulatory Organization of Canada, or IIROC, which supervises securities dealers, and the Mutual Fund Dealers Association of Canada, or MFDA, which oversees 90 mutual fund dealers.

The CSA also revealed the names of board members for a new single investor protection fund (IPF) for the industry, and released for public comment several documents outlining the structure of the new organization and fund.

“Today’s announcement of the new boards and publication of draft documents marks a major milestone toward our goal of creating a new SRO and IPF that serves a clear public interest mandate, better protects investors and promotes public confidence,” CSA Chair and CEO of the Autorité des marchés financiers Louis Morisset said in a statement.

The public comment period, which is open until June 27, is one of the final steps in consolidating IIROC and the MFDA, as well as creating one investor protection fund by combining two existing funds — the Canadian Investor Protection Fund (CIPF) and the MFDA Investor Protection Corporation. The fund will be independent from the new organization.

The two SROs have long been criticized by investor advocates and the investment industry for overlapping areas of oversight as more wealth managers serve customers who buy both mutual funds and individual securities. In 2019, the CSA began to review the “regulatory framework” that governs both the IIROC and the MFDA and, after industry consultations and several proposals, a new SRO plan was formed.

The new yet-to-be-named SRO is expected to be completed by Jan 1, 2023.

The proposed organization will have a governance structure, similar to the current governance structure of IIROC and the MFDA, and will initially include investment dealer and mutual fund dealer registration categories as well as marketplace members.

The potential to incorporate other registration categories – such as exempt market dealers and portfolio managers currently overseen directly by members of the CSA – will be considered as part of a separate phase.

The proposed framework plans to eliminate duplicative costs and minimize regulatory inefficiencies; promote access to advice for all investors; reduce investor confusion; streamline the complaint process; increase controls and improve transparency of enforcement mechanisms; and enhance market surveillance, among other measures.

The proposed board for the new SRO will consist of 14 members, with a majority of them independent directors – including new chair Tim Hodgson, a former financial services executive who presently serves as the Chair of Hydro One. The new SRO’s chief executive officer, who will be the final member of the board, is expected to be named in “coming weeks,” said the CSA in a release.

The new IPF board will also consist of 14 members – including new chair Donna Howard, current CIPF director and chair and vice-chair Dawn Russell, current MFDA IPC director and Chair. The new IPF’s chief executive officer, who would be the final member of the board, is expected to be named in the third quarter of calendar year 2022.

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Why ETFs are a good investment value – Yahoo Finance

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Exchange-traded funds, or ETFs, can be a good way to diversify your portfolio and can be cost-effective.

“ETFs are generally less costly and easier to access for investors,” said Ben Johnson, Morningstar’s director of global exchange-traded fund research. “They offer investors access to a whole host of investment strategies, from total market indexes to actively managed portfolios of stocks linked to the metaverse, with low fees, superior tax efficiency, and often much smaller investment minimums—typically as low as the price of a single share.”

Here’s what industry experts have to say about how to make ETFs sound investment values.

Johnson notes it’s important to know and respect what the “ET” in ETF stands for. “ETFs trade like stocks, and investors should practice good hygiene when it comes to trading them to avoid running up a big trading cost bill,” he said.

ADVICE FOR THE FIRST-TIME ETF BUYER

Specifically, Johnson explained that investors should consider using limit orders when buying and selling ETFs.

“This will help to ensure that they get the price they ask for (if not better) and prevent them from transacting at a price they might not like,” he said.

ETFs are fully transparent, said Tom Lydon, vice chairman with VettaFi.

“They frequently update their holdings, so investors know exactly what they are getting themselves into,” he said.

PICKING AN ETF: EXPERTS WEIGH IN

Also, Lydon explained that ETFs are more tax efficient than traditional open-end funds. Due to structural differences, said Lydon, ETFs do not incur a capital gains tax like how mutual funds would, but still come with a capital gains tax upon the sale of the ETF by an investor.

According to Lydon, ETFs may be seen as an improved version of their mutual fund cousins, providing the benefits of mutual funds and then some.

“Some of the key selling points of ETFs beyond traditional open-end funds may include things like lower expense ratios, flexible intraday trading, transparent nature and improved tax efficiency for taxable accounts,” Lydon said.

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Finally, unlike mutual funds that are bought and sold once per day after the market closes, ETFs trade all day long.

“If you are familiar with trading individual company stocks on a brokerage platform, then picking up an ETF should be a similar experience,” continued Lydon.

Furthermore, he said more knowledgeable investors may also utilize various trade orders for executing ETF trades, including limit orders and stop-limit orders, along with short selling, to better manage their investment experience.

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Salim Manji Acquires 10,000 Shares of Artis Real Estate Investment Trust Unit (TSE:AX.UN) Stock – MarketBeat

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Artis Real Estate Investment Trust Unit (TSE:AX.UNGet Rating) Director Salim Manji bought 10,000 shares of Artis Real Estate Investment Trust Unit stock in a transaction that occurred on Wednesday, June 29th. The shares were acquired at an average price of C$11.65 per share, for a total transaction of C$116,500.00. Following the acquisition, the director now directly owns 2,315,475 shares in the company, valued at approximately C$26,975,283.75.

Shares of AX.UN traded down C$0.02 during midday trading on Friday, hitting C$11.76. The company had a trading volume of 419,951 shares, compared to its average volume of 431,720. The company’s 50 day moving average price is C$12.50 and its 200 day moving average price is C$12.58. The stock has a market cap of C$1.37 billion and a price-to-earnings ratio of 2.76. Artis Real Estate Investment Trust Unit has a 52 week low of C$10.93 and a 52 week high of C$13.76. The company has a quick ratio of 0.05, a current ratio of 0.15 and a debt-to-equity ratio of 79.99.

AX.UN has been the topic of several recent research reports. National Bankshares lifted their target price on shares of Artis Real Estate Investment Trust Unit from C$12.25 to C$12.50 and gave the company a “sector perform” rating in a report on Monday, March 7th. Laurentian Bank of Canada lifted their price target on shares of Artis Real Estate Investment Trust Unit to C$15.00 and gave the stock a “buy” rating in a research note on Monday, March 7th. BMO Capital Markets lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$13.00 to C$14.00 in a research note on Monday, March 7th. Laurentian lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$13.50 to C$15.00 in a research note on Monday, March 7th. Finally, Scotiabank lifted their price target on shares of Artis Real Estate Investment Trust Unit from C$12.75 to C$13.50 in a research note on Tuesday, March 8th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$13.53.

About Artis Real Estate Investment Trust Unit (Get Rating)

Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States.

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Why ETFs are a good investment value – Fox Business

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Exchange-traded funds, or ETFs, can be a good way to diversify your portfolio and can be cost-effective.

“ETFs are generally less costly and easier to access for investors,” said Ben Johnson, Morningstar’s director of global exchange-traded fund research. “They offer investors access to a whole host of investment strategies, from total market indexes to actively managed portfolios of stocks linked to the metaverse, with low fees, superior tax efficiency, and often much smaller investment minimums—typically as low as the price of a single share.”

Here’s what industry experts have to say about how to make ETFs sound investment values.

Try to consider limit orders

Johnson notes it’s important to know and respect what the “ET” in ETF stands for. “ETFs trade like stocks, and investors should practice good hygiene when it comes to trading them to avoid running up a big trading cost bill,” he said.

ADVICE FOR THE FIRST-TIME ETF BUYER

Specifically, Johnson explained that investors should consider using limit orders when buying and selling ETFs.

“This will help to ensure that they get the price they ask for (if not better) and prevent them from transacting at a price they might not like,” he said.

Benefit from tax efficiencies

ETFs are fully transparent, said Tom Lydon, vice chairman with VettaFi.

“They frequently update their holdings, so investors know exactly what they are getting themselves into,” he said.

PICKING AN ETF: EXPERTS WEIGH IN

Also, Lydon explained that ETFs are more tax efficient than traditional open-end funds. Due to structural differences, said Lydon, ETFs do not incur a capital gains tax like how mutual funds would, but still come with a capital gains tax upon the sale of the ETF by an investor.

ETFs build on the ease of mutual funds

According to Lydon, ETFs may be seen as an improved version of their mutual fund cousins, providing the benefits of mutual funds and then some.

“Some of the key selling points of ETFs beyond traditional open-end funds may include things like lower expense ratios, flexible intraday trading, transparent nature and improved tax efficiency for taxable accounts,” Lydon said.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Finally, unlike mutual funds that are bought and sold once per day after the market closes, ETFs trade all day long.

“If you are familiar with trading individual company stocks on a brokerage platform, then picking up an ETF should be a similar experience,” continued Lydon.

Furthermore, he said more knowledgeable investors may also utilize various trade orders for executing ETF trades, including limit orders and stop-limit orders, along with short selling, to better manage their investment experience.

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