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The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization (SRO) that oversees all investment dealers and trading activity in debt and equity markets in Canada.
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With the calendar turning over to 2018 for many investors it’s Registered Retirement Savings Plan (RRSP) season. Along with it comes a deluge of questions regarding RRSPs and in what ways they fall under the jurisdiction of the Nova Scotia Securities Commission.
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Hedge funds have been easy fodder for Hollywood over the years, frequently appearing in movies (Wall Street: Money Never Sleeps and The Big Short) and TV shows (Billions) that have some aspects of finance or wealth attached to the plot. The term hedge fund is bantered around a lot, but that doesn’t mean the average investor has any idea what they actually are. If their only introduction to a hedge fund is through the entertainment it’s highly likely they know very little about them at all.
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We conclude our walk through the categories of registration with a look at investment fund managers. As the name would suggest an investment fund managers manages a fund. It could be a mutual fund, exchange-traded fund (ETF), or some other kind of investment fund.
The manager is responsible for implementing a fund’s investment strategy and managing its portfolio activities. This can include analyzing financial statements, selection of assets, selection of stocks, plan implementation and ongoing monitoring of the fund’s investments.
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Our look at the categories of registration resumes this week with a look at portfolio managers. A portfolio manager is a firm or individual member of a firm that manages an investor’s portfolio on their behalf. This includes choosing what investments to buy, sell and hold for the investor. To do so they must be given discretionary authority from the investor.
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This week’s post in our series on the categories of registration looks at investment dealers. An investment dealer is an individual or a firm that can sell a wide range of investment products.
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This week our continuing series on the categories of registration looks at mutual fund dealers. A mutual fund dealer, as you may have guessed, is allowed to sell mutual funds.
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Our look at categories of registration continues this week with exempt market dealers. An exempt market dealer is a firm or individual that sells or advises on exempt market products. An exempt market product can be sold without a prospectus and as a result offers less protection for investors.
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At the Nova Scotia Securities Commission, we regularly get questions about categories of registration. This includes questions surrounding what the categories are, and what they allow a person to offer and not offer. Instead of rolling out a lengthy post running down all of the categories of registration we’ve decided to split it up and highlight one each week for the next month. Today we’ll start with scholarship plan dealers.
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SEDAR stands for System for Electronic Document Analysis and Retrieval. You can see why we needed an acronym. Found online at www.sedar.com, SEDAR is administered by the Canadian Securities Administrators (CSA) and operated by the Alberta Securities Commission (ASC). SEDAR is the electronic system used by public companies and investment funds to officially file documents. This fulfills three objectives: