(July 11, 2006) The MFDA Regulatory Committee announced that it will provide an exemption from the no-mixing rule to all Tier 3 and 4 dealer members provided certain conditions are met.
The rule prohibits members from mixing money held for mutual fund transactions with money held in mutual funds to buy and sell other securities or financial instruments, such as GICs and segregated funds.
In the bulletin, the MFDA states that it has determined that granting exemption relief will not harm the interests of its members, their customers or the public. To qualify for this exemption, dealers must also obtain approval from the appropriate securities regulatory authority. Eligible members will be identified in the document that MFDA plans to issue.
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RBC changes the name of the online broker
(July 11, 2006) RBC Financial announced that it will rebrand its online brokerage offering effective September 30, 2006, changing its name from RBC Action Direct to RBC Direct Investing.
The brokerage house assures its clients that the transition will be smooth and will not require any action on the part of investors. The web address will change to reflect the new name, but the company will automatically redirect you to the new site, giving investors time to adjust their bookmarks.
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