{"id":49462,"date":"2018-06-21T11:49:00","date_gmt":"2018-06-21T15:49:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49462"},"modified":"2025-08-18T11:50:05","modified_gmt":"2025-08-18T15:50:05","slug":"june-21-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49462","title":{"rendered":"June 21, 2018"},"content":{"rendered":"

In a rare outbreak of common sense, the Canadian Securities Administrators have decided not to ban trailer fees<\/a>, but spoiled it by adding a lot more paperwork:<\/p>\n

\n

The Canadian Securities Administrators (CSA) has decided not to ban embedded commissions after all. Instead, the group of provincial and territorial regulators have proposed new rules for dealers and financial advisors to address any potential conflicts of interest in clients\u2019 best interest or avoid them altogether, as well as to eliminate all forms of deferred sales charges (DSCs).<\/p>\n

In addition, the CSA has decided to prohibit dealers that don\u2019t make a suitability determination when selling mutual funds, such as discount brokerages, from receiving trailing commissions.<\/p>\n

The long-awaited decisions<\/a> were delivered on Thursday in a staff notice outlining these measures and in a 120-day comment period proposing amendments to registrant conduct provisions. (The CSA stated in the staff notice that it anticipates publishing a notice and request for comment in September.)<\/p>\n

Although the CSA\u2019s staff notice<\/a> points out that \u201cregulatory action is required to mitigate the inherent conflicts of interest associated with embedded compensation and to ensure the investor\u2019s interest is paramount,\u201d the regulators are instead proposing enhanced conflict of interest mitigation rules and guidance for dealers and advisors on all securities because these conflicts \u201care not unique to mutual funds.\u201d<\/p>\n

Thus, as part of the proposed amendments to the registrant conduct provisions<\/a>, dealers and advisors will be required to: address conflicts of interest in clients\u2019 best interest, including those resulting from compensation arrangements and incentive practices; put clients\u2019 interests first when making a suitability determination; and do more to clarify for clients what they should expect from registrants.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5779 %<\/td>\n3,009.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5779 %<\/td>\n5,522.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.34 %<\/td>\n3.54 %<\/td>\n68,900<\/td>\n18.42<\/td>\n4<\/td>\n-0.5779 %<\/td>\n3,182.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0398 %<\/td>\n3,172.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.67 %<\/td>\n71,862<\/td>\n4.98<\/td>\n5<\/td>\n-0.0398 %<\/td>\n3,788.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0398 %<\/td>\n2,955.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.64 %<\/td>\n-5.83 %<\/td>\n60,179<\/td>\n0.08<\/td>\n9<\/td>\n0.0969 %<\/td>\n2,882.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.38 %<\/td>\n5.55 %<\/td>\n62,268<\/td>\n14.53<\/td>\n26<\/td>\n-0.0005 %<\/td>\n2,963.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.32 %<\/td>\n4.67 %<\/td>\n153,247<\/td>\n5.67<\/td>\n106<\/td>\n-0.1768 %<\/td>\n2,536.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n5.80 %<\/td>\n69,563<\/td>\n5.54<\/td>\n27<\/td>\n-0.1775 %<\/td>\n2,944.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.05 %<\/td>\n3.72 %<\/td>\n32,686<\/td>\n3.43<\/td>\n9<\/td>\n-0.0897 %<\/td>\n2,797.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.51
\nBid-YTW : 7.83 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset<\/td>\n104,445<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n54,166<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n46,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n43,781<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.42
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n42,460<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset<\/td>\n38,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.99
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
There were 14 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\nQuote: 23.09 – 23.44
\nSpot Rate : 0.3500
\nAverage : 0.2034<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.09
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset<\/td>\nQuote: 23.33 – 23.67
\nSpot Rate : 0.3400
\nAverage : 0.2233<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 22.75
\nEvaluated at bid price : 23.33
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset<\/td>\nQuote: 25.80 – 26.18
\nSpot Rate : 0.3800
\nAverage : 0.2860<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.25 – 21.49
\nSpot Rate : 0.2400
\nAverage : 0.1573<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.25
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset<\/td>\nQuote: 22.52 – 22.80
\nSpot Rate : 0.2800
\nAverage : 0.2018<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.52
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset<\/td>\nQuote: 22.85 – 23.11
\nSpot Rate : 0.2600
\nAverage : 0.1833<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-06-21
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.85
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

In a rare outbreak of common sense, the Canadian Securities Administrators have decided not to ban trailer fees, but spoiled it by adding a lot more paperwork: The Canadian Securities Administrators (CSA) has decided not …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-49462","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49462"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49462\/revisions"}],"predecessor-version":[{"id":49463,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49462\/revisions\/49463"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}