OSFI drafts accounting rule change for mergers
Article Abstract:
The current accounting rules for mergers of Canadian and US financial institutions may be altered with the proposal by the Office of the Superintendent of Financial Institutions (OSFI) to put firms in both countries on equal footing. OSFI is drafting policy that will be effective beginning Nov. 1, 1998, and could displace Canadian generally accepted accounting principles for financial transactions (GAAP), covering federally-regulated financial groups such as banks and trust and insurance companies. This aims to change the key criterion that one company can hold no more than 55% of the merged company, while the other would own no less than 45%.
Comment:
Canada: Current accounting rules for mergers of Canadian & US financial institutions may be altered w/ proposal by OSFI
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Task force report may sway life insurers' bid to go public
Article Abstract:
The Canadian government will decide on what corporate structure will be implemented on mutual life insurers seeking to go public only after the task force on the future of financial services submits its reports in September 1998. According to James Peterson, Secretary of State for International Financial Institutions, the government will take inputs from the public as to the changes needed to convert life insurers into publicly traded firms. He added that the government wants to make sure that insurers give policy holders fair value when they go public.
Comment:
Canada: Govt to decide on corporate structure to impose on mutual life insurers seeking to go public after task force reports
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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OSC slaps lifetime industry ban on former Providen president
Article Abstract:
Provident Investment Counsel Inc. former president and compliance officer David Andrus' industry registration has been revoked by the Ontario Securities Commission for unlawfully taking over more than $800,000 from the accounts of three elderly clients for his personal use. The commission likewise imposed a lifetime ban on Andrus that would not allow him to work or trade, even in his own account, in the securities market in Ontario. Provident Investment, which surrendered its registration in 1997, did not provide compensation for the three clients.
Comment:
Former president compliance officer David Andrus' industry registration has been revoked by the Ontario Securities Commission
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Comment about this article or add new information about this topic:
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