At a recent Senate Banking Committee hearing, CSA chair Stan Magidson and OSC CEO Grant Vingoe voiced disappointment that Canada’s big banks have narrowed their product shelves to mostly proprietary investments, saying the shift has eroded support for junior issuers and independent research and appears driven more by the banks’ commercial interests than by the Client-Focused Reforms. Committee chair Clément Gignac even raised the possibility of a Competition Bureau referral, while regulators pointed to the listed issuer exemption (which has helped public companies raise $3.6 billion without full prospectuses) as one way they’re working to support capital raising for small and mid-sized issuers. Read the full article on Investment Executive.
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