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After 37 years in the financial services industry I realize I shouldn't be surprised, and I'm not. I'm shocked. Shocked by the confusion created by the very people who are charged with the responsibil...
The Client Relationship Model - Phase 2 (CRM2) is a new set of industry regulations meant to provide Canadian investors with more details on their investment costs and performance. It was developed by the Canadian Securities Administrators, an organization representing Canada's investment industry regulators.
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On July 15, 2016, the CRM2 regulation or the Client Relationship Model - Version 2, which outlines the regulations to improve the disclosure of investment performance, charges and compensation to clie...
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The impact of not being honest and truthful from the beginning can be devastating to a company's reputation, and in some cases, their entire business. As a result, we've seen established organizations attempt to appease their customers by pre-emptively disclosing information that never would have been released in the past.
Canadian regulators have to be commended for their effort to create transparency, always a herculean task met with significant resistance by market participants. Unfortunately, the reforms related to performance do not go far enough. The reality is that the field of performance has advanced to such a degree, that what has been proposed misses the mark of what can be achieved in order to achieve the previously stated objectives.