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RBC ROYTRIN Mitual Funds daily share price rbc banque en ligne

now when you go they telling you that you can only get about half of waht you have for them.... ’Right now investors are not affected by the changes as they will only come into effect on January 4, 2010,’ Sookoo said in an e-mailed response to Express enquiries. i also heard the deadline to take out all was yesterday or something.... RBTT Financial Group chief executive Suresh Sookoo said yesterday that RBTT and its parent company, the Royal Bank of Canada (RBC) made changes to the Roytrin Income funds that would result in greater transparency to investors and bring practices in line with international standards. Floating rate for Roytrin Curtis Rampersad Business Editor Friday, December 4th 2009 From January 4, 2010, the first business day of the new year, investors in RBTT’s Roytrin TT and US dollar funds will have their units bought and sold at a floating rate instead of the current fixed rates of TT$25 and US$25 per unit. The Roytrin account was at a fixed rate of $25.00 it's now changing to a floating rate . From next year units in both Roytrin funds will be bought and sold in a floating net asset value basis. When the net asset value is calculated daily from January 4, the value of a unit can move up or down daily, RBTT said previously. On November 19, RBC injected US$23 million and provided a guarantee to bring the net asset value in both funds to US$25 and TT$25 after they were calculated at TT$24.90 and US$24.21 because of market conditions. This means the funds will remain at US$25 and TT$25 per unit until December 31 this year. The Roytrin account was at a fixed rate of $25.00 it's now changing to a floating rate . Sookoo said the decision was taken to discontinue the practice of redeeming and accepting subscriptions for units at a ’fixed’ net asset value as this ’does not accurately reflect the true value of the funds’ underlying investment portfolios’. but if there is at least some truth, we ought to be aware.... Floating rate for Roytrin Curtis Rampersad Business Editor Friday, December 4th 2009 From January 4, 2010, the first business day of the new year, investors in RBTT’s Roytrin TT and US dollar funds will have their units bought and sold at a floating rate instead of the current fixed rates of TT$25 and US$25 per unit. He stated that the investment manager of the funds would seek to maintain the unit price at $25 on the funds, thereby preserving the original value of the unitholder’s investment. hard luck for tryin to give ppl a heads up I heard a talk that these people going bankrupt!!! i also heard the deadline to take out all was yesterday or something...when you go they telling you that you can only get about half of waht you have for them.... RBTT Financial Group chief executive Suresh Sookoo said yesterday that RBTT and its parent company, the Royal Bank of Canada (RBC) made changes to the Roytrin Income funds that would result in greater transparency to investors and bring practices in line with international standards.’Right now investors are not affected by the changes as they will only come into effect on January 4, 2010,’ Sookoo said in an e-mailed response to Express enquiries. Unitholders have until December 31 to assess their individual investment options and to consider their investment choices going forward. =161565964Rumors have an ingredient of truth until investiagated. i don't know why ppl like to bite off other's heads.... From next year units in both Roytrin funds will be bought and sold in a floating net asset value basis. RBTT should do some re-assurance public relations to alleviate any fears. i also heard the deadline to take out all was yesterday or something...when you go they telling you that you can only get about half of waht you have for them.... When the net asset value is calculated daily from January 4, the value of a unit can move up or down daily, RBTT said previously. My whole department - 11 people withdrew their funds yesterday and some more went today. On November 19, RBC injected US$23 million and provided a guarantee to bring the net asset value in both funds to US$25 and TT$25 after they were calculated at TT$24.90 and US$24.21 because of market conditions. This means the funds will remain at US$25 and TT$25 per unit until December 31 this year. Sookoo said the decision was taken to discontinue the practice of redeeming and accepting subscriptions for units at a ’fixed’ net asset value as this ’does not accurately reflect the true value of the funds’ underlying investment portfolios’. He stated that the investment manager of the funds would seek to maintain the unit price at $25 on the funds, thereby preserving the original value of the unitholder’s investment. Unitholders have until December 31 to assess their individual investment options and to consider their investment choices going forward. =161565964 correct and reference to page A5 of today's Guardian, with the both funds floating, the NAV for the TTD and USD mutual funds are $25.063 and $25.081 respectively..the fixed period is over and as at Day 2 of floating rate, the funds are more or less in line with fixed performance..and short...there is no IMMEDIATE collapse. caution tho - I&G funds are not for investment in the short term ( Those are the prices for the TTD and USD Income Funds (formerly called the Money Market Funds). The Income and Growth Funds have always had a floating NAV and are priced somewhere around TT$2.23 and US$1.09. Those are the prices for the TTD and USD Income Funds (formerly called the Money Market Funds). The Income and Growth Funds have always had a floating NAV and are priced somewhere around TT$2.23 and US$1.09. The Roytrin Income Fund is an open-ended mutual fund that specifically targets investors with a short to medium term investment horizon. This fund is geared towards investors seeking a high level of interest income consistent with investing over the medium term. This objective will be achieved through investment in a range of high quality securities, including bonds and short-term debt securities. Click here to view Prospectus - US$ Click here to view Prospectus - TT$ Note: The prospectus is a concise outline of relevant information about the Fund which an investor should know before making a decision to purchase the Units. It contains information about the Roytrin TTD and USD Income Funds, as well as the names of the persons responsible for their organization and management. You are encouraged to read the prospectus in its entirety prior to making any investment decision. RBC ROYTRIN Mitual Funds daily share price banque rbc dix30 Roytrin US Dollar Income Fund Sponsor RBC Royal Bank Trinidad & Tobago Limited A prospectus dated July 2011 The Roytrin US Dollar Income Fund was established in Trinidad & Tobago in May 2001 for distribution to investors. Units in this open-ended mutual fund are offered for subscription at the unit price. The Roytrin Income & Growth Fund is an open-ended mutual fund that specifically targets investors with medium to long-term investment objectives, who are seeking income and growth from a combination of fixed income and equity securities. These objectives are achieved through investment in a range of high quality securities, including stocks. Buying shares in mutual funds can be intimidating for beginning investors. There is a huge amount of funds available, all with different investment strategies and asset groups. Trading shares in mutual funds are different from trading shares in stocks or exchange-traded funds (ETFs). The fees charged for mutual funds can be complicated. Understanding these fees is important since they have a large impact on the performance of investments in a fund. A mutual fund is an investment company that takes money from many investors and pools it together in one large pot. The professional manager for the fund invests the money in different types of assets including stocks, bonds, commodities, and even real estate. These shares represent an ownership interest in a portion of the assets owned by the fund. Mutual funds are designed for longer-term investors and are not meant to be traded frequently due to their fee structures. Mutual funds are often attractive to investors because they are widely diversified. Diversification helps to minimize risk to an investment. Rather than having to research and make an individual decision as to each type of asset to include in a portfolio, mutual funds offer a single comprehensive investment vehicle. Some mutual funds can have thousands of different holdings. It is easy to buy and redeem shares in mutual funds. Stock funds make investments in the shares of different companies. Stock funds seek to profit mainly by the appreciation of the shares over time, as well as dividend payments. Stock funds often have a strategy of investing in companies based on their market capitalization, the total dollar value of a company’s outstanding shares. For example, large-cap stocks are defined as those with market capitalizations over $10 billion. Stock funds may specialize in large-, mid-or small-cap stocks. Small-cap funds tend to have higher volatility than large-cap funds. The distribution among stocks and bonds in these funds varies depending on the fund’s strategy. Index funds track the performance of an index such as the S&P 500. They hold similar assets to the index being tracked. Fees for these types of funds are lower due to infrequent turnover in assets and passive management. The mechanics of trading mutual funds are different from those of ETFs and stocks. Mutual funds require minimum investments of anywhere from $1,000 to $5,000, unlike stocks and ETFs where the minimum investment is one share. Mutual funds trade only once a day after the markets close. Stocks and ETFs can be traded at any point during the trading day. The price for the shares in a mutual fund is determined by the net asset value (NAV) calculated after the market closes. The NAV is calculated by dividing the total value of all the assets in the portfolio, less any liabilities, by the number of outstanding shares. This is different from stocks and ETFs, wherein prices fluctuate during the trading day. An investor is buying or redeeming mutual fund shares directly from the fund itself. This is different from stocks and ETFs, wherein the counterparty to the buying or selling of a share is another participant in the market. Mutual funds charge different fees for buying or redeeming shares. It is critical for investors to understand the type of fees and charges associated with buying and redeeming mutual fund shares. These fees vary widely and can have a dramatic impact on the performance of an investment in the fund. Some mutual funds charge load fees when buying or redeeming shares in the fund. The load is similar to the commission paid when buying or selling a stock. The load fee compensates the sale intermediary for the time and expertise in selecting the fund for the investor. Load fees can be anywhere from 4% to 8% of the amount invested in the fund. A front-end load is charged when an investor first buys shares in the fund. A back-end load also called a deferred sales charge, is charged if the fund shares are sold within a certain time frame after first purchasing them. The back-end load is usually higher in the first year after buying the shares but then goes down each year after that. For example, a fund may charge 6% if shares are redeemed in the first year of ownership, and then it may reduce that fee by 1% each year until the sixth year when no fee is charged. A level-load fee is an annual charge deducted from the assets in a fund to pay for distribution and marketing costs for the fund. They are a fixed percentage of the fund’s average net assets. Notably, 12b-1 fees are considered part of the expense ratio for a fund. The expense ratio includes ongoing fees and expenses for the fund. Expense ratios can vary widely but are generally 0.5 to 1.25%. Passively managed funds, such as index funds, usually have lower expense ratios than actively managed funds. Passive funds have a lower turnover in their holdings. They are not attempting to outperform a benchmark index, but just try to duplicate it, and thus do not need to compensate the fund manager for his expertise in choosing investment assets. Load fees and expense ratios can be a significant drag on investment performance. Funds that charge loads must outperform their benchmark index or similar funds to justify the fees. Many studies show that load funds often do not perform better than their no-load counterparts. Thus, it makes little sense for most investors to buy shares in a fund with loads. Similarly, funds with higher expense ratios also tend to perform worse than low expense funds. Because their higher expenses drag down returns, actively managed mutual funds sometimes get a bad rap as a group overall. But many international markets (especially the emerging ones) are just too difficult for direct investment—they're not highly liquid or investor-friendly—and they have no comprehensive index to follow. In this case, it pays to have a professional manager help wade through all of the complexities, and who is worth paying an active fee for. The first step in determining the suitability of any investment product is to assess risk tolerance. This is the ability and desire to take on risk in return for the possibility of higher returns. Though mutual funds are often considered one of the safer investments on the market, certain types of mutual funds are not suitable for those whose main goal is to avoid losses at all costs. Aggressive stock funds, for example, are not suitable for investors with very low-risk tolerances. Similarly, some high-yield bond funds may also be too risky if they invest in low-rated or junk bonds to generate higher returns. For an investor whose main goal is to preserve capital, meaning she is willing to accept lower gains in return for the security of knowing her initial investment is safe, high-risk funds are not a good fit. This type of investor has a very low-risk tolerance and should avoid most stock funds and many more aggressive bond funds. Instead, look to bond funds that invest in only highly rated government or corporate bonds or money market funds. If an investor's chief aim is to generate big returns, they are likely willing to take on more risk. In this case, high-yield stock and bond funds can be excellent choices. Though the potential for loss is greater, these funds have professional managers who are more likely than the average retail investor to generate substantial profits by buying and selling cutting-edge stocks and risky debt securities. Investors looking to aggressively grow their wealth are not well suited to money market funds and other highly stable products because the rate of return is often not much greater than inflation. Mutual funds generate two kinds of income: capital gains and dividends. Though any net profits generated by a fund must be passed on to shareholders at least once a year, the frequency with which different funds make distributions varies widely. If you are looking to grow wealth over the long-term and are not concerned with generating immediate income, funds that focus on growth stocks and use a buy-and-hold strategy are best because they generally incur lower expenses and have a lower tax impact than other types of funds. If, instead, you want to use your investment to create a regular income, dividend-bearing funds are an excellent choice. These funds invest in a variety of dividend-bearing stocks and interest-bearing bonds and pay dividends at least annually but often quarterly or semi-annually. Though stock-heavy funds are riskier, these types of balanced funds come in a range of stock-to-bond ratios. When assessing the suitability of mutual funds, it is important to consider taxes. Depending on an investor's current financial situation, income from mutual funds can have a serious impact on an investor's annual tax liability. The more income you earn in a given year, the higher your ordinary income and capital gains tax brackets. Dividend-bearing funds are a poor choice for those looking to minimize their tax liability. Though funds that employ a long-term investment strategy may pay qualified dividends, which are taxed at the lower capital gains rate, any dividend payments increase an investor's taxable income for the year. The best choice is to choose funds that focus more on long-term capital gains and avoid dividend stocks or interest-bearing corporate bonds. Funds that invest in tax-free government or municipal bonds generate interest that is not subject to federal income tax. However, not all tax-free bonds are completely tax-free, so make sure to verify whether those earnings are subject to state or local taxes. Many funds offer products managed with the specific goal of tax-efficiency. These funds employ a buy-and-hold strategy and eschew dividend- or interest-paying securities. They come in a variety of forms, so it's important to consider risk tolerance and investment goals when looking at a tax-efficient fund. There are many metrics to study before deciding to invest in a mutual fund. Mutual fund rater Morningstar (MORN) offers a great site to analyze funds and offers details on funds that include details on its asset allocation and mix between stocks, bonds, cash, and any alternative assets that may be held. It also popularized the investment style box that breaks a fund down between the market cap it focuses on (small, mid, and large cap) and investment style (value, growth, or blend, which is a mix of value and growth). Other key categories cover the following: For a fund to be a buy, it should have a mix of the following characteristics: a great long-term (not short-term) track record, charge a reasonably low fee compared to the peer group, invest with a consistent approach based off the style box and possess a management team that has been in place for a long time. Morningstar sums up all of these metrics in a star rating, which is a good place to start to get a feel for how strong a mutual fund has been. However, keep in mind that the rating is backward-focused. Individual investors can look for mutual funds that follow a certain investment strategy that the investor prefers, or apply an investment strategy themselves by purchasing shares in funds that fit the criteria of a chosen strategy. Value investing, popularized by the legendary investor Benjamin Graham in the 1930s, is one of the most well-established, widely used and respected stock market investing strategies. Buying stocks during the Great Depression, Graham was focused on identifying companies with genuine value and whose stock prices were either undervalued or at the very least not overinflated and therefore not easily prone to a dramatic fall. The classic value investing metric used to identify undervalued stocks is the price-to-book (P/B) ratio. Value investors prefer to see P/B ratios at least below 3, and ideally below 1. However, since the average P/B ratio can vary significantly among sectors and industries, analysts commonly evaluate a company's P/B value in relation to that of similar companies engaged in the same business. While mutual funds themselves do not technically have P/B ratios, the average weighted P/B ratio for the stocks that a mutual fund holds in its portfolio can be found at various mutual fund information sites, such as There are hundreds, if not thousands, of mutual funds that identify themselves as value funds, or that state in their descriptions that value investing principles guide the fund manager's stock selections. Value investing goes beyond only considering a company's P/B value. A company's value may exist in the form of having strong cash flows and relatively little debt. Another source of value is in the specific products and services that a company offers, and how they are projected to perform in the marketplace. Brand name recognition, while not precisely measurable in dollars and cents, represents a potential value for a company, and a point of reference for concluding that the market price of a company's stock is currently undervalued as compared to the true value of the company and its operations. Virtually any advantage a company has over its competitors or within the economy as a whole provides a source of value. Value investors are likely to scrutinize the relative values of the individual stocks that make up a mutual fund's portfolio. Contrarian investors go against the prevailing market sentiment or trend. A classic example of contrarian investing is selling short, or at least avoiding buying, the stocks of an industry when investment analysts across the board are virtually all projecting above-average gains for companies operating in the specified industry. In short, contrarians often buy what the majority of investors are selling and sell what the majority of investors are buying. Because contrarian investors typically buy stocks that are out of favor or whose prices have declined, contrarian investing can be seen as similar to value investing. However, contrarian trading strategies tend to be driven more by market sentiment factors than they are by value investing strategies and to rely less on specific fundamental analysis metrics such as the P/B ratio. Contrarian investing is often misunderstood as consisting of simply selling stocks or funds that are going up and buying stocks or funds that are going down, but that is a misleading oversimplification. Contrarians are often more likely to go against prevailing opinions than to go against prevailing price trends. A contrarian move is to buy into a stock or fund whose price is rising despite the continuous and widespread market opinion that the price should be falling. There are plenty of mutual funds that can be identified as contrarian funds. Investors can seek out contrarian-style funds to invest in, or they can employ a contrarian mutual fund trading strategy by selecting mutual funds to invest in using contrarian investment principles. Contrarian mutual fund investors seek out mutual funds to invest in that hold the stocks of companies in sectors or industries that are currently out of favor with market analysts, or they look for funds invested in sectors or industries that have underperformed compared to the overall market. A contrarian's attitude toward a sector that has been underperforming for several years may well be that the protracted period of time over which the sector's stocks have been performing poorly (in relation to the overall market average) only makes it more probable that the sector will soon begin to experience a reversal of fortune to the upside. Momentum investing aims to profit from following strong existing trends. Momentum investing is closely related to a growth investing approach. Metrics considered in evaluating the strength of a mutual fund's price momentum include the weighted average price-earnings to growth (PEG) ratio of the fund's portfolio holdings, or the percentage year-over-year increase in the fund's net asset value (NAV). Appropriate mutual funds for investors seeking to employ a momentum investing strategy can be identified by fund descriptions where the fund manager clearly states that momentum is a primary factor in his selection of stocks for the fund's portfolio. Investors wishing to follow market momentum through mutual fund investments can analyze the momentum performance of various funds and make fund selections accordingly. A momentum trader may look for funds with accelerating profits over a span of time; for example, funds with NAVs that rose by 3% three years ago, by 5% the following year and by 7% in the most recent year. Momentum investors may also seek to identify specific sectors or industries that are demonstrating clear evidence of strong momentum. After identifying the strongest industries, they invest in funds that offer the most advantageous exposure to companies engaged in those industries. Benjamin Graham once wrote that making money on investing should depend “on the amount of intelligent effort the investor is willing and able to bring to bear on his task” of security analysis. When it comes to buying a mutual fund, investors must do their homework. In some respects, this is easier than focusing on buying individual securities, but it does add some important other areas to research before buying. Overall, there are many reasons why investing in mutual funds makes sense and a little bit of due diligence can make all the difference—and provide a measure of comfort. Unlike stock and other securities prices, a mutual fund’s share price, or net asset value, updates only at the end of each trading day rather than constantly. During market hours, a mutual fund’s investments and shares outstanding fluctuate, which makes it tough to nail down an exact NAV. When markets close, it gathers the closing price of every security it owns and calculates its NAV, which is widely reported on financial websites. When you buy or sell shares throughout the day, the NAV at the end of that day represents the approximate price you pay or receive. Click the “Get Quote” text box and type a mutual fund’s ticker symbol. This symbol is a five-letter abbreviation ending in “X” that identifies a specific fund. Alternatively, type a mutual fund’s name in the text box. Some websites show a list of suggestions once you begin typing, from which you can select a specific fund. For example, assume you want to check the price of the hypothetical Global Stock Fund whose ticker symbol is ABCDX. Type “ABCDX” in the text box, or begin typing “Global Stock” and select the fund from the list of suggestions. Find the fund’s NAV at the top of the page and identify the adjacent date to determine the mutual fund’s share price at the close of that day’s trading. In this example, assume the fund’s price is $101 as of June 1. If you check the price on the morning of June 2, it will still show $101 until the fund calculates its new NAV after markets close on June 2. Identify the positive or negative dollar figure and percentage next to the NAV. These represent the amount and percentage by which the mutual fund increased or decreased from the previous closing price. A website typically shows the figures in green font with an up-arrow to designate an increase and uses red font and a down-arrow for a decrease. In this example, assume the quote reports “$1.00 (1%)” in green with an up-arrow. This means the fund price increased by $1.00 and by 1 percent since the previous close. Type a date in the “Start Date” and “End Date” boxes at the top of the page and click “Get Prices” to review historical NAVs for a specific date range. For example, to view the mutual fund’s NAV for the month of November 2015, input Nov.


The Roytrin Income & Growth Fund is an open-ended mutual fund that specifically targets investors with medium to long-term investment objectives, who are seeking income and growth from a combination of fixed income and equity securities. These objectives are achieved through investment in a range of high quality securities, including stocks, bonds and short-term debt securities. Click here to view Prospectus - US$ Click here to view Prospectus - TT$ Note: The prospectus is a concise outline of relevant information about the Fund which an investor should know before making a decision to purchase the Units. It contains information about the Roytrin TTD and USD Income & Growth Funds, as well as the names of the persons responsible for their organization and management. You are encouraged to read the prospectus in its entirety prior to making any investment decision. Claire Boyte-White is the lead writer for Napkin Finance.com, co-author of I Am Net Worthy, and an Investopedia contributor. Claire's expertise lies in corporate finance & accounting, mutual funds, retirement planning, and technical analysis. Once upon a time, back in the analog age, investors could only buy and sell mutual funds through financial professionals: brokers, money managers, and financial planners. But online investment platforms have made traders of us all, and today, anyone with a computer, a tablet, or even a smartphone can buy mutual funds. All you have to do is know where to buy them, what kind of fund you want, and what sort of fees, sales charges, and expenses you might encounter. Of course, if you have a retirement-oriented account, such as a 401(k) plan or a self-directed IRA, the account custodian or plan administrator likely allows for direct mutual fund trading through its website (though with 401(k)s, you are restricted to those specifically offered by the plan and usually to a prescribed number of trades you can make per year or quarter). For the purposes of this article, we'll assume you're looking to buy on your own, either for a regular taxable account or a tax-deferred one. The most obvious option is to buy mutual funds directly through the investment companies that offer and manage them. Mutual fund companies range from publicly traded giants like T. Rowe Price to private boutique firms like American Century or Dodge & Cox. Each firm offers at least a few different funds, from passive index funds to actively managed equity funds to high-yield bond funds, designed to appeal to different investors and different investment goals. One key advantage of buying directly from mutual fund companies: no sales commissions or brokerage fees. More of your investment dollar goes into the fund and right to work for you. The key downside: Your investment options are limited to that company's family of funds. If you do not want to be limited to one fund family, some investment companies allow you to use an in-house account to buy and sell mutual funds and exchange-traded funds (ETFs) offered by other firms. The Vanguard Group and Fidelity Investments are two of the best-known of this breed of mutual fund managers that have morphed into full-fledged financial services firms, augmenting their own funds with competitors' products. The catch: These firms naturally want to push their proprietary funds, so you may incur additional transaction fees or pay commissions if you go "outside the family." Yet another option is to open an online account at a brokerage. It will likely be the most expensive course: Typically, these types of accounts charge a transaction fee/commission for each trade, and they may also charge other account setup or maintenance fees. However, they will provide the biggest universe of mutual funds to choose from. It is fairly simple to find an account with relatively low fees, especially if you comb the ranks of discount brokerages. Among the hottest (and cheapest) are exclusively online companies, such as E*TRADE and Betterment. With little overhead and largely automated services, their operating costs are considerably reduced, and it shows in their charges to consumers. But don't count the bricks-and-mortar brokerages out. Noting the e-brokers' success, especially with thirty-something investors, many old-timers like TD Ameritrade, Charles Schwab, and Merrill Lynch (via its Merrill Edge) have launched digital platforms of their own. And often fees and account minimums are waived or discounted for clients who maintain online-online accounts, eschewing paper statements and human advisory services. (Of course, having a human to talk to can be an appealing feature of a full-service broker.) Once you decide on the financial institution and trading platform for your account, you need to set up that account—which you can do, naturally, online. Most firms make it pretty easy—just log on to the company’s site and click a link that’s usually labeled "Open an Account," "Let's Get Started," or something similar. You'll answer the same questions needed to open any brokerage account: personal info, type of account (individual or joint, IRA or taxable, etc.). You may also need to indicate whether you want any fund dividends deposited to your account or automatically reinvested back into the fund. And you will have to furnish bank account information, to transfer the cash for your initial investment—and, if you so designate, to be used as the source for buying additional mutual fund shares each month. Many companies reduce the mandated sum to open an account if you set up one of these automatic investment programs. Once your account is active, buying and selling mutual funds is simple. While each site is a little different, they all operate in essentially the same way. Indicate the ticker symbol of the fund you want to buy and the amount you want to invest—unlike stocks, mutual funds require you invest a set dollar amount rather than purchasing a certain number of shares. In addition, you may be asked how you want dividend distributions handled (if you didn't set this up when applying): either by using them to buy additional shares of the fund, or having them deposited into your investment account as cash. Once you fill out the trade request, your trade remains pending until the fund's daily share value is calculated at the end of the trading day. Most mutual funds report their net asset value (NAV) by 6 p.m. Once the NAV is reported, you know how many shares you have actually purchased. It takes between one and three business days for your trade to "settle," meaning the official financial transaction is not completed right away. The SEC requires it to be no longer than two business days. Once you've mastered the mechanics, the real work begins: deciding what kind of mutual fund best suits your investment needs. Typically, investments that offer the potential for big gains, such as high-yield mutual funds and most stock investments, also come with a greater amount of risk than investments that offer more modest returns. If you have a low-risk tolerance, avoid mutual funds that invest in highly volatile securities or employ aggressive investment strategies that seek to beat the market. Next, determine what you are trying to accomplish with this investment. If you want something that generates consistent income each year, choose a mutual fund that pays dividends or a bond fund. If you want to minimize the short-term tax impact of your investment, choose a fund that makes very few annual distributions, does not pay dividends and focuses on long-term growth. If your chief goal is to create wealth quickly, even if it means increased risk, look at high-yield bond or equity funds. If you choose an actively managed fund, as opposed to a passively managed indexed fund, research the track record of your chosen fund's manager. The success of actively managed funds depends on the experience, skill, and instinct of the fund's manager, so the historical returns generated by other funds under their care are a good indication of their prowess. In reviewing mutual funds, you should be aware of the types of fees and expenses you are likely to incur. In some cases, the costs associated with a given mutual fund may render its returns considerably less impressive. The one cost carried by all mutual funds is called an expense ratio. This is simply a percentage of the value of your investment, generally between 0.1% and 3%, the mutual fund charges each year to defray its administrative and operating costs. Actively managed funds typically have higher expense ratios than their passively managed counterparts because their increased trading activity generates more paperwork and requires more man-hours. If the fund you choose has a particularly high expense ratio, make sure there is not a cheaper fund offered elsewhere with the same objectives and a similar portfolio. For indexed funds, especially, seek out the cheapest: Since they are designed to simply invest in all the securities of a given index, there is little difference between funds that are tracking the same index. In addition to the annual expense charge, many mutual funds impose sales charges, known as loads. Set by the fund management, a load is essentially a fee paid to the broker, financial planner or investment advisor who sold you the fund (this is distinct from the sales commission or transaction fee the brokerage itself might charge you—confusing, we know). Load fees can be charged at the time of investment (a front-end load), or at redemption (a back-end load or deferred sales charge). However, be aware they can still charge a number of other fees that make them just as expensive. Carefully read the terms of your chosen fund to see if it charges any redemption, purchase or exchange fees to shareholders who wish to alter their initial investment by selling shares, buying additional shares or moving to another fund offered by the same firm. Many funds do, particularly if you make a change with 60 or 90 days of your initial purchase. Many funds offer three classes of shares, such as A, B, and C, that carry different types of expenses to cater to different investment strategies. For example, Class A shares typically carry a front-end load fee but have lower expense ratios and 12b-1 fees than B and C shares, making them better suited for someone who wants to make a single investment and hold it for a long period. Trading mutual funds online is a relatively recent option for investors. But in choosing a firm to invest with, the criteria are pretty traditional: How reputable is this company? What sort of services, amenities, and products do they provide? How easy are they, and their trading platform, to deal with? And when it comes to picking a mutual fund, the basic questions to ask—how its purpose fits your investment goals, the level of risk it poses vis-à-vis your tolerance, and the size of its fees—remain eternal. RBC ROYTRIN Mitual Funds daily share price rbc services bancaires en ligne Issuers as at September 2018 Number of Listed Issuers. 1,528 issuers as at September 2018 Average Daily Share Volume. 410.8 million/YTD 330.4 million as at September 2018 Average Daily Trade Value. CAD 7,345.5 million/YTD 6,306.0 million as at September 2018 Montreal Exchange *. Latest Event Roytrin US Dollar Income Fund Sponsor RBC Royal Bank Trinidad & Tobago Limited A prospectus dated July 2011 The Roytrin US Dollar Income Fund was established in Trinidad & Tobago in May 2001 for distribution to investors. Units in this open-ended mutual fund are offered for subscription at the unit price. TMX Group – owns and operates the following national exchanges: Toronto Stock Exchange (TSX) – provides senior issuers with access to public equity, liquidity for existing and new investors. TSX Venture Exchange – provides access to growth capital for early stage companies while offering investors a market for making venture investments. Montreal Exchange (MX) – provides interest rate, index and equity derivatives trading and clearing. The MX also owns a majority interest in Boston Options Exchange (BOX). TSX Private Markets – a dealer-to-dealer voice-brokered service that facilitates the raising of capital and secondary trading in the Canadian exempt market, operated by Shorcan Brokers Limited. TSX Alpha Exchange – lists and trades securities including equities, debentures, exchange-traded funds and structured products. Canadian Depository for Securities Limited (CDS Ltd.) – provides depository, clearing, and regulatory & information services to securities market participants TSX Trust – provides issuers with corporate trust, transfer and registrar services. The TMX Group also operates: Natural Gas Exchange (ICE NGX) - a North American exchange for the trading and clearing of physical natural gas, crude oil and electricity futures contracts. Shorcan Brokers Limited - a fixed income interdealer bond dealer. Based on market capitalization, TMX Group is ranked the third largest exchange in North America. Other stock exchanges in Canada include: Canadian Securities Exchange (CSE) – CSE is an alternative Canadian stock exchange for both emerging and established companies from all business sectors. The CSE is located in Toronto and maintains a branch office in Vancouver. ICE Futures US – ICE Futures US trades soft commodities, North American natural gas and power, equity indexes and FX. Trading of debt instruments Although the TSX and TSX Venture stock exchanges will accept debt securities for listing, normally only debt instruments that are convertible into a listed equity are traded. Debt trading occurs over-the counter in Canada, either by telephone network or one of the electronic bond trading systems, such as Can Deal or CBID. TSX Markets (TSX/TSX Venture Exchange/TSX Select) The core of TSX Markets trading is a computer-based central limit order book, Quantum. Montreal Exchange SOLA, the proprietary trading platform developed by MX, is a highly robust and low-latency trading system for multiple financial products such as standardized options and futures. Alternative Trading Systems There are a number of alternative trading systems (ATS) in Canada. In Canada, an ATS is regulated under a provincial Securities Act as well as National Instrument 21-101 Marketplace Operation, National Instrument 23-101 Trading Rules and their related companion policies. ATSs provide automated trading systems which bring together orders from buyers and sellers. ISIN (International Securities Identification Numbering): Used exclusively by the Canadian Depository for Securities' (CDS) CDSX system. Other: CUSIP (Committee on Uniform Security Identification Procedures) is a standard system of securities identification and securities description that is used in electronically processing and recording securities transactions in North America. Unlike an exchange, an ATS does not: MX futures and options contracts trade in three sessions: Early trading session Regular trading session Extended trading session Each group of instruments has its own trading schedule. A CUSIP number uniquely identifies a Canadian or American security and its issuer. Office of the Superintendent of Financial Institutions (OSFI)OSFI is the primary regulator and supervisor of federally regulated deposit-taking institutions, insurance companies, and federally regulated pension plans. OSFI supervises and regulates all banks, including foreign bank branches and representative offices, and all federally incorporated or registered trust and loan companies, insurance companies, co-operative credit associations, fraternal benefit societies and pension plans. OSFI is actively involved in the international network of regulatory and supervisory forums such as the Financial Stability Board (FSB), Basel Committee on Banking Supervision, International Association of Insurance Supervisors, and others. OSFI has oversight on the financial soundness and security of institutions it regulates and can intervene in their management if they have concerns over security, operations or financial risks. OSFI’s legal powers are granted by Parliament through the Office of the Minister of Finance. In case of insolvency, OSFI and/or CDIC (Canada Deposit Insurance Corporation) will take over the operation of an insolvent financial institution or undertake the role of receiver. IIROCThe Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. IIROC was created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. Securities Commissions Canada's ten provinces and three territories are responsible for supervising the Canadian securities industry, including stock exchanges, investment dealers, clearing agencies and investment advisors. The three objectives of Canadian securities regulation are the protection of investors, ensuring fair, efficient and transparent capital markets and the reduction of systemic risk. The CSA has developed the "passport system" through which a market participant has access to markets in all selected passport jurisdictions by dealing only with its principal regulator and complying with one set of harmonized rules. To date all of the securities regulators, except the Ontario Securities Commission (OSC), have approved the passport system. If the OSC is the principal regulator, the OSC conducts a review of the application (prospectus and/or exceptions) and its decision is effective in the other jurisdictions. If the OSC is not the principal regulator, the market participant must file with both the principal regulator and the OSC. If the OSC has any concerns it will raise them with the principal regulator, who must resolve those concerns with the market participant prior to the OSC approving the application. The federal government and several Canadian provinces and territories – Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon – have signed a memorandum of understanding on a proposal to implement a cooperative capital markets system, including a common regulator, to streamline securities regulation among them. Consultations on the proposal occurred in 2014, 20; however, progress has been limited since then, in part due to a May 2017 ruling from Quebec’s Court of Appeal that significant parts of the proposal were unconstitutional. However, in November 2018, the Supreme Court of Canada overturned the Quebec Court of Appeal and affirmed the constitutionality of the proposal. Accordingly, implementation of the proposal remains a possibility for the participating jurisdictions The 13 securities regulators are: Alberta Securities Commission Autorité des marches financiers British Columbia Securities Commission Financial and Consumer Affairs Authority of Saskatchewan Manitoba Securities Commission New Brunswick Financial and Consumer Services Commission Northwest Territories Office of the Superintendent of Securities Nova Scotia Securities Commission Nunavut Securities Office Ontario Securities Commission Prince Edward Island Office of the Superintendent of Securities Office of the Superintendent of Securities Service Newfoundland and Labrador Office of the Yukon Superintendent of Securities Bank of Canada The Bank of Canada is Canada's central bank. It focuses on the goals of low and stable inflation, a safe and secure currency, financial stability, and the efficient management of government funds and public debt. In addition, the Bank of Canada regulates certain designated systems, including CDSX (the CDS settlement mechanism), and it is also a short-term lender to direct clearers. Mutual Fund Dealers Association of Canada (MFDA) The MFDA is the national self-regulatory organization for the distribution side of the Canadian mutual fund industry. The MFDA regulates the operations, standards of practice and business conduct of its members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the fund industry. Protection of investor assets Canada has a number of organizations that provide consumer protection in the event of a failure of a Canadian financial institution such as a bank or trust company, a credit union, an investment dealer, a mutual fund dealer or an insurance company. These organizations include: Canada Deposit Insurance Corporation (CDIC)CDIC is a federal Crown Corporation, created to provide deposit insurance and contribute to the stability of Canada's financial system. CDIC insures eligible deposits (up to CAD 100,000 per insured category) in member banks, federally regulated credit unions, and trust companies, loan companies or associations governed by the Cooperative Credit Associations Act, against loss in case of member failure. The role of the CDIC has been expanded by Parliament to provide for, along with the Office of the Superintendent of Financial Institutions (OSFI), assessment rights and early intervention in the event of concerns over a financial institution's stability. Canadian Investor Protection Fund (CIPF) Established in 1969 by the investment industry, the CIPF's role is to return eligible assets (up to CAD 1 million per eligible account) belonging to customers in the event that a Canadian investment dealer becomes insolvent. Coverage is limited to investment dealers that are CIPF members. Approximately 175 ifinancial services firms across Canada are members of CIPF. MFDA Investor Protection Corporation (MFDA IPC) The MFDA IPC covers customers who incur losses as a result of the insolvency of an MFDA Member Firm. Its objective is to return assets to, or compensate, customers when assets are not available because the Member Firm has become insolvent. About 90 mutual fund dealers across Canada participate in the Fund. The Fund is available in all provinces except Quebec, which has its own compensation fund. Coverage is available up to $1 million for each of a customer’s general (trading accounts) and separate (registered retirement) accounts. Coverage of losses sustained by customers of insolvent Member Firms is within the discretion of the MFDA IPC. Equities: Common shares, class shares, restricted shares, preferred shares, cumulative preferred shares, participating preferred shares, convertible preferred shares, retractable preferred shares, redeemable preferred shares, units of participation, warrants, rights, units, voting and non-voting shares Debt: Bonds, debentures, straight bonds or debentures, convertible bonds or debentures, variable rate bonds or debentures, federal bonds, provincial and municipal bonds or debentures, government guaranteed mortgage-backed securities Money Market: Federal and provincial treasury bills, bankers acceptances, commercial paper, certificates of deposit, guaranteed investment certificates Physical: GICs, term deposits, some corporate debt and equities, private placements and restricted shares Other: Income trusts, exchange-traded funds, CDS Book-Entry Strips: stripped coupons, residual bonds, interest or principal amounts. Equity options and financial futures are traded in Montreal. All depository-eligible securities must be settled by book-entry. Physical securities do exist and will mostly be in registered form. All securities that settle through the Canadian Depository for Securities' proprietary system (CDSX) are dematerialized. Equities: Share Price Lot Under CAD 0.10 1,000 CAD 0.10 - CAD 0.99 500 CAD 1.00 and over 100 The TSX trades in one cent increments, for all stocks with a trading price greater than or equal to CAD 0.50 Debt: Instrument Par value Government of Canada bonds maturing in less than one year CAD 250,000 Government of Canada bonds maturing in one year or more CAD 100,000 Provincial bonds and debentures CAD 25,000 Bonds, convertible debentures or debentures issued with attached CAD 5,000 stock warrants, rights or other appendages and traded in unit form (Source: IIROC, Dealer Member Rules, Rule 800, Trading and Delivery) It is common practice in Canada for the face value of a bond to be in CAD 1,000 increments. The TSX trades in one cent increments, for all stocks with a trading price greater than or equal to CAD 0.50. Circuit breakers The Investment Industry Regulatory Organization of Canada (IIROC) maintains a circuit breaker mechanism for Canadian exchanges. Circuit-breaker points represent levels at which trading is halted because an index has fallen by a pre-determined percentage. Circuit-breakers are intended to prevent panic selling. It is the policy of IIROC to co-ordinate trading halts with markets in the United States when circuit breakers are invoked on those markets. The circuit breaker thresholds, which are reset every quarter, are currently set at three fluctuating levels representing 10%, 20% and 30% of the Dow Jones Industrial Average (DJIA). The levels are calculated at the beginning of each calendar quarter, using the average closing value of the DJIA for the preceding month and rounded to the nearest 50 points. Current levels Trading halts will be triggered when the S&P 500 declines below its closing value on the previous day at the following levels: Level 1: 191.2 points (7%)Level 2: 355.1 points (13%)Level 3: 546.4 points (20%)If markets in Canada are open for trading on a day that the NYSE is not scheduled to be open, trading halts will be triggered when the S&P/TSX Composite Index declines below its closing value on the previous day at the following levels: Level 1: 1,059 points (7%)Level 2: 3,026 points (20%)Level 3: 4,539 points (30%)Halt periods Level 1: If decline occurs after EST and up to and including EST, trading will halt for 15 minutes. Level 2: If decline occurs after EST and up to and including EST, trading will halt for 15 minutes Level 3: Trading will be halted for the remainder of the day, regardless of when the decline occurs All types of debt instruments and some equities are traded over-the-counter. Book Entry: Most equity and debt securities settle through the Canadian Depository for Securities' proprietary CDSX system, a real-time gross settlement platform. Trade data is routed to CDS by the exchange or the selling broker for off-exchange trades. CDSX trades are affirmed real-time intra-day via Interlink. Custodians and banks typically settle trades via the trade-for-trade process (TFT), which settles trades on an individual basis. On a daily basis, TFT settlement starts with a Batch Net Settlement session (BNS) at am, where eligible trades are captured and then settled in a batch usually around am. This is followed by: Settlement starts again at am (BNS) on the next day. Continuous net settlement (CNS), which is mainly inter-broker, is a multilateral netting process, which reduces liquidity requirements for effective settlement. The real-time CNS process settles outstanding CNS trades from am to pm. National Instrument 24-101 - Institutional Trade Matching and Settlement National Instrument 24-101 was introduced to provide a legislative framework that ensures more efficient and timely processing and settlement of institutional trades. Institutional trading participants were required to establish processes and procedures that allow trade matching within prescribed limits (performance targets). The current trade matching target rate is 90% by noon on T 1. Monitoring and compliance Part 4 of National Instrument 24-101 Institutional Trade Matching and Settlement requires market participants to report in certain circumstances using Form 24-101F1 Registrant Exception Report of DAP/RAP Trade Reporting and Matching to the applicable securities regulatory authority. The form must be delivered if less than a percentage target of the deliver against payment (DAP) or receive against payment (RAP) trades (measured by volume or value) executed by or for the registrant in any given calendar quarter have matched within the time required by the Instrument. Maximum Split Rule Debt trades reported to the CDS are subject to a maximum par value limit of CAD 50 million. The rule was adopted to reduce the risk of delayed or failed settlements of large value debt trades and end-of-day gridlock by reducing the number of market participants that consolidate and deliver large positions late in the day. Brokers, investment managers and clients are required to report splits to CDS and custodians in a consistent manner to ensure efficient settlement. If debt trade instructions are not appropriately split, custodians will be unable to match institutional trades which may result in delays, failed settlements and non-compliance with the market trade matching deadlines under National Instrument 24-101. Book Entry: Most equity and debt securities settle through the Canadian Depository for Securities’ proprietary CDSX system, a real-time gross settlement platform. Trade data is routed to CDS by the exchange or the selling broker for off-exchange trades. CDSX trades are affirmed real-time intra-day via Interlink. Custodians and banks typically settle trades via the tradefor- trade process (TFT), which settles trades on an individual basis. On a daily basis, TFT settlement starts with a Batch Net Settlement session (BNS) at am, where eligible trades are captured and then settled in a batch usually around am. This is followed by: - Real time, intraday settlement from am to pm with simultaneous postings to participant position ledgers and fund accounts - Payment exchange between pm and pm where the netted balances in participant fund accounts are flattened out - There is also the capability to perform free movements from pm to pm Settlement starts again at am (BNS) on the next day. Continuous net settlement (CNS), which is mainly inter-broker, is a multilateral netting process, which reduces liquidity requirements for effective settlement. The real-time CNS process settles outstanding CNS trades from am to pm. National Instrument 24-101 - Institutional Trade Matching and Settlement National Instrument 24-101 was introduced to provide a legislative framework that ensures more efficient and timely processing and settlement of institutional trades. Institutional trading participants were required to establish processes and procedures that allow trade matching within prescribed limits (performance targets). The current trade matching target rate is 90% by noon on T 1. Monitoring and compliance Part 4 of National Instrument 24-101 to the applicable securities regulatory authority. The form must be delivered if less than a percentage target of the deliver against payment (DAP) or receive against payment (RAP) trades (measured by volume or value) executed by or for the registrant in any given calendar quarter have matched within the time required by the Instrument. Maximum Split Rule Debt trades reported to the CDS are subject to a maximum par value limit of CAD 50 million. The rule was adopted to reduce the risk of delayed or failed settlements of large value debt trades and end-of day gridlock by reducing the number of market participants that consolidate and deliver large positions late in the day. Brokers, investment managers and clients are required to report splits to CDS and custodians in a consistent manner to ensure efficient settlement. If debt trade instructions are not appropriately split, custodians will be unable to match institutional trades which may result in delays, failed settlements and non-compliance with the market trade matching deadlines under National Instrument 24-101. Regulatory controls over short sales in the Canadian market fall into the following categories: - Direct constraints on short sales - Reporting and transparency measures - Settlement discipline regime Constraints: - In the following instances, participants are required to make arrangements to borrow securities necessary to settle any short sale prior to placing the order (the pre-borrow rule): - IIROC can designate a security as “Short Sale Ineligible” and short selling is prohibited in that security. Reporting: - Short sale orders placed on a marketplace must be identified to the dealer acting on their behalf - Participants are required to report twice monthly on their short positions for listed securities - Market exchanges consolidate the information and reports to IIROC Settlement discipline: - Selling a security without the of settling the trade constitutes a manipulative and deceptive trading activity - Canadian marketplaces have rules requiring trades to be settled within a T 2 settlement cycle and have buy-in rules to enforce settlement - NI 24-101 requires that registered firms trading for or with an institutional investor have policies and procedures designed to match a DAP/RAP trade no later than noon on T 1 IIROC’s UMIR Rule 7.10 requires participants to report extended fails to settle. is Canada's national securities depository, clearing and settlement hub. Canadian Depository for Securities (CDS) The Canadian Depository for Securities Limited (CDS Ltd.) is a holding company with four wholly owned operating companies: CDS Clearing and Depository Services Inc., CDS Inc, CDS Innovations Inc. CDS offers electronic clearing services both domestically and internationally, enabling customers to report, confirm and settle securities trade transactions. Canadian Derivatives Clearing Corporation (CDCC) The CDCC is a wholly owned subsidiary of the Montreal Exchange (MX). The Canadian Derivatives Clearing Service (CDCS), operated by the CDCC, provides central counterparty services for derivative contracts traded on MX, derivative contracts traded over-the-counter, and certain fixed income securities issued or guaranteed by the Government of Canada. CDCC guarantees the financial obligations of every contract that it clears by acting as the buyer to every seller and the seller to every buyer. CDCC requires each member to maintain margin deposits with the clearinghouse to cover the market risk associated with each member's positions. The assessment of this risk is based on a set of well-defined criteria established by the clearinghouse. Margins are collected daily or more frequently during periods of market volatility. ICE Clear Canada® ICE Clear Canada® is the designated clearinghouse for ICE Futures Canada® and provides clearing services and financial stability for its participants. ICE Clear activities include the following: CDS supports Canada's equity, fixed income and money markets. CDS has custodial relationships with CAVALI, Depository Trust Company, Euroclear France, and Skandinaviska Enskilda Banken AB. CDS provides customers with settlement reports and, at the end of each settlement cycle, manages the exchange of net payments between participants. CDS acts as central counterparty (CCP) for all exchange trades settling CNS and for those subscribing to FINet. Affirmed, non-exchange trades also continually settle on a trade-for-trade basis at CDSX directly between participant accounts subject to certain edits ensuring sufficient position, cash or credit and aggregate collateral value in the buyer's General Account. FINet nets and settles direct participant repo transactions in federal and provincial government issues as well as federally guaranteed securities via CDS and its CCP role. CDS is regulated by the Ontario Securities Commission under the Ontario Securities Act in Ontario and the Autorité des marchés financiers under the Quebec Securities Act in Quebec. CDS works with the Alberta and British Columbia securities commissions as needed. CDS also reports, as required, to the Canadian Securities Administrators and co-operates with federal and provincial financial institution regulators, which oversee CDS participants. At the federal level, the Bank of Canada regulates CDSX, the CDS settlement mechanism, for clearing and settling payment obligations under the Payment Clearing and Settlement Act. Securities that settle through CDSX are dematerialized. All depository-eligible securities must be settled by book-entry. Other securities are immobilized at CDS and jumbo certificates represent total depository holdings. BIS is an international organization which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. The Committee on Payments and Market Infrastructures (CPMI) uses three common structural approaches, or models, to categorize the links between delivery and payment in a securities settlement system. The trade-for-trade (TFT) Canadian settlement process most closely approximates BIS Model 1. The TFT system is one in which securities and fund transfers occur on a gross basis throughout the processing cycle. Negative fund balances in participants' accounts are fully collateralized, while positive fund balances are redeemable at any time during the processing day. Final payment obligations are settled on a net basis via the LVTS at the end of the processing cycle. Securities and cash funding are settled through multilateral netting. Security transfers are made via book entry and are final; fund transfers are irreversible, but not final. Therefore, final transfer of securities precedes final transfer of funds (i.e. Book-Entry: Participant ledger positions at CDS are adjusted automatically on actual settlement date. Individual client records are maintained by the sub-custodian. Physical: Physical securities must be 'Medallion signature guaranteed' by a bank or trust company, duly endorsed and submitted to the issuer's transfer agent. The old certificate is cancelled and a replacement issued in the name of the new owner. Registration timeframes for physical securities vary depending on the location of the transfer agent. Registration typically takes three to four days for equities and two weeks for bonds, provided the agent resides locally. Out-of-town or cross-border transfers of equities and bonds can take several weeks. Certificates can be registered in the name of the beneficial owner but are usually held in the subcustodian's nominee name. Transfer Agents - The Securities Transfer Association of Canada issued updated guidelines in April 2020. These guidelines reflect common Canadian industry practice. Transfer Agents manage requests to cancel (physical) securities registered in a particular name and re-issue them in a new name. Transfer requests are commonly received over the counter, by mail and by courier from security holders, lawyers, brokers, investment dealers, financial institutions and issuer clients. Generally, an Irrevocable Power of Attorney Securities Transfer Form or Direct Registration System advice and Medallion Guarantee are required to establish transferability. (Source: Securities Transfer Association of Canada)For book entry registration, CDS adjusts participant ledger positions automatically on actual settlement date. Registration timeframes for physical securities vary depending on the location of the transfer agent. Registration typically takes three to four days for equities and two weeks for bonds, provided the agent resides locally. Out-of-town or cross-border transfers of equities and bonds can take several weeks. Certificates can be registered in the name of the beneficial owner but are usually held in the subcustodian's nominee name. Shareholdings may be required to be disclosed by the beneficial owner, particularly when holdings reach or exceed prescribed disclosure limits. Investors must ensure that they comply in full by reporting such holdings to the appropriate organizations for this market, within the time frame required. If you have any questions regarding this topic we encourage you to consult your legal counsel. Failure to comply with reporting requirements may lead to penalties and/or other sanctions. Any person or company owning securities representing more than 10% of a company's voting rights must disclose this information monthly to the appropriate provincial securities commission. Increases and decreases in 2% increments must also be reported. National Instrument 54-101 Communication with Beneficial Owners of Securities requires that Canadian intermediaries provide to reporting issuers or third parties on request the names of beneficial owners and certain security holder information. Please note that intermediaries must receive the beneficial owners' consent, before sharing this type of information. This consent is usually sought as part of our client onboarding process. The broker notifies the depository and the counterparty of the intent to buy-in. The depository will submit the buy-in 48 hours after receipt to the exchange for execution. The exchange will immediately then execute the trade and report back to the depository, who will in turn ensure that the buy-in is allocated properly, allowing for net settlement to take place. Any costs that arise as a result of the buy-in are attributed back to the seller. For TSX-listed securities, the TSX offers a special buy-in facility to locate alternate sellers capable of delivering the security. CDS provides the TSX with a daily list of securities that sellers have failed to make delivery on. - pm (first cycle) – The TSX receives and posts the preliminary buy-in list. At this point, organizations have the opportunity to submit buy-in orders. - pm (second cycle) – TSX receives and posts the final buy-in list, which identifies the remaining securities that still need to be delivered. - pm – cut-off for accepting buy-in orders Upon completion of the buy-in period, the TSX allocates fills on an equal by member basis to the sellers and calculates a price. This price is based on the last board lot trade before pm plus a premium. Canada has a number of organizations that provide consumer protection in the event of a failure of a Canadian financial institution. These organizations include: Canada Deposit Insurance Corporation (CDIC) – for claims against CDIC-member banks, trust companies, loan companies and associations governed by the Cooperative Credit Associations Act in case of failure of such institutions. The Quebec financial markets regulator (AMF) protects the deposits of certain Quebec-authorized deposit institutions. Canadian Investor Protection Fund (CIPF) - for claims against investment dealer member firms in the event of insolvency. MFDA Investor Protection Corporation (MFDA IPC) – for claims by customers who incur losses as a result of the insolvency of an MFDA-member mutual fund dealer firm. Canada is a full member of the Financial Action Task Force on Money Laundering and has ratified the UN Convention Against Illicit Traffic in Narcotics Drugs and Psychotropic Substances of 1988. The applicable Canadian laws and regulations are the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations, etc. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit (FIU). The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC has issued guidance to help individuals and entities understand their obligations under the PCMLTFA and its associated Regulations, though this guidance is not to be considered legal advice. FINTRAC monitors and assesses compliance of reporting entities with the legislation and regulations and receives financial transaction reports that are required to be filed by those entities. The federal government restricts non-Canadian investment in regulated industries, considered “critical” to the national infrastructure, such as banking, broadcasting, communications, insurance, public utilities, transportation and trust services. Foreign ownership restrictions vary as each sector is governed by separate acts (e.g., the Bank Act, the Insurance Companies Act). The issuing agent is responsible for tracking constrained issues to ensure the limits are not exceeded. Foreign ownership in these industries varies, but is generally limited by legislation to between 10 percent and 30 percent of the total voting shares. For example: Banking: The acquisition by a person of a significant interest (generally beneficial ownership of 10 percent or more of any class of shares) in a bank requires ministerial approval, regardless of the size of the bank. Single investors (domestic or foreign) of large banks (those with equity in excess of CAD 12bn) can hold no more than 20 percent beneficial ownership of any class of voting shares and up to 30 percent of any class of non-voting shares, subject to a “fit and proper” test and approval from the office of the Minister of Finance. A person may control a medium bank, with equity between CAD 2-12bn, up to 65 percent provided at least 35 percent of the voting shares of the bank are listed on a recognized stock exchange and are publicly held. Small banks, defined as those with equity less than CAD 2bn, are not subject to specific ownership restrictions; however, the “fit and proper” test still applies. Telecommunications: In 2012, the Government amended the Telecommunications Act to lift foreign investment restrictions for companies that hold less than a 10 percent share of the total Canadian telecommunications market based on revenue. However, a foreign entrant wishing to enter the Canadian market cannot acquire Canadian companies that push them beyond the 10 percent market share limit; they must grow beyond this level by competing and adding to their subscriber base. All carriers will continue to be subject to Canadian laws, including those enacted to protect public safety and national security and the Investment Canada Act. Restrictions on foreign ownership under the Broadcasting Act are in place for all carriers with broadcasting distribution activities. The Telecommunications Act currently imposes a cap of 20 percent of the voting shares of a Canadian telecommunications carrier that may be held by non-Canadians and 33 1/3 percent of the voting shares of a carrier's that may be held by parent company. Regulations enacted under the Telecommunications Act have established a holding company arrangement with the effect of permitting foreign investment up to a level of 46.7 percent based upon 20 percent direct investment plus 33 1/3 percent indirect investment. Since the focus of the Canadian ownership requirements is on voting shares, foreign investors often seek to maximize ownership through non-voting securities, debt and other arrangements. In such cases, regulators reviewing a carrier’s proposed ownership structure will consider ownership compliance with regard to a ‘control in fact’ test, which considers whether minority or non-voting interests might nevertheless have significant influence over the strategic decision-making activities of a carrier, amounting to control. There can be 100 percent foreign ownership of telecommunications entities that do not own facilities (e.g., resellers of telecommunications services), as well as of telecommunications carriers whose revenues account for less than 10 percent of total Canadian telecommunications revenues. In addition, 80 percent of the board of directors of a carrier must be resident Canadians, and the arrangements non-Canadians have with the carrier must not enable them to exercise "control in fact" over the carrier – as determined by the Canadian Radio-television and Telecommunications Commission and Industry Canada. The Canadian Payments Association (CPA), which operates under the name Payments Canada, is a not-for-profit association created in 1980 by an Act of Parliament. Payments Canada currently operates two systems for the clearing and settlement of Canadian payments: the Large Value Transfer System (LVTS) and the Automated Clearing Settlement System (ACSS). In addition, the US Bulk Exchange (USBE) system, a parallel system to the ACSS, is used for the clearing of payment items in US dollars. Settlement of USBE payments is carried out through correspondent banks in New York. Payments Canada is modernizing the Canadian payments infrastructure with a vision for faster, safer, data-rich payments ecosystem. This includes the replacement of LVTS with Lynx in August 2021. For further details and updated information, please refer to the Payments Canada Modernization website. Payments Canada is modernizing the Canadian payments infrastructure with a vision for faster, safer, data-rich payments ecosystem. This includes the replacement of LVTS with Lynx in August 2021. For further details and updated information, please refer to the Payments Canada Modernization website. The LVTS is an electronic wire system that facilitates the irrevocable transfer of payments in Canadian dollars across the country between Canadian financial institutions. Members connect to this system securely via the CSN (Canadian Payments Association Services Network), which is owned and managed by Payments Canada. While actual settlement with the Bank of Canada occurs at the end of each day, funds are credited to the recipient’s account in near real-time. This makes LVTS payments immediately final and irrevocable. LVTS is the first model of its kind in the world, a hybrid that combines the benefits of the two main models for current payment systems. It achieves the real-time payment finality of a Real Time Gross Settlement (RTGS) system, with the added benefit of lower collateral costs associated with a netting system. Direct LVTS participants must establish and maintain an LVTS settlement account at the Bank of Canada. Certain financial institutions participate directly in LVTS, while others arrange LVTS payments for their customers through direct LVTS participants. The legal foundation for LVTS is provided in Payments Canada LVTS Bylaw and in the Payment Clearing and Settlement Act. Payments Canada administers the daily operations of LVTS as well as the LVTS Rules. It will be a real-time gross settlement system, including an enhanced risk model that complies with Canadian and international risk standards and will be enabled with the global ISO 20022 messaging standard. The new system will replace the current Large Value Transfer System. It will be designed to comply with risk management standards outlined in the Bank of Canada’s standards for Systemically Important Payment Systems that are based on the Principles for Financial Market Infrastructures. Lynx will maintain and build on the key attributes and robustness of the LVTS including: The ACSS is the system through which the vast majority of Payments Canada payment items (both paper-based and electronic) are cleared through various payment streams. Members connect to this system securely via the CSN (Canadian Payments Association Services Network), which is owned and managed by Payments Canada. ACSS supports 99 per cent of the daily transaction volume and 13 per cent of the daily transaction value cleared by all Payments Canada’s systems. The volumes and values of payment items that are exchanged between participants are entered into the ACSS System, and the system calculates the net balances across all participants. Rules and standards detail how the exchange, clearing and settlement of retail payments must occur. Specific participant financial institutions, referred to as direct clearers, participate directly in the ACSS. These participants handle the clearing and settlement of payments for their own customers, as well as for customers that maintain accounts at the other financial institutions, known as indirect clearers. Direct clearers must maintain settlement accounts at the Bank of Canada. Settlement of the previous day’s net balances occurs during the morning of each business day, where settlement account balances are extinguished via payments to and from the Bank of Canada. The ACSS clears paper-based and electronic payments. · Direct deposits · Electronic data interchange · Electronic remittances · Imaged paper items · Point of service debits and credits · Online debits and credits · Pre-authorized debits · Shared ABM Networks The US Dollar Bulk Exchange (USBE) is a parallel system to the ACSS. The USBE is used for payment items in US dollars, drawn on a U. dollar account at financial institutions in Canada, but settled in the U. Each participant makes entries to reflect the exchange of payment items in various streams with every other participant. Although it is not a clearing and settlement system in the same sense as the Retail System, it provides a similar mechanism to track the exchange of US dollar payment items and the resulting balances due to and from participants. Settlement is effected through correspondent banks in New York and is accomplished through a series of wire payments, and the Bank of Canada is not involved in this process. Balances are calculated on a bilateral basis between each pair of participants rather than on the multilateral basis used for the ACSS. Continuous Linked Settlement Bank (CLS) The CLS Bank is an international banking industry initiative to reduce and control the risks associated with the settlement of foreign exchange transactions. CLS is an Edge Act corporation located in New York, regulated by the US Federal Reserve and holds settlement accounts with central banks in countries in which they operate to settle foreign exchange transactions. CLS Group Holdings AG, incorporated in Switzerland and regulated by the US Federal Reserve, is the parent company to the CLS group of companies, including CLS Bank International (CLS Bank). Shareholders of CLS Group Holdings are some of the world's largest foreign exchange trading banks, and include a number of Canadian banks. CLS' role is a systemically important one within the financial market infrastructure and as such is required to comply with the Principles for Financial Market Infrastructure (PFMI) standards, designed to ensure that the infrastructures supporting global financial markets are robust and are equipped to withstand financial shocks. CLS Bank operates the largest multi-currency cash settlement system to mitigate settlement risk in the foreign exchange market. The CLS Bank arrangement is a real-time electronic system designed to simultaneously settle net foreign exchange positions of each Settlement Member through central bank accounts. The Canadian dollar is one of 18 currencies within CLS. CAD CLS pay-ins (funds owing to CLS Bank) from designated CAD Settlement Member Nostro Clearing Agents are processed through the CLS Bank account at the Bank of Canada on behalf of their respective Settlement Member clients. In turn, the CLS Bank makes pay-outs (credits owing) to their Settlement Members through the CLS Bank account held with the Bank of Canada. Royal Bank of Canada (RBC) is a Settlement Member, a CAD clearing agent (for CAD Settlement Members), and a CAD (backup) Liquidity Provider to CLS Bank. Payment Reporting Requirements Cash deposited in a consecutive 24-hour period that amounts to $10,000CAD or more must be reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canada’s financial intelligence unit, within 15 calendar days. These transactions comprise: The $10,000CAD rule applies to commercial payments such as SWIFT MT103s or equivalent electronic transactions, but does not apply to domestic payments or to bank-to-bank SWIFT payments (SWIFT MT202, i.e., member institution payments). For more information, please visit FINTRAC's website. However, as a standard practice for financial institution clients, daylight overdrafts are both discretionary and unadvised and are provided to support the smooth flow of intra-day payments. Rights Tradeable Yes, trading must be executed on the open market. A selling feature is not provided as part of the corporate action event. For additional information, please refer to RBC I&TS' online Corporate Actions Guide*. Please contact your RBC I&TS representative for more information. Annual general meetings are announced four to six weeks in advance. Meeting season is primarily held during the months of March, April, May and June. VIFs (Voter Instruction forms) are available in English or French based on client account preference. Language of additional documentation is in English (but at the discretion of the issuer). Shareholders may submit their voting instructions online, by fax, and/or postal mail. Entitlements Calculations Settled positions as of close of record date are entitled to vote. Preferred and restricted stocks generally do not have voting rights. In Canada, 'ABSTAIN' is a valid vote option known as 'WITHHOLD' that does not count towards quorum and is not a vote with management unless the proposal is blank. Special Processes Canadian issuers are legally entitled to request the name and address of their non-objecting beneficial shareholders and appoint an agent to distribute information to those shareholders. This agent may differ from the custodian appointed agent. In addition, objecting beneficial shareholders that indicate costs for meeting information may be excluded from the distribution of the annual meeting information. Please refer to National instrument 54-101 for more details. For director resolutions, valid client vote options are, 'FOR' or 'WITHHOLD'. The withholding tax rate is 25 percent on dividend payments and amounts credited to non-residents. The 25 percent tax rate may be reduced to a lower treaty rate if there is a tax treaty in force between Canada and the foreign jurisdiction. Since January 1, 2008, most interest payments made to non-residents of Canada have been exempt from withholding tax, regardless of residence of the payee. The withholding tax exemption does not apply to: - Payments of interest to related parties (exception for government or government guaranteed debt), - Certain “participating interest” amounts from Canadian sources paid to a non-resident, where interest is contingent or dependent on the use or production from property in Canada or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable In situations where these types of Canadian source interest are being paid, either the Canadian domestic tax rate of 25 percent or a lower applicable treaty rate will be applied. Capital Gains Tax Rate Foreign investors are generally not subject to Canadian taxation on their capital gains. Canadian tax may apply where non-residents dispose of taxable Canadian property (e.g., interests in real estate located in Canada, Canadian resource property, capital property used in carrying on business in Canada and any other property as defined by the Income Tax Act (Canada). Publicly traded securities would generally not be taxable Canadian property. Also, in certain situations, withholding tax may apply on capital gains distributed by certain Canadian income trusts and investment funds. For additional information, please refer to RBC Investor & Treasury Services' online Withholding Tax Guide*, a comprehensive guide to Canadian withholding tax rules and regulations for foreign investors. Please contact your RBC Investor & Treasury Services representative for more information. Foreign investors are generally not subject to Canadian taxation on their capital gains. Canadian tax may apply where non-residents dispose of taxable Canadian property (e.g., interests in real estate located in Canada, Canadian resource property, capital property used in carrying on business in Canada and any other property as defined by the Income Tax Act (Canada). Publicly traded securities would generally not be taxable Canadian property. Also, in certain situations, withholding tax may apply on capital gains distributed by certain Canadian income trusts and investment funds. For additional information, please refer to RBC Investor & Treasury Services' online Withholding Tax Guide*, a comprehensive guide to Canadian withholding tax rules and regulations for foreign investors. Please contact your RBC Investor & Treasury Services representative for more information. Trust Income Tax Rate The non-resident tax rate is 25 percent, which may be reduced by treaty benefits. The treaty rate applicable to trust distributions often differs from the rate applicable to dividends. The applicable treaty determines whether a reduced rate may apply and what the reduced rate will be. A number of tax treaties stipulate that the trust income must be taxable in the recipient’s country of residence in order to qualify for treaty benefits. Income such as dividends and interest received by a trust (with non-resident beneficiaries) are income of the trust, not the beneficiaries. On allocation to a non-resident, the amounts paid or credited to the non-resident do not retain their source identity, but are considered trust income for non-resident withholding tax purposes.