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SCHWABEN CAPITAL GROUP LIMITED
STATEMENT CONCERNING CONFLICTS OF INTEREST WITH RELATED ISSUERS AND CONNECTED ISSUERS AND AS TO CERTAIN RELATIONSHIPS AND THE POLICIES AND PROCEDURES ADOPTED TO MINIMIZE THE POTENTIAL FOR CONFLICT OF INTEREST RESULTING FROM SUCH RELATIONSHIPS March 8, 2010
The securities laws of the Province of Ontario require securities dealers and advisers ("registrants"), when they trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. These rules require dealers and advisers, prior to trading with or advising their customers or clients, to inform them of the relevant relationships and connections with the issuer of the securities. Clients and customers should refer to the applicable provisions of these securities laws for the particulars of these rules and their rights or consult with a legal adviser1.
In addition, Rule 31-501 of the Ontario Securities Commission requires that where a registrant has an officer, director or principal shareholder that is an officer, director or principal shareholder of another registrant, the registrant shall adopt policies and procedures to minimize the potential for conflict of interest resulting from such relationships. The registrant is also required to disclose to clients in writing the details of such relationships and the policies and procedures adopted to minimize the potential for conflict of interest resulting from such relationships.
In its capacity as an advisor providing investment counselling and portfolio management services, Schwaben Capital Group Limited ("Schwaben”), may advise and act for a client in connection with securities transactions where the issuer of the securities or an other party to the transaction is a firm or a party having an ownership interest in or some other relationship to Schwaben, or vice versa. Since these transactions and relationships may create, or be perceived to create, a conflict between the interests of Schwaben or its associates and the interests of a client, Schwaben is required by securities law to disclose to clients relevant information relating to such transactions and relationships, including the policies and procedures adopted to minimize the potential for conflict of interest resulting from such relationships. These disclosures must be made if Schwaben advises a client, or exercises discretion on a client's behalf, with respect to securities issued by Schwaben, by a related party or, in the course of an initial distribution, by a connected party. In these situations, Schwaben must disclose its relationship with the issuer of the securities. Schwaben must also make disclosure to a client where it knows or should know that, as a result of its acting as a client's adviser, or of its exercising discretion on a client's behalf, securities will be purchased from or sold to Schwaben, an associated party or, in the course of an initial distribution, a connected party. This disclosure is required to be made by Schwaben to each client initially upon establishment of the client's account with Schwaben; if there are any significant changes to this disclosure, before effecting a trade for or providing advice to a client; and once in each twelve-month period thereafter. In particular:
The applicable laws set forth detailed definitions of terms such as "associated party", "connected issuer", "influential security holder", and "related issuer" all of which are intended to define relationships which may give rise to, or be perceived to create, a conflict between the interests of Schwaben or individuals, firms or entities associated, connected or related to it, and the interests of a Schwaben client. This statement contains the mandatory disclosure as well as additional information regarding issuers which may not be related or connected as defined for the purpose of the applicable laws, but have a connection that Schwaben considers should be disclosed. The current list of parties which Schwaben considers should be disclosed is attached to, and forms part of, this document. Such parties that are issuers of securities are, for convenience, referred to below as "Schwaben Issuers".
Any individual who is a partner, director, officer, employee or independent contractor of Schwaben, or of any affiliate of Schwaben, who participates in the formulation of, or has access prior to the implementation of, investment decisions made on behalf of or advice given to a client is referred to below as a "responsible person".
Relationships, Connections and Policies and Procedures Adopted to Minimize the Potential for Conflict of Interest
If a client requires further information concerning the relationship between Schwaben and any of the Schwaben Issuers or other entities identified on the attached list, or if a client has any questions, the client should contact Schwaben at:
Schwaben Capital Group Limited
3811 – One Palace Pier Court
Toronto ON M8V 3W9
The following is a list, as at the date above, of parties that may be considered to be related and connected issuers and associates of Schwaben (as well as issuers which may not be related or connected as defined for the purpose of the applicable laws, but have a connection that Schwaben considers should be disclosed) for the purposes of the Statement Concerning Conflicts of Interest with Related Issuers and Connected Issuers and as to Certain Relationships and the Policies and Procedures Adopted to Minimize the Potential for Conflict of Interest Resulting from Such Relationships.
|Name of Issuer/Associated Party||Nature of Relationship to Schwaben|
|Schwaben Financial Counsel Inc.||Albrecht Weller is President and portfolio manager of Schwaben Capital Group Limited. He is also President of Schwaben Financial Counsel Inc.. Schwaben Financial Counsel Inc. is a Life Company that is licensed with the Financial Services Commission of Ontario to sell life, accident and sickness insurance as well as annuities and segregated funds. At times there may be instances where there may be instances where a solution may be a portfolio management solutions offered by Schwaben Capital Group Limited or through an annuity, segregated fund or life insurance policy offered by Schwaben Financial Counsel Inc.|
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