Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Canada needs action, not more taxpayer-funded studies, to deal with money laundering: Back in 2016, when Manulife Bank paid a record $1.15-million penalty for breaking Canada’s money-laundering rules, it cut a special deal with the Financial Transactions and Reports Analysis Centre of Canada – it was allowed to keep its name a secret. That confidentiality agreement raised eyebrows, especially after the lender was outed in a media report, and its parent company downplayed the breaches as “administrative reporting violations.” Opinion (Rita Trichur)
‘Less chance of abuse’: Canadian insurers seeing success with opioid intervention programs: Canadian insurers are seeing signs of success in opioid intervention programs that aim to reduce the amount of medication being dispensed to patients. Story (Clare O’Hara)
Canadian securities regulators approve new investor protection rules but advocates want more: Canadian securities regulators have approved a set of investor protection rules that aims to hold advisers accountable for the investment decisions they make for clients, but investor advocates say the changes fall short. Story (Clare O’Hara)
Great-West Lifeco policyholders approve merger of three of its well-known subsidiaries under Canada Life brand: Great-West Lifeco Inc. is set to merge three of its well-known Canadian subsidiaries under one roof as policyholders voted in favour of the move that retires two brands that have been in the market for more than 170 years. Story (Clare O’Hara)
Bitcoin miner Hut 8 will be first cryptocurrency firm to list on TSX through Sandbox initiative: Canadian bitcoin miner Hut 8 Mining says it will be the first cryptocurrency-focused company listed on the Toronto Stock Exchange thanks to a new initiative launched by the exchange. Story (The Canadian Press)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Caisse invests $50-million in escooter company Bird: The Caisse de dépôt et placement du Québec has invested US$50-million in electric scooter startup Bird Rides Inc., whose electric vehicles are now in more than 100 cities around the world including Calgary and Edmonton. Story (Sean Silcoff)
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