Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Canadian securities regulators to ban deferred sales charges on mutual funds, except Ontario: A majority of Canada’s provincial securities regulators are moving to ban the sale of mutual funds that pay upfront sales commissions to financial advisers while charging investors early withdrawal fees, and will also eliminate advisory fees charged by discount brokerages where clients receive no advice. (Clare O’Hara)
Manulife forms U.S. real estate joint venture with Israeli company Harel: The Canadian company says it expects the US$1.2-billion joint venture will invest in a portfolio focused on office, industrial and multi-family properties in select markets in the United States. (The Canadian Press)
Goldman Sachs may admit guilt, pay $2-billion fine to settle U.S. 1MDB probes: A source familiar with the matter said the bank and U.S. officials have discussed a deal in which a Goldman subsidiary in Asia would plead guilty to violating U.S. bribery laws, the Wall Street Journal first reported on Thursday. (Reuters)
OSC issues order on HBC privatization bid; no vote until new year, if Baker decides to proceed: The OSC ruled that the retailer must file an amended takeover circular with the regulator five days before mailing it out to shareholders. A new meeting date would have to be set for at least 14 days after the mailing, according to the order, issued late on Wednesday. (Jeffrey Jones)
Leaked Bank of England audio feeds give some traders head start on rivals: A rogue supplier has been misusing audio feeds from Bank of England news conferences this year, the central bank says, giving traders access to potentially market-moving information seconds before rivals. (Reuters)
Heard of bitcoin’s ‘halving’? It’s set to shake crypto markets in 2020: A rule written into bitcoin’s underlying code by its pseudonymous creator Satoshi Nakamoto more than a decade ago is expected in May, 2020, and slashes by half the number of new coins awarded to bitcoin miners. (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
3i Infrastructure to sell stake in Wireless Infrastructure Group: The company is selling its 93% stake to Brookfield Infrastructure, two weeks after divesting its British projects portfolio. The deal values 3i Infrastructure’s stake in the British independent wireless infrastructure operator at 387 million pounds ($506.08 million), the British investment firm said in a statement on Thursday, adding that compared to a valuation of 291 million pounds on Sept. 30. (Reuters)
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