Canadian Finance, U.S. securities

[Barbarian]

Does anyone know of any Canadian Banks/investment firms that are registered with the New York Securities Exchange?

Weird question, I know, but as a Canadian citizen currently living in the lower 48 I’m running into major flak trying to deal with my pension! While SEC regs permit Canadian firms to sell mutual funds and securities to U.S. residents without registration, my northern banks insist they still can’t do squat because they can’t afford to register with the exchange commission in New York State as if!.

[jovan]

Toronto Dominion?
CIBC?
Royal Bank?
Bank of Nova Scotia?
Bank of Montreal?
… and that’s just major banks. Unless I misunderstood your question.

[Barbarian]

Yup, you * did* misunderstand the question

Neither Scotia nor TD will sell securities to U.S. residents. To date I have been unable to determine if the other big banks will let me do anything with an RRSP.

[Barbarian]

Have we no financial advisors on the board?

[jovan]

Doh. And I even missed the part where you said you were a Canadian living in the states.

I’m not by any stretch of the imagination a financial advisor. I did look around in the SEC’s site and found this. I think you’ll find this relevent to your question.

SUMMARY: The Commission is adopting a new rule that would permit foreign securities to be offered to U.S. participants in certain Canadian tax-deferred retirement accounts and sold to those accounts without being registered under the Securities Act of 1933. The Commission also is adopting a new rule that would permit foreign investment companies to offer securities to those U.S. participants and sell securities to their Canadian retirement accounts without registering under the Investment Company Act of 1940. These rules will enable investors who hold securities in certain Canadian tax-deferred retirement accounts, and who reside or are temporarily present in the United States, to manage their investments within those accounts.

See also this more basic discussion from a SEC FAQ. It highlights the regulation changes linked to above and adds:

The SEC rules do not eliminate any state securities laws that may apply. As of March 2, 2001, at least twenty-five states – including Florida, Michigan, New York, South Carolina, and Washington – have amended their laws so that Canadian snowbirds residing in those states can take advantage of the new SEC rules. If you want to find out whether your state has conformed its laws, please contact your state securities regulator. You can obtain more information about cross-border trading issues with Canada on the website of the Investment Funds Institute of Canada. Please note that the SEC does not maintain or control these websites, nor do we endorse the activities, products, or services offered by any advertiser on these sites.

Anyway, that doesn’t completely answer your question but it might get you started.

[Barbarian]

That is related to my question, and my original bankers were quite surprised when I told them about those SEC rules three months ago I’ve been dealing with this mess for a long time, I’ve talked to the SEC directly, and sent letters to the presidents of not one, but TWO banks in Canada.

The more I deal with this problem (which will be severely pitted when I get around to it) the more I find that bankers are idiots with a capitol I.

However my only problem now is finding a Canadian institution that is willing to deal with state regulators.

If anyone knows of a Canadian bank, securities firm, or any company that will obey the law and sell stocks, bonds, or mutual funds to someone living in the U.S., please let me know.

I figure with all the ex-pats, snowbirds, or Americans who have gone north, there’s gotta be someone besides myself who is running into financial hassles with their RRSP, and I can use the help!