“One size fits all” approach contrary to UMIR, firm says
U.S. fund industry must now identify intermediaries
Board members better informed as a result
IDA approves Grant Thornton as monitor
Securities must be sold through dealers
Regulatory panel considered several factors before accepting agreement with Investors Group
Firm hid IPO allocations to preserve clients' anonymity
Says required reporting is incomplete at some firms
Compliance costs will be substantial
Regulator says it is satisfied with compliance