The Saskatchewan Financial Services Commission reports that its financial compensation order provisions came into force on January 1.

The new provisions give the commission the power to order that a person or company who has contravened Saskatchewan securities laws, repay financial losses to investors of up to $100,000 to each investor. The provisions are based on those that have been in force in Manitoba since 2003.

A new section dealing with interfering with an investigation or hearing also took effect at the start of the year. Amendments implementing civil liability for secondary market disclosure will come into force on February 1.

Www.sfsc.gov.sk.ca


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Financials, resources drag TSX lower

U.S. markets end mixed

Toronto stocks sank on Monday for the second session in a row, as slumping resource and financial issues weighed on the market.

The S&P/TSX Venture composite index fell 159.71 points, or 1.16%, to end at 13,618.87.

The financials group dropped 0.68%.

Toronto-Dominion Bank share slumped early in the session on speculation that the lender had substantial undeclared exposure to the subprime mortgage mess.

The speculation was that the bank got the exposure through Commerce Bancorp, a U.S. lender that TD is acquiring, and with so many rumours about banks coming true, some investors were inclined to believe the tale.

At their lowest, TD shares dropped as much as $2.12 each, or 3.2%, to $65 on the Toronto Stock Exchange.

However, officials of both banks denied any subprime exposure. TD shares finished down $1.46 at $65.66.

CIBC shares closed up $1.02 at $69.02 after the bank announced a shake up in its executive ranks in the wake of recent problems related to CIBC’s subprime exposure.

As part of the re-organization, CIBC has recruited TSX Group chief executive officer Richard Nesbitt to take on a new role as CEO of CIBC World Markets, and moved chief financial officer Tom Woods into the position of chief risk officer.

TSX Group shares rose 17¢ to end at $52.02.

The energy group fell 1.23% as Crude-oil futures tumbled nearly 3% amid worries that a worsening economic slowdown could lower U.S. oil demand.

Crude oil for February delivery dropped $2.82, or nearly 3%, to finish at US$95.09 a barrel on the New York Mercantile Exchange.

In Toronto, Canadian Natural Resources slid $1.18 ot $73.33.

The gold subgroup retreated 1.12%., as a rising U.S. dollar depressed gold prices. Gold for February delivery fell US$3.70 to end at US$862 an ounce on the NYMEX.

Yamana Gold dropped 39¢, or 2.64%, to $14.37.

Among individual stocks, Rogers Communications shares fell after the cable and wireless giant today said it is doubling its annual dividend after expanding its base of wireless and other customers last year, but the company also released wireless subscriber figures that disappointed some analysts.

Rogers will now pay a dividend of $1 each year, up from 50¢.

Rogers class B shares dropped $2.50, or 5.75%, to end at $40.95.

The junior S&P/TSX venture composite index all fell, shedding 36.68 points, or 1.35%, to end at 2,819.98.

The Canadian dollar slipped to against the U.S. greenback.

After Bank of Canada Governor David Dodge told reporters in Switzerland that a slowdown in the U.S. economy in the first half of 2008 could have a worse impact on Canada’s performance than was expected just a few months ago.

In New York, markets finished mixed as investors poured into companies seen best able to withstand an economic slowdown following Friday’s dismal U.S. employment data.

The Dow Jones industrial average gained 27.31 points, or 0.21%, to 12,827.49. The S&P 500 added 4.55 points, or 0.32%, to 1,416.18. But the tech-heavy Nasdaq composite index fell 5.19 points, or 0.21%, to close at 2,499.46.