brad1
Full Member
Posts: 39
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Post by brad1 on Feb 10, 2020 21:30:29 GMT
Another good one re: Risk At the time we invested in HarbourEdge (2005 - 2015) - OM
| January 21, 2020 - Investor Update | HarbourEdge sold the investment as Medium risk investment
“Preservation of capital has remained the cornerstone of our management philosophy and we will not compromise capital preservation for returns” that is accomplished by risk management: “Our key business objective is Preservation of Capital through careful risk management” and conservative investment strategy | HarbourEdge admits that it took higher risk for higher returns
“HMIC is a lender in the construction/development space. Investors received dividend returns higher than other mortgage investments because of the type of mortgage lending. With higher returns comes some added risk which has resulted in foreclosures on partially completed projects to protect the capital invested.
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brad1
Full Member
Posts: 39
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Post by brad1 on Feb 10, 2020 21:38:47 GMT
And my last one for today: On January 21, 2020, after 3 failed attempts to reorganize the fund HE tells us defiantly that “ The investor suitability was accessed at the time of purchasing their shares in a mortgage investment“ If the suitability assessed at the time of purchase is sufficient, why didn't HE go ahead and implement the initial reorganization plan, but instead decided to hold a shareholder meeting to gain approval? Now, after failing to gain the necessary shareholder support, HE is still a MIC that is not "the most suitable for HarbourEdge Investors". I have a hard time to get their suitability logic
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chris
Junior Member
Posts: 13
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Post by chris on Feb 10, 2020 22:50:46 GMT
And my last one for today: On January 21, 2020, after 3 failed attempts to reorganize the fund HE tells us defiantly that “The investor suitability was accessed at the time of purchasing their shares in a mortgage investment“ If the suitability assessed at the time of purchase is sufficient, why didn't HE go ahead and implement the initial reorganization plan, but instead decided to hold a shareholder meeting to gain approval? Now, after failing to gain the necessary shareholder support, HE is still a MIC that is not "the most suitable for HarbourEdge Investors". I have a hard time to get their suitability logic Getting to know them the hard way, it's pretty clear for me why: HE is not a big fun of honesty. If you look on your KYC form you'll see right on the top in bold " National lnstrument 31-103 requires us to obtain the following information on a regular basis." If HE does not have any ongoing suitability responsibilities why do they have to update our KYC?
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Post by Moderator on Feb 11, 2020 20:28:08 GMT
If you look on your KYC form you'll see right on the top in bold " National lnstrument 31-103 requires us to obtain the following information on a regular basis." If HE does not have any ongoing suitability responsibilities why do they have to update our KYC? A big change is coming and HE better get prepared by selling the real estate assets in HRAC: National Instrument 31-103 passed a Revised Rule that requires every registrant (HE included) to review each client’s account and the securities in it against the suitability criteria within a reasonable time after certain events occur. These events include situations such as the registrant becoming aware of a change in a security (i.e. investment) in the client’s account or a change in the client’s KYC information that could result in the security not satisfying the suitability criteria. The mandatory, periodic review of a client’s KYC information also triggers the obligation to re-assess the suitability that leads to HE responsibility to take action if the investment is not anymore suitable for the client, i.e. to redeem the investment
There is no better time than NOW to document our non-suitability to the new HE mix of securities (mortgages and real estate investment). Here is the Know Your Client Form - V 1_3 - Client.pdf (173.85 KB)KYC form that you can fill out and send to Sean Dwyer asap
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harry
Junior Member
Posts: 15
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Post by harry on Feb 13, 2020 5:41:27 GMT
Thanks. Will Do.
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