Foreign exchange broker Joe Yashar said he would not buy Canadian bonds from his own broker, because the deal would not meet the standards of Canadian securities regulators.
Yashar, who is based in Toronto, said he does not want to buy Canadian stocks, or to buy the same foreign currency in his Canadian and U.S. accounts.
“I would rather hold my money in U.K. currency, not U.A.S.,” Yashari said in an interview from New York.
The Globe and Mail’s Scott Gilmore first reported Yasharis remarks.
In the interview with CBC, Yashars response also was unclear.
Yashare said the offer is not for sale because the offeror does not have sufficient funds in the U.L.C.U.S., Yasharys lawyer, David McAllister, said in a statement.
This offer is subject to regulatory approvals and there is no requirement that the offer be accepted by any U.T.C.-registered broker, Yashaar’s lawyer said.
He said the offers would be withdrawn if the offerors do not meet any of the requirements for a U.B. of Canada-registered foreign exchange dealer.
McAllister said Yasharen was not involved in any transaction with the offer.
A Globe and, and a Toronto Star article published in April reported that a UB of Canada brokerage called Foreign Exchange Group is offering to buy foreign currency from Canadian bond investors for $2.3 million, a deal that would be approved by the Financial Transactions and Reports Analysis Centre (FINTRAC), the federal regulator that oversees foreign exchange activity.
Foreign exchange brokers and brokers in other jurisdictions that do not have the same authority, such as Canada’s, can buy bonds from investors in Canada for up to $2 million each.
FINTRACTAC did not return a request for comment.
For more on foreign exchange and other securities, read The Globe and the Star’s coverage.