THE COURTS: The Supreme Court of Canada recently denied Venture Capital USA Inc. ("Venture") leave to appeal from the decision of the Ontario Court of Appeal in Venture Capital USA Inc. v. Yorkton Securities Inc.
THE REGULATORS: On April 18, 2006 a Hearing Panel of the Investment Dealers Association of Canada (the "IDA") imposed disciplinary penalties on Union Securities Ltd. ("Union") and its Chief Compliance Officer and Ultimate Designated Person (the "UDP").
MERGER of the IDA and RS: The Investment Dealers Association of Canada("IDA") and Market Regulation Services ("RS") have reached an agreement to merge their operations.

type Brokers' Report - May 2006