The best example being the diverging enforcement of Conrad Black who, procedurally speaking, was most likely on-side even if it produced a widely abusive result and this could explain why the Americans sought criminal proceedings while Canadian regulators mostly did little (publicly at least) to address the substance of his actions.

So on a relative basis, I can see the A grade in transparency since it goes to process and the F grade in fees since it goes to substance.

Transparency in Prospectus and Reports: C. I don’t find them to very useful or understandable and sometimes exclude important information for certain mutual fund families.

Transparency in Sales: F. Most salespeople do not explain to you what deferred sales charge is and how they are compensated.

Transparency in Media: A. Rob Carrick and Jonathan Chevreau have been doing an excellent job of updating us on personal finance and investing. Preet also tells us a lot about the brokerage industry in general, which is great. Morningstar.ca is an excellent source to compare different mutual funds and provides important information like fund turnover.