In Canada, a Registered Retirement Income account with your broker is non-marginable. Also, both trust and cash accounts are also non-marginable. Perhaps I am under a misapprehension but I am thinking that the Broker/bank would be held liable if your shares held in such accounts were indeed loaned on margin and lost in the deep dark sea of naked short pools.

I am not discouraging anyone form taking posesson of their certificates here since that way you have no doubt whatsoever and you will not be vulnerable to the time any law suits may need to pursue access, or a surprise broker/bank failure that could spell doom (except in Canada we are supposedly covered for $100,000).

I am very concerned about Canaccord being a possible conduit in Canada, their self-regulatory discipline and their possible serious balance sheet exposure to the settelment of their ABCP commitments. Call me paranoid. In any event they would/should only be implicated with the shares loaned out to them through other broker/banker client margin accounts.

Others here are more expert in these areas and any inputs on the above would be appreciated.