Quebec Expands CIRO’s Oversight of Mutual Fund Dealer Representatives
The Canadian Investment Regulatory organization (CIRO) will assume expanded regulatory authority over mutual fund dealer representatives in Québec, following the sanction of Bill 16, as announced by the Autorité des marchés financiers (AMF). The new functions will take effect by July 4, 2026, supporting harmonized regulation across Canada.
CSA Approves CIRO Amendment to Approved Person Fees
The Canadian Securities Administrators (CSA) have approved the Canadian Investment Regulatory Organization’s (CIRO) proposed amendment to the Approved Person Fees component of the Annual Dealer Member Fee Model. The amendment increases the fee from $250 to $300 per Approved Person. The proposal will take effect on April 1, 2026.
OSFI Launches Consultation on Senior Leader Accountability
The Office of the Superintendent of Financial Institutions, (OSFI) has launched a nine-month consultation to update accountability and suitability standards for senior leaders at federally regulated financial institutions. The proposed principles-based framework aims to strengthen governance and manage growing risks in an increasingly complex financial system, with consultations open until October 31, 2026.
CRA Shifts Stance on GST/HST Treatment of Trailing Commissions
The Canada Revenue Agency (CRA) announced it will reverse its longstanding administrative position on the GST/HST treatment of trailing commissions, effective July 1, 2026. Under the new position, trailing commissions will be subject to GST/HST. Firms will need to update accounting systems and contracts.
CSA Streamlines Fund Disclosure; New Investor Report, Cost Metric Deferred
The Canadian Securities Administrators announced final amendments to streamline continuous disclosure requirements for investment funds, reducing regulatory burden while maintaining investor protections. Key changes include conflict-of-interest reporting exemptions, removal of certain financial disclosures, and minor updates to the simplified prospectus form. The changes take effect April 22, 2026.
Proficiency Model Debuts Alongside CIRO Exams
The Canadian Investment Regulatory Organization (CIRO) unveiled its proficiency model, shifting from the traditional course-based system to a competency-focused assessment approach. It is now administering the first official exams under this new model through a dedicated exam and platform partner.
Harmonizing CIRO Continuing Education: Phase 1 Changes Announced
Canadian securities regulators approved the first phase of amendments to the CIRO continuing education requirements. The amendments affect CE programs under CIRO’s Investment Dealer, Partially Consolidated, and Mutual Fund Dealer rules with minimal impact firms and registrants.
New Brunswick Proceeds With Title Protection Legislation
The Financial and Consumer Services Commission of New Brunswick (FCNB) announced that, starting January 1, 2026, New Brunswick will require anyone using the title financial advisor or financial planner to meet new standards and undergo supervision by approved credentialing bodies. Financial advisors must comply by January 1, 2028, and financial planners by January 1, 2030.
AMF to Raise Fees in 2026
The Autorité des marchés financiers (AMF) will raise fees starting January 1, 2026. Charges for activities like filing prospectuses under securities, derivatives, and insurance laws will increase by 2.05%, while fees for distributing financial products and voluntary retirement savings plans will rise 2.4%, in line with inflation. These levies are not subject to government fee caps.
CRA Updates CRS Guidance
The Canada Revenue Agency (CRA) has issued revised guidance on Common Reporting Standard (CRS) obligations for financial institutions. The updates provide enhanced clarity on due diligence and reporting requirements for fund structures, including the roles of fund managers and dealers, and offer additional guidance on the treatment of undocumented accounts.
The information contained on the Association of Canadian Compliance Professionals (“ACCP”) website is for general information purposes only and is the opinion of the writer(s). This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. We strongly recommend that you seek appropriate, qualified professional advice before acting or omitting to act based on any information provided on the ACCP website.
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