Statistics Canada has published a report looking at the rise of artificial intelligence and how it will affect multiple industries. The report highlights financial services occupations in business, finance and insurance, are among industries most at risk, compared to jobs considered to have low exposure, such as jobs in trades and construction.

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The Canadian Investment Regulatory Organization’s (CIRO) Trading Review and Analysis team’s (TR&A) role is to conduct preliminary reviews of complaints, to determine a breach of the trading rules has occurred. If the R&A team concludes that there is sufficient evidence of a rule violation, they will refer the case to CIRO’s Enforcement team.

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The Office of the Superintendent of Financial Institutions, (OSFI) announced consultations on two files: The public disclosure of cryptoasset exposures and the 2025 life insurance adequacy test (LICAT) guidelines. OSFI has published draft amendments to Pillar 3 Disclosure Guidelines and to the LICAT, which are open for comment, until October 22, 2024.

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The regulators have shifted to principles-based regulation, providing an opportunity to support more meaningful interactions with clients in a less complicated way, whilst remaining informative. Regulators are increasingly leaving it to each firm to determine “how” to meet the disclosure requirements. This approach also provides an opportunity to save compliance dollars.

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In a joint release, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) said crypto trading platforms, (CTPs) now need to comply with Canadian securities laws, by prioritizing their applications for registration as investment dealers and CIRO membership. This approach is to contribute to the creation of a safer and more controlled space for the crypto investors.

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The Canadian Investment Regulatory Organization (CIRO) will be launching a new harmonized risk questionnaire. Both mutual fund dealers and investment dealers, will soon be required to complete an Annual Risk Questionnaire (ARQ). The ARQ seeks to capture material changes that have occurred at each firm in the past year.

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The Institute of Advanced Financial Planners, (IAFP) which oversees the registered financial planner (RFP) designation, has stated that it intends for members to “adopt a fiduciary standard when providing financial planning services to their clients.” The IAFP will be the first certification body in Canada, to implement a fiduciary standard. The new measure will be in place for 2026 renewals.

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The Ontario Securities Commission (OSC) published its annual Summary Report for Dealers, Advisers and Investment Fund Managers, which provides information to help registrants comply with requirements under Ontario securities law. The report discusses important matters impacting registration, outcomes from compliance reviews, and areas of focus for the Registration, Inspections, and Examinations Division for the coming fiscal year.

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Bill C-59 introduces changes to the Competition Act. In line with international ESG disclosure standards, and the CSA Staff Notice 81-334, securities registrants should review, assess for misleading environmental benefit claims (i.e. greenwashing) and update offering documents, continuous disclosure materials and sales communications for funds to ensure that they meet the CSA’s best practices and guidance.

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Ontario’s Finance ministry has launched a consultation on proposed changes to the set up and operation of managing general agencies, (MGAs). The changes aim to boost consumer protection and create minimum licensing standards for MGAs. The Financial Services Regulatory Authority of Ontario (FSRA) will have rulemaking authority in this space. Comments are due by September 9, 2024.

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