The Canadian Securities Administrators (CSA) proposed revisions to the mutual fund sales practices rules, around the sale of proprietary funds as well as the disclosure of compensation arrangements to investors. Feedback is also being sought on principal distributors using chargebacks. The proposals are out for comment until February 27, 2025.

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The Canadian Securities Administrators (CSA) announced that as of March 3, 2025, investment funds in continuous distribution, will now be able to file prospectuses every two years instead of annually. Also starting March 3, 2025, funds will not have to file a final prospectus within 90 days of a preliminary prospectus receipt.

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The Ontario Securities Commission (OSC) and the Canadian Investment Regulation Organization (CIRO) have initiated a coordinated review within Canadian bank branches, following concerns of potential investor harm from alleged high-pressure sales practices. The review aims to understand the sales culture within Canadian banks and assess the extent of any potential issues.

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The Designated Financial Services Advisor (DFSA) designation, no longer qualifies for use of the “Financial Advisor” (FA) title in Ontario. Overseen by the Canadian Securities Institute, (CSI) the Financial Services Regulatory Authority of Ontario, (FSRA) removed the credential from title protection in Ontario, at CSI’s request.

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Each year, the Canadian Investment Regulatory Organization’s (CIRO) Board of Directors and staff, receive exemption requests from Investment Dealer and Partially Consolidated (IDPC) Rules, Mutual Fund Dealer (MFD) Rules, or Universal Market Integrity Rules (UMIR). Using rigorous criteria in their review, CIRO’s decision-makers may grant exemptive relief in appropriate cases.

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The Ontario Securities Commission (OSC) is seeking feedback from stakeholders on its proposed Statement of Priorities for 2025-2026. The proposed priorities build on the OSC’s Strategic Plan to modernize regulation, by responding quickly to market changes. Written comments can be submitted until December 20, 2024.

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The Canadian Securities Administrators (CSA) announced plans to explore delegating specific registration functions to the Canadian Investment Regulatory Organization (CIRO). The proposed delegation aims to enhance efficiency and reduce regulatory burdens. A centralized registration process would enable CSA members to focus on oversight of CIRO and regulatory policy.

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The Ontario Securities Commission (OSC) has announced plans to delegate the registration function of investment dealers, mutual fund dealers and registrants of mutual fund dealers, to the Canadian Investment Regulatory Organization (CIRO). The registration of firms in other categories, such as fund managers, portfolio managers, and exempt market dealers, will remain with the OSC. The delegation will take effect in Spring 2025.

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The Canadian Securities Administrators (CSA) are reintroducing proposed rule changes to issuers’ use of electronic access to deliver continuous disclosure documents. The proposed rule changes, will expand to allow issuers’ continuous disclosure documents, including interim financial reports, annual financials and analysis reporting. The proposals are out for comment until February 17, 2025.

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The Government of Quebec approved rule changes to Quebec-regulated Life Income Fund (LIF) withdrawals, which will take effect on January 1, 2025. The changes include: no withdrawal limit for LIF owners aged 55 and older, no more transferring the difference between LIF maximum and LIF minimum to an unlocked RRSP or RRIF and a new formula for calculating maximum temporary income and life income limits for LIF owners under the age of 55 years.

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