OSC and AMF join global efforts against rogue finfluencers
The Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) in Québec, joined international counterparts in focusing on the risks posed by rogue unregulated advisors, providing financial advice online. The International Organization of Securities Commissions, (IOSCO) highlighted the risk to investors, due to the rapid growth of the ‘finfluencer’ community on digital platforms.
CPA and FP Canada sign agreement for new collaboration
FP Canada and the Chartered Professional Accountants of Canada (CPA Canada) signed a Memorandum of Understanding (MOU) that will allow professionals in both fields to have access each other’s programs, credentials, including accredited continuing education and national events.
FP Canada warns financial planners about off-duty conduct
The FP Canada Standards Council 2024 report reminds financial planners that off-duty conduct, including social media activity, may trigger professional scrutiny and disciplinary action. When a financial planner engages in conduct on social media that impacts their integrity, the public may perceive the conduct as reflecting on the planner or financial planning profession.
CLHIA using AI to identify insurance fraud
The Canadian Life and Health Insurance Association (CLHIA) announced that it is using artificial intelligence (AI) tools to detect insurance fraud in group benefits plans. AI technology is revolutionizing the insurance industry’s ability to combat fraud and ensure the long-term health of group benefits plans.
Quebec Bill 92 to bring mutual fund reps under CIRO
Quebec’s Bill 92 proposes to combine the Chambre de la sécurité financière (CSF), currently responsible for mutual fund rep supervision, and the Chambre de l’assurance de dommages (ChAD), which oversees property and casualty insurance representatives and to transfer the supervision of mutual fund representatives to the Canadian Investment Regulatory Organization (CIRO).
IOSCO publishes final reports on finfluencers, online imitative trading and digital engagement practices
The International Organization of Securities Commissions, (IOSCO) published a trio of final reports on finfluencers, online imitative trading practices and digital engagement practices, stemming from a strategic initiative to enhance retail investor protection in the face of online innovation. The reports highlight a growing intersection between finfluencer activities and imitative trading strategies, designed to drive retail investor behavior.
OSC report highlights social media finfluencer harm
The rise of financial influencers on social media has caused concern with the Ontario Securities Commission (OSC) recently finding that 35% of Canadians have followed advice from these sources. The OSC recommends advisors assess their clients’ reliance on such sources and consider employing OSC-suggested mitigation strategies.
CIRO to get new powers in Ontario, if legislation passes
The government of Ontario has proposed new legislation to enhance the powers of the Canadian Investment Regulatory Organization (CIRO). If passed, Ontario will join Alberta, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, and Quebec, giving CIRO the full enforcement toolkit.
IFBC offers tips on E&O claims process amid regulatory fines increases
At their recent summit, the International Financial Brokers of Canada (IFBC) offered best practices for advisors. Amid higher regulatory fines and stricter monitoring, tips to advisors include documenting each client interaction, staying within their practice area and licensing limits and understanding when they need to report a claim for E&O insurance coverage.
OSC research finds companies paying more attention to AI
The Ontario Securities Commission (OSC) published the results of research carried out by its staff, to analyze the discussions of Artificial Intelligence (AI) tools in regulatory filings. The results of the analysis showed the number of issuers discussing AI in their MD&A increased significantly in their 2024 filings.
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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