news and outreach

CIRO rule book harmonization sparking push back

The Canadian Investment Regulatory Organization (CIRO) is harmonizing rules for mutual fund and investment dealers and aiming to establish the structure for a new harmonized rule book. CIRO is facing push back on proposals allowing fund dealers to offer order-execution only accounts and to offer managed accounts. CIRO also proposed eliminating temporary discretionary accounts to investment advisors.

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FSRA tightens LLQP exam taking process

The Financial Services Regulatory Authority of Ontario (FSRA) is tightening test-taking procedures, in the wake of reports of exam cheating. The new test procedures will align with national best practices. FSRA will also introduce tougher consequences for individuals caught cheating and longer waiting period for candidates that repeatedly fail the Life License Qualification Program (LLQP) exam, will be introduced.

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FSRA approves CIRO as credentialing body for Financial Advisor Title Use

The Financial Services Regulatory Authority of Ontario, (FSRA) has approved the Canadian Investment Regulatory Organization, (CIRO) as a credentialing body under Ontario’s Financial Professionals Title Protection Act, 2019, (FPTPA). CIRO now has the authority to grant credentials that permit individuals to use the Financial Advisor title in Ontario.

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OSFI increases focus on money laundering

The Office of the Superintendent of Financial Institutions, (OSFI) will be working more closely with The Financial Transactions and Reports Analysis Centre of Canada, (FINTRAC) as digitization and the more integrated global economy lead to higher risks of money laundering. The regulator will also be taking its message to financial institutions, that they need to step up efforts against the problem.

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CIRO Rule Consolidation Project – Phase 2

The Canadian Investment Regulatory Organization (CIRO) is publishing Phase 2 of its Rule Consolidation Project rule proposals, for comment. The Phase 2 Proposed DC Rules involve the adoption of rules relating to: margin, debt markets and Inter-Dealer Bond Brokers (IDBBs), and trading. Comments on the Phase 2 Proposed DC Rules should be in writing and delivered by March 11, 2024.

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FSRA moving ahead with crack down on seg fund DSCs

The Financial Services Regulatory Authority of Ontario (FSRA) is proceeding with a rule change on the use of deferred sales charges (DSCs) for investors with existing segregated fund contracts. The rule amendment requires insurers to remove the DSC option for deposits to existing segregated fund contracts and provide investors with disclosure about their options.

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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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