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.

SEE MORE

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.

SEE MORE

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.

SEE MORE

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.

SEE MORE

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.

SEE MORE

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.

SEE MORE

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.

SEE MORE

The Canadian Securities Administrators (CSA) published its annual Year in Review, which covers the CSA’s progress made between July 1, 2023, and June 30, 2024, toward the strategic goals outlined in the 2022-2025 Business Plan. In addition to ongoing policy work, this year’s report also highlights the CSA’s efforts to keep investors and market participants informed through research and analysis.

SEE MORE

With top companies committing to net-zero emissions targets to national and international bodies crafting standards and regulations, reporting on environmental, social, and governance (ESG) topics is quickly becoming a norm of doing business. Industry watchers say Canada needs to move toward policies that support the transition to a net-zero economy.

SEE MORE

The Canadian Investment Regulatory Organization (CIRO) released its 2023-2024 Enforcement Report. The report emphasizes CIRO’s efforts to protect investors, enhance standards, and strengthen market integrity through fair, timely, and effective enforcement actions. The report also features selected case highlights, showing CIRO’s efforts to protect investors.

SEE MORE