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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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.

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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.

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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.

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The Ontario Securities Commission (OSC) is seeking feedback on a proposed new process for routine distribution of disgorged funds collected in enforcement proceedings, to investors who suffered losses as a direct result of securities misconduct. Submit all comments in writing, by October 9, 2024.

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The Canadian Investment Regulatory Organization (CIRO) published proposed amendments to its proficiency rules for investment dealer Approved Persons. CIRO is planning a shift to an exam-based approach to industry proficiency, along with mandatory conduct/ethics training and experience requirements. The proposed model is intended to raise the proficiency bar. Comments must be submitted in writing, by September 17, 2024.

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In August 2023, the Canadian Securities Administrators (CSA) began examining Exchange Traded Funds (ETF) regulation, to assess the adequacy of the existing regime. ETFs make up around 15% of total public investment fund assets across Canada today. The CSA expects to complete its review in autumn 2024 and publish a consultation paper in 2025.

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