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.

SEE MORE

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.

SEE MORE

The Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) jointly published enhanced total cost reporting (TCR) requirements for investment funds and segregated funds. Final amendments were published to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). The changes will enter into force on January 1st, 2026.

SEE MORE

The Canadian Investor Protection Fund (CIPF) 2023 Annual Report has been posted to the CIPF’s website. The report lists the CIPF’s top 6 priorities in 2024, which include: 3-year strategic planning and enhancing insolvency readiness for dealers. The CIPF also lists operational resiliency and reinforcing strong relationships with all key CIPF stakeholders as a key priority.

SEE MORE

The Investment Fund Institute of Canada (IFIC) has outlined four key concerns about CIRO’s proposed integrated fee model, which is due to come into force in April 2025. The proposed integrated fee model will apply to both mutual fund dealers and investment dealers. IFIC’s key concerns are increased costs, transparency, inconsistent rate tiers and the risk of duplicate fees in Quebec.

SEE MORE

CIRO released its Annual Public Priorities for Fiscal Year 2025 (April 2024 – March 2025). The Annual Priorities build on last year’s priorities. This year, the themes of the Annual Priorities CIRO is focused on are in three key areas: Integration, Regulatory Delivery and Operations and Strategic Objectives. CIRO continues its mission to promote healthy capital markets by regulating fairly and effectively.

SEE MORE

The Financial Services Regulatory Authority of Ontario (FSRA) says the review of 54 information filings from 14 insurers in 2023, found the companies complied with the deferred sales charges (DSC) ban. The ban, which came into effect in June 2023, required insurers to remove the DSC option from existing segregated fund (seg fund) contracts where possible.

SEE MORE

A group of the country’s major securities regulators, (including Ontario, Quebec, Alberta, British Columbia, Nova Scotia and Saskatchewan) issued coordinated blanket orders that will allow Exempt market dealers (EMDs) to distribute securities issued by prospectus, subject to certain conditions. The new provision allows EMDs to act as dealers in underwriting syndicates, but not as the underwriters.

SEE MORE

The Ontario Securities Commission’s (OSC) Investor Advisory Panel (IAP) has released its 2023 annual report. Investor protection is the main highlight of the report. Besides bolstering consumer awareness of artificial intelligence (AI) fraud risks, the report also focuses on assessing the effect of the Client Focused Reforms on investors, as well as the issue of consumer dispute resolution.

SEE MORE

In observance of World Elder Abuse Awareness Day, on June 15th, the Canadian Securities Administrators (CSA) are urging older adults to stay vigilant against the increasing threat of online financial elder abuse. The CSA offers several tips for Canadians to protect themselves and they highlight the importance of appointing a Trusted Contact Person (TCP).

SEE MORE