The Canadian Investment Regulatory Organization (CIRO) is proposing rule changes, to harmonize the two continuing education (CE) requirements currently under the Investment Dealer Partial Consolidated (IDPC) Rules and the Mutual Fund Dealer (MFD) Rules. CIRO is taking a phased approach. Comments must be submitted in writing, by email only, by March 18, 2025.

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The Financial Services Regulatory Authority of Ontario (FSRA) released their Market Conduct: Life and Health Insurance Agent Supervision Report. Reviews of life agents in Ontario, have uncovered a high incidence of failure to adhere to best business practices. Common types of misconduct cited in the misconduct reports related to unethical behaviour and trustworthiness.

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A reminder to all dealers, of the Canadian Investment Regulatory Organization’s (CIRO) December 31, 2024, deadline to update all required membership disclosures and brochures with CIRO branding and to provide the new CIRO Complaints Brochure.

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The Stephanie McManus Award was presented to Mary Andrews, for her outstanding contributions to the ACCP in 2024. The award was renamed to honour the memory of long time ACCP member and former ACCP Chair, Stephanie McManus. Congratulations, Mary!

The Canadian Securities Administrators (“CSA”) have recently provided clarification on the application of existing securities laws to AI systems in Staff Notice and Consultation 11-348. The notice seeks whether future reforms will be needed to specifically address AI risks. The deadline for responding to the consultation is March 31, 2025.

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The Canadian Securities Administrators (CSA) proposed revisions to the mutual fund sales practices rules, around the sale of proprietary funds as well as the disclosure of compensation arrangements to investors. Feedback is also being sought on principal distributors using chargebacks. The proposals are out for comment until February 27, 2025.

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The Canadian Securities Administrators (CSA) announced that as of March 3, 2025, investment funds in continuous distribution, will now be able to file prospectuses every two years instead of annually. Also starting March 3, 2025, funds will not have to file a final prospectus within 90 days of a preliminary prospectus receipt.

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The Ontario Securities Commission (OSC) and the Canadian Investment Regulation Organization (CIRO) have initiated a coordinated review within Canadian bank branches, following concerns of potential investor harm from alleged high-pressure sales practices. The review aims to understand the sales culture within Canadian banks and assess the extent of any potential issues.

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The Designated Financial Services Advisor (DFSA) designation, no longer qualifies for use of the “Financial Advisor” (FA) title in Ontario. Overseen by the Canadian Securities Institute, (CSI) the Financial Services Regulatory Authority of Ontario, (FSRA) removed the credential from title protection in Ontario, at CSI’s request.

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Each year, the Canadian Investment Regulatory Organization’s (CIRO) Board of Directors and staff, receive exemption requests from Investment Dealer and Partially Consolidated (IDPC) Rules, Mutual Fund Dealer (MFD) Rules, or Universal Market Integrity Rules (UMIR). Using rigorous criteria in their review, CIRO’s decision-makers may grant exemptive relief in appropriate cases.

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