The Canadian Investment Regulatory Organization (CIRO) issued the findings of its first Investor Survey, aimed at gathering insights into current financial concerns and trends affecting Canadian investors, in order to understand investor concerns and trending investor behaviors. The survey is the first of a series of efforts by CIRO, to provide more detailed insights and updates on investor concerns and trends.

SEE MORE

Saskatchewan’s Bill 150, The Securities (Saskatchewan Investors Protection) Amendment Act, 2023, received royal assent, granting the Ombudsman for Banking Services and Investments (OBSI) with binding authority for investor complaints. The provincial legislation raises maximum penalties for securities violations to $1 million (from $100,000) and expands the enforcement powers of the Financial and Consumer Affairs Authority (FCAA).

SEE MORE

The Office of the Superintendent of Financial Institutions (OSFI) is consulting on proposed changes to banks’ liquidity rules. The proposed changes will enable OSFI to assess how well banks are managing their intra-day liquidity risk and to better monitor institutions’ ability to meet payment and settlement obligations during stressed markets. The proposed changes are out for comment until August 30, 2024.

SEE MORE

The Financial Services Regulatory Authority of Ontario (FSRA) has proposed a rule that will require annual disclosures about the costs and performance to clients, about their segregated funds. The rule is similar to the second phase of the Client Relationship Model (CRM2), pioneered by the Canadian Securities Administrators (CSA). The proposals are out for comment until July 26, 2024.

SEE MORE

The Financial and Consumers Services Commission of New Brunswick (FCNB) has developed a free e-learning module, designed to help New Brunswickers develop awareness of the signs and ways to prevent financial exploitation. FCNB has a number of online resources to help seniors, their families, and caregivers identify the signs and risks of financial abuse and protect them from exploitation.

SEE MORE

The Designated Financial Services Advisor (DFSA) credential is no longer an approved credential for the “financial advisor” title in Ontario. The Canadian Securities Institute (CSI) requested that the Financial Services Regulatory Authority of Ontario (FSRA) remove the DFSA as an approved credential. Designation holders have until November 22, 2024, (six months) to obtain a different credential to use the financial advisor title

SEE MORE

The Office of the Superintendent of Financial Institutions (OSFI) has released its Annual Risk Outlook for 2024-2025, which identifies key risks OSFI perceives as threats to Canada’s financial system in the coming year. The Annual Risk Outlook has identified real estate secured lending and mortgage, wholesale credit, funding and liquidity and integrity, security, and foreign interference as critical risks.

SEE MORE

FP Canada has updated its Standards of Professional Responsibility with two new conduct rules. The first new rule is related to naming of a Trusted Contact Person (TCP). The second new rule is related to Conflicts of Interest, specifically prohibiting financial planners from acting as an estate trustee, executor, power of attorney for property, or beneficiary for a client while also providing the client with financial planning services.

SEE MORE

The Canadian Securities Administrators’ (CSA) Staff Notice 81-334, provides guidance on the disclosure of investment funds as along with guidance relating to a new fund classification – the ESG Limited Consideration Fund. The Notice also clarifies the CSA’s view of what constitutes a “sales communication” and provides guidance on the types of investment funds that may market themselves as focusing on ESG.

SEE MORE

CIRO has released a new webcast highlighting the CIRO Compliance Priorities Report for 2024. The webcast covers topics such as Client Focused Reforms, upcoming changes to the compliance program, cybersecurity, along with many other topics. Investment Dealer webcast viewers will earn 0.75 Compliance continuing education (CE) credits and Mutual Fund Dealer webcast attendees will earn 0.75 Business Conduct (non-ethics) credits.

SEE MORE