
CRA publishes new administrative positions on FATCA/CRS Compliance
The Canada Revenue Agency (CRA) published its new administrative positions on compliance obligations of financial institutions (FI) under Canada’s Income Tax Act. Changes to the Foreign Account Tax Compliance Act (FATCA) Guidance and the Guidance on the Common Reporting Standard (CRS) impacts FIs, resulting in significant changes to their due diligence procedures when dealing with account holders that are FI clients.
CIRO’s Office of the Investor: Fiscal Year in Review
CIRO has published Office of the Investor Fiscal Year in Review. A key priority outlined in CIRO’s first Annual Report is the promotion of the investor perspective through the Office of the Investor. The Office’s mission is to understand and inform investors, elevate the investor’s voice at CIRO, expand CIRO’s online investor education resources and deliver financial education to community groups.
CSA publish two new annual reports evaluating CIRO and CIPF
The Canadian Securities Administrators (CSA) recently released two reports on the oversight of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF). The Oversight Review Report of CIRO and the 2023 Annual Activities Report, (CSA Staff Notice 25-311) evaluate CIRO and CIPF’s compliance, efficiency, and market integrity of Canada’s financial markets.
FSRA results of first supervisory reviews at titling organizations
The Financial Services Regulatory Authority of Ontario (FSRA) reported the results of its first oversight reviews of the approved credentialing bodies that administer the credentials that qualify industry reps to use the financial advisor and planner titles in Ontario. While it found no violations of the regulations or legislation, it highlighted room for improvement in three areas of their operations.
New CIRO Complaint Handling Brochure
CIRO announced the availability of a new CIRO Complaints Brochure, branded “How to Make a Complaint” that replaces both the IIROC Complaint Brochures and the MFDA CCIF. CIRO Investment dealer members and mutual fund dealer members may now begin providing the CIRO Complaints Brochure. All CIRO dealer members must transition to the CIRO Complaints Brochure by December 31, 2024.
FSRA grants approval to CIFP’s Chartered Financial Planner credential
Ontario’s Financial Services Regulatory Authority (FSRA) has endorsed the Chartered Financial Planner designation offered by The Canadian Institute of Financial Planning (CIFP) as a qualified credential for individuals using the Financial Planner title in Ontario. FSRA has now accepted six credentials for “Financial Planner”.
ASC & FCAA keep exemption based on investor financial knowledge
The Alberta Securities Commission (ASC) and the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) adopted a prospectus exemption that allow investors who do not meet the financial thresholds, to qualify as accredited investors based on their financial knowledge. Originally approved under a three-year pilot program in March 2021, the ASC and the FCAA are making the exemption permanent.
CIPF Investment Dealer Assessment Policy and Appeal Procedures changes
The Canadian Investor Protection Fund (CIPF) has implemented amendments to the CIPF Investment Dealer Assessment Policy and CIPF Investment Dealer Assessment Appeal Procedures. The changes introduce the new CIPF Mutual Fund Dealer Introduced Assessment (MFD IAA) fee to satisfy potential claims for coverage and to align with the Investment Dealer Fund (IDF) model.
CSSB releases proposed Canadian Sustainability Disclosure Standards
The Canadian Sustainability Standards Board (CSSB) announced the release of its first proposed Canadian Sustainability Disclosure Standards (CSDS). The proposed standards aim to set a new benchmark for the disclosure of sustainability-related information. Comments are due June 10, 2024, for the two exposure drafts of the Canadian Sustainability Disclosure Standards, known as CSDS 1 and 2.
CIRO unveils 2024 Compliance Priorities Report
CIRO has unveiled its 2024 Compliance Priorities Report, Helping Firms with Compliance, a guide for Member Firms to navigate regulatory demands, enhancing market integrity. This document outlines the key focus areas, aiming at bolstering investor protection and ensuring compliance with CIRO’s regulatory demands. CIRO also updated its exam timeline for mutual fund dealers.