news and outreach

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.

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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.

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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.

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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”.

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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.

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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.

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The information contained on the Association of Canadian Compliance Professionals (“ACCP”) website is for general information purposes only and is the opinion of the writer(s). This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. We strongly recommend that you seek appropriate, qualified professional advice before acting or omitting to act based on any information provided on the ACCP website.

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