
CSA supports CSSB’s new sustainability standards
The Canadian Securities Administrators (CSA) have officially expressed their support for the initiation of the Canadian Sustainability Standards Board’s (CSSB) consultation on the Canadian Sustainability Disclosure Standards 1 and 2. Canada’s first proposed Canadian Sustainability Disclosure Standards (CSDS) are out for public comment until June 10, 2024.
Legacy MFDA Member Staff Notices migrated to CIRO website
Legacy MFDA Member Staff Notices (MSN) have been migrated to CIRO’s website, at www.ciro.ca, under the Guidance Notes category. As part of the web design, a dedicated page will be created to list all of the notices. The pre-filtered results can be found on the News Room -> Publications page. Please click “SEE MORE” below, for a direct link to the page.
CSA updates ESG disclosure guidance
The Canadian Securities Administrators (CSA) have issued Staff Notice 81-334 which expands on guidance for investment funds on ESG related disclosure practices. The updated guidance expands on and replaces the initial guidance issued in January 2022. It aims to address issues that weren’t addressed in the CSA’s previous publication, to reflect new developments that have emerged.
Multiple class actions filed from last year’s data hack propose challenge
Last year’s data hack involving financial services firms and file transfer service GoAnywhere, has resulted in multiple class actions filings. Affected clients may wonder what happens next, given managing overlapping and multiple class actions originating in different jurisdictions, are challenging to address. Class actions are regulated provincially.
FINTRAC hit by a cyber attack
The Financial Transactions and Reports Analysis Centre of Canada, (FINTRAC) has taken its corporate systems offline, as it manages what it calls a “cyber incident”. The incident does not involve FINTRAC’s intelligence or classified systems. FINTRAC has taken its corporate systems offline as a precautionary measure, to ensure their integrity and protect the information that the Centre maintains.
FMFD announces name change
The Federation of Independent Dealers (FID), formerly the Federation of Mutual Fund Dealers (FMFD), launched under its new name. The name change reflects the evolving landscape of the financial industry and signals the expansion of their mandate. The FID remains committed to members as they evolve in response to changes in investor needs, regulatory environment, and competitive landscape.
FSRA launches credential checking tool
The Financial Services Regulatory Authority’s has launched a credential checking tool to make it easier for consumers in Ontario, to check that advisors are properly qualified. The new Check Credentials Tool will help verify holders of protected titles including Financial Advisor and Financial Planner, approved by an FSRA-approved credentialling body.
AMF publishes new complaint handling rules
The Autorité des marchés financiers (AMF) has issued rules to establish a common set of processes and timelines when dealing with client complaints. The Canadian Investment Regulatory Organization (CIRO) Investment dealer members and mutual fund dealer members will be exempt from the new rules, which will take effect July 1, 2025.
CIRO publishes playbook for dealing with ransomware attacks
CIRO conducted two cybersecurity table-top exercises in 2023, for small and medium-sized member firms. Following the exercise, CIRO has published a Ransomware Response Playbook, for dealing with ransomware attacks. The report sketches out a framework outlining the high-level steps needed to ensure a timely, coordinated and effective response to a ransomware attack.
CIRO rule book harmonization sparking push back
The Canadian Investment Regulatory Organization (CIRO) is harmonizing rules for mutual fund and investment dealers and aiming to establish the structure for a new harmonized rule book. CIRO is facing push back on proposals allowing fund dealers to offer order-execution only accounts and to offer managed accounts. CIRO also proposed eliminating temporary discretionary accounts to investment advisors.