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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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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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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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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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.

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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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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.

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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.

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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.

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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.

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