Ontario’s financial services regulator, the Financial Services Regulatory Authority (FSRA), has introduced a significant second amendment to the Unfair or Deceptive Acts or Practices (UDAP) Rule. The amendment’s objective is to offer stronger protection for consumers who hold segregated fund contracts, specifically regarding deferred sales charges. The amendment set to take effect on February 14, 2024.

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The Financial Services Regulatory Authority of Ontario (FSRA) is tightening test-taking procedures, in the wake of reports of exam cheating. The new test procedures will align with national best practices. FSRA will also introduce tougher consequences for individuals caught cheating and longer waiting period for candidates that repeatedly fail the Life License Qualification Program (LLQP) exam, will be introduced.

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CIRO issued a Position Paper which analyses policy options for leveling the compensation playing field between Approved Persons. The current CIRO rules applicable to mutual fund dealers and investment dealers currently take different approaches to directed commission arrangements. Comments on the paper should be delivered in writing, by March 25, 2024.

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The Financial Services Regulatory Authority of Ontario, (FSRA) has approved the Canadian Investment Regulatory Organization, (CIRO) as a credentialing body under Ontario’s Financial Professionals Title Protection Act, 2019, (FPTPA). CIRO now has the authority to grant credentials that permit individuals to use the Financial Advisor title in Ontario.

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The Office of the Superintendent of Financial Institutions, (OSFI) will be working more closely with The Financial Transactions and Reports Analysis Centre of Canada, (FINTRAC) as digitization and the more integrated global economy lead to higher risks of money laundering. The regulator will also be taking its message to financial institutions, that they need to step up efforts against the problem.

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The Canadian Investment Regulatory Organization (CIRO) is publishing Phase 2 of its Rule Consolidation Project rule proposals, for comment. The Phase 2 Proposed DC Rules involve the adoption of rules relating to: margin, debt markets and Inter-Dealer Bond Brokers (IDBBs), and trading. Comments on the Phase 2 Proposed DC Rules should be in writing and delivered by March 11, 2024.

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OSC Staff Notice 11-739 (revised) has been issued by the Ontario Securities Commission. Revisions have been made to the Table of Concordance and List of New Instruments. The full version of the Table of Concordance and List of New Instruments as of December 31, 2023, can be found on the OSC Website.

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The Financial Services Regulatory Authority of Ontario (FSRA) is proceeding with a rule change on the use of deferred sales charges (DSCs) for investors with existing segregated fund contracts. The rule amendment requires insurers to remove the DSC option for deposits to existing segregated fund contracts and provide investors with disclosure about their options.

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The Stephanie McManus Award was presented to Joanne Attridge, for her outstanding contributions to the ACCP in 2023. The award was renamed to honour the memory of long time ACCP member and former ACCP Chair, Stephanie McManus. Congratulations, Joanne!

CIRO has published new harmonized Sanction Guidelines, which takes effect February 1, 2024, replacing all previous Sanction Guidelines of both IIROC and the MFDA. CIRO has also introduced Enforcement Staff Policy Statements to encourage early resolution of cases and set out Enforcement Staff’s common issues that arise in disciplinary hearings.

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