The Canadian Council of Insurance Regulators (CCIR) issued a report, detailing a review of its oversight of the dispute-resolution providers in the insurance industry, after launching an external review of the oversight framework last year. The CCIR has committed to carrying out these reforms by the end of 2025.

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The Canadian Association of Pension Supervisory Authorities (CAPSA) issued two sets of guidance: A comprehensive new guidance on the design, operation and administration of capital accumulation plans, such as defined-contribution pensions, RRSPs, TFSAs, RESPs and FHSAs and a new guideline on risk management for plan administrators on various risk areas, such as ESG issues, cybersecurity and the use of leverage.

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Statistics Canada has published a report looking at the rise of artificial intelligence and how it will affect multiple industries. The report highlights financial services occupations in business, finance and insurance, are among industries most at risk, compared to jobs considered to have low exposure, such as jobs in trades and construction.

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The Canadian Investment Regulatory Organization’s (CIRO) Trading Review and Analysis team’s (TR&A) role is to conduct preliminary reviews of complaints, to determine a breach of the trading rules has occurred. If the TR&A team concludes that there is sufficient evidence of a rule violation, they will refer the case to CIRO’s Enforcement team.

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The Office of the Superintendent of Financial Institutions, (OSFI) announced consultations on two files: The public disclosure of cryptoasset exposures and the 2025 life insurance adequacy test (LICAT) guidelines. OSFI has published draft amendments to Pillar 3 Disclosure Guidelines and to the LICAT, which are open for comment, until October 22, 2024.

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The regulators have shifted to principles-based regulation, providing an opportunity to support more meaningful interactions with clients in a less complicated way, whilst remaining informative. Regulators are increasingly leaving it to each firm to determine “how” to meet the disclosure requirements. This approach also provides an opportunity to save compliance dollars.

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In a joint release, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) said crypto trading platforms, (CTPs) now need to comply with Canadian securities laws, by prioritizing their applications for registration as investment dealers and CIRO membership. This approach is to contribute to the creation of a safer and more controlled space for the crypto investors.

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The Canadian Investment Regulatory Organization (CIRO) will be launching a new harmonized risk questionnaire. Both mutual fund dealers and investment dealers, will soon be required to complete an Annual Risk Questionnaire (ARQ). The ARQ seeks to capture material changes that have occurred at each firm in the past year.

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The Institute of Advanced Financial Planners, (IAFP) which oversees the registered financial planner (RFP) designation, has stated that it intends for members to “adopt a fiduciary standard when providing financial planning services to their clients.” The IAFP will be the first certification body in Canada, to implement a fiduciary standard. The new measure will be in place for 2026 renewals.

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The Ontario Securities Commission (OSC) published its annual Summary Report for Dealers, Advisers and Investment Fund Managers, which provides information to help registrants comply with requirements under Ontario securities law. The report discusses important matters impacting registration, outcomes from compliance reviews, and areas of focus for the Registration, Inspections, and Examinations Division for the coming fiscal year.

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