The Ontario Securities Commission’s Registration (OSC) Inspections and Examinations Division, (RIE) has announced its 2025 priorities. Key focus areas include artificial intelligence, (AI) cybersecurity, sales practices at financial institutions, and know-your-product (KYP) practices of exempt market dealers using the offering memorandum exemption.

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To support its shift from a course-centric model to an assessment-centric model, the Canadian Investment Regulatory Organization (CIRO) is publishing more syllabi and practice exams, designed to help education providers develop preparatory courses and to support individuals who choose to self-study for the exams.

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The Canadian Securities Administrators (CSA) is seeking public comment on enhanced details of its proposed framework for an independent dispute resolution service, giving the Ombudsman for Banking Services and Investments (OBSI) binding authority in disputes between investors and their dealers. The comment period closes on September 15, 2025.

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The Canadian Investment Regulatory Organization (CIRO) has released, for public comment, a set of proposed rule amendments aimed at modernizing requirements related to account transfers. The amendments aim to improve the efficiency, transparency, and consistency of the account transfer process across the investment industry. The submission deadline for comments, is October 8, 2025.

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The Canadian Investment Regulatory Organization (CIRO) has introduced a new protocol to better align Canadian depositary receipts (CDRs) and single-stock Exchange-Traded Funds (ETFs) trading halts in Canada, with those in the U.S. listed on U.S. exchanges. CIRO will monitor U.S. exchange halt messages and may impose manual trading halts in Canada when appropriate.

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Effective July 1, 2025, the Financial Services Regulatory Authority of Ontario (FSRA) has implemented a new licensing process for out-of-province insurance advisors, allowing them to begin working in Ontario almost immediately after submitting proof of a valid out-of-province license. This “express lane” is a result of recent legislation and aims to improve labour mobility within Canada.

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Québec’s Autorité des marchés financiers (AMF) has issued draft guidelines on Artificial Intelligence (AI) risk management for financial institutions. Requirements include maintaining a central AI directory, regular risk assessments, customer consent for data use, and explanations for AI decisions. The guidelines align with global standards and are open for comment until November 7, 2025.

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As of July 1, 2025, the Ontario Securities Commission (OSC) can now electronically serve enforcement summonses, a move aligned with a 2021 recommendation by the Capital Markets Modernization Taskforce. This change comes as part of broader legislative updates to Ontario’s securities laws, aimed at making enforcement processes more efficient and reducing administrative hurdles in investigations.

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Effective July 1, 2025, new Quebec legislation governing complaint handling came into force. This legislation applies to CIRO Dealers operating in Quebec and establishes new obligations regarding the treatment and resolution of client complaints. To support implementation and clarify the application of these new rules, the Autorité des marchés financiers (AMF) has issued Blanket Order No. 2025-PDG-0010.

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The Canadian Investor Protection Fund (CIPF) has announced the release of its 2024 Annual Report, marking a significant milestone with the completion of its first post-merger 3-Year Strategic Plan. The report outlines progress made, strategic initiatives undertaken, and the organization’s vision for the future of investor protection in Canada.

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