news and outreach

FP Canada consults on conflict-related rule, trusted contact person

FP Canada has opened consultations on two new Rules of Conduct for CFP® and QAFP® professionals. The first proposed rule prohibits certified professionals acting as an estate trustee, executor, or a power of attorney for property, whilst providing financial planning services. The second proposed rule, relates to taking reasonable steps to obtain a Trusted Contact Person (TCP).


CIRO’s Office of the Investor publishes Blueprint

The Canadian Investment Regulatory Organization’s (CIRO) Office of the Investor has released its inaugural Blueprint. The Office of the Investor’s mission is to understand and inform investors and elevate their voice at CIRO. CIRO has also identified promotion of the investor perspective, as an Annual Priority.


Strengthening oversight and accountability of the life insurance sector

The Financial Services Regulatory Authority of Ontario, (FSRA) recently uncovered some managing general agencies (MGAs) and their agents have been using improper training materials and selling products that may not meet customer needs. In response, FSRA developed new guidance to target responsibilities of insurers, MGAs, and identify suitability requirements for life agents.


BCSC offers whistleblower awards

The British Columbia Securities Commission (BCSC) is joining the Ontario Securities Commission (OSC) in offering financial rewards for enforcement tips. The BCSC is now paying between $1,000 and $500,000 for tips that “meaningfully contribute” to investment fraud investigations that result in successful enforcement action.


CIRO sympathetic to industry challenges with new conflict disclosures

The Regulators understand that changes in the regulatory environment, have been challenging for financial advisors. An August report released by the Canadian Securities Administrators and CIRO found that most firms were falling short on conflicts-of-interest compliance. Registrants can review the report and look for ways to improve their compliance with rules.


AMF consults on total cost reporting for seg funds

Under the joint total cost reporting initiative of the insurance and securities regulators, the Autorité des marchés financiers (AMF) has published proposals to introduce beefed-up reporting requirements for segregated funds. The new rules are to take effect on January 1, 2026, with investors receiving their first reports for the year ended December 31, 2026.


Organizations team up on ESG definitions to fight greenwashing

The CFA Institute, the Global Sustainable Investment Alliance (GSIA) and Principles for Responsible Investment (PRI) have developed a new resource to define five common terms used in responsible investing. The new resource comes as regulators around the world develop ESG disclosure rules for the fund industry.


High-Interest Savings Account ETFs now subject to stricter liquidity rules

The Office of the Superintendent of Financial Institutions (OSFI) is raising liquidity requirements for high-interest savings account (HISA) ETFs. OSFI said that banks holding deposits for HISA funds will have to hold sufficient high-quality liquid assets, that can be withdrawn within 30 days. The liquidity treatment must be in place by January 31, 2024.


Mutual Fund Dealer CE Cycle 1, ending November 30, 2023

The Mutual Fund Dealer CE Program will be ending on November 30, 2023. Program Administrators can access the Compliance Status section of the CERTS dashboard to view and export reports on the progress of Participants, to identify and follow-up with Participants who have not met their CE credit requirements, under Policy 9.


The information contained on the Association of Canadian Compliance Professionals (“ACCP”) website is for general information purposes only and is the opinion of the writer(s). This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. We strongly recommend that you seek appropriate, qualified professional advice before acting or omitting to act based on any information provided on the ACCP website.



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