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).

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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CIRO Staff conducted a review of accreditation of continuing education (CE) activities recognized under the Mutual Fund Dealer (MFD) CE program. Administrative Bulletin 23-0159, outlines some of the best practices that were noted. Accreditors are encouraged to review and consider the guidance.

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