ESMA to review benchmarks ESG disclosures to fight greenwashing
The European Securities and Markets Authority (ESMA) announced the launch of a compliance review that will target benchmark administrators as part of the ongoing fight against greenwashing. The review will cover the disclosure of ESG factors and specific disclosure requirements regarding climate benchmarks.
ESMA targets gamification and finfluencers
The European Securities and Markets Authority (ESMA) says that retail investment firms need policies in place to ensure their use of social media, finfluencers and gamification techniques comply with their regulatory obligations. The paper examines online marketing tactics and looks at industry firms use of “digital engagement” practices.
CIRO MFR Regulatory Filing Deadlines
CIRO posted the Monthly Financial Report (MFR) filing deadlines for 2024. The dates are based on a 20-business day reporting cycle, taking into consideration Canadian and Provincial statutory holidays. Delays in the SIRFF electronic filing will trigger a late filing fee of $100 per calendar day.
CSA & CIRO update warning on advisor awards
The CSA and CIRO added to their warning about referencing or participating in awards based on sales, assets under management or revenue generation, during client-facing interactions. The CSA and CIRO updated their frequently asked questions document, which now lists additional types of prohibited client-facing interactions for advisors.
OSC has actioned most recommendations from recent OAG audit
According to a follow-up report from the Office of the Auditor General of Ontario, (OAG) the Ontario Securities Commission (OSC) and the provincial government have taken action on most of the recommendations from a recent audit. Some key items, such as adopting best-interest standards and a decision on fully banning trailers, remain outstanding.
Regulatory challenges for fund industry similar in several countries
The Investment Funds Institute of Canada’s (IFIC) recent annual leadership conference in Toronto, hosted an international regulations panel featuring industry leaders from Canada, the UK and the US. The panel discussed the similar challenges and regulatory issues, (such as Total cost reporting and ESG) they are working on within their jurisdictions.
CSA proposes binding authority for dispute resolutions
The Canadian Securities Administrators (CSA) has sent out a notice to seek general feedback on a proposed regulatory framework set out for an independent dispute resolution, bringing forward a binding regime for investment-related disputes. The period provided for comments is 90 days since posting, wherein stakeholders can leave comments until February 28, 2024.
Saskatchewan seeks binding dispute resolution
The government in Saskatchewan introduced a bill that aims to boost investor protection, by sharply increasing the maximum penalty for securities violations from $100,000 to $1 million. The proposed legislation aims to enhance regulatory enforcement powers and enable an independent dispute resolution service with binding authority.
OSC warns fund managers over misleading yields
In a notice to the industry, the OSC said its latest reviews of fund managers’ sales materials have found instances of firms hyping up performance numbers and prominently highlighting this data over the fund’s other aspects. As a result, the regulator has been asking fund managers to remove misleading statements from their sales materials, including their websites and other marketing.
More than $30 million unclaimed property waiting to be claimed in New Brunswick
New Brunswick’s Unclaimed Property Act, which came into force on January 1, 2022, requires holders of unclaimed property to report abandoned or forgotten property, annually. Holders of unclaimed property (including businesses, associations and government organizations) must review their books to search for monetary property that belongs to someone else.
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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