OSC’s Investor Advisory Panel releases 2023 annual report
The Ontario Securities Commission’s (OSC) Investor Advisory Panel (IAP) has released its 2023 annual report. Investor protection is the main highlight of the report. Besides bolstering consumer awareness of artificial intelligence (AI) fraud risks, the report also focuses on assessing the effect of the Client Focused Reforms on investors, as well as the issue of consumer dispute resolution.
CSA urges vigilance against online elder financial abuse
In observance of World Elder Abuse Awareness Day, on June 15th, the Canadian Securities Administrators (CSA) are urging older adults to stay vigilant against the increasing threat of online financial elder abuse. The CSA offers several tips for Canadians to protect themselves and they highlight the importance of appointing a Trusted Contact Person (TCP).
RLIS designation pending approval under Ontario’s title protection
The Canadian Institute of Financial Planning (CIFP) submitted the registered life insurance specialist (RLIS) designation to the Financial Services Regulatory Authority of Ontario (FSRA) for approval of the use of the Financial Advisor (FA) title in Ontario. Upon FSRA approval, agents in Ontario, who obtain the RLIS designation, will be able to call themselves Financial Advisors.
CIPF amends Mutual Fund Dealer Assessment Policy
The Canadian Investor Protection Fund, (CIPF) published a notice of amendments to the Mutual Fund Dealer (MFD) Assessment Policy, which became effective June 11, 2024. The amendment states the MFD Fund assessment calculations are now a percentage of the two-year average of Assets Under Administration, (AUA) based on the AUA data reported by MFD Members on their December monthly financial reports.
CIRO releases findings of first Investor Survey
The Canadian Investment Regulatory Organization (CIRO) issued the findings of its first Investor Survey, aimed at gathering insights into current financial concerns and trends affecting Canadian investors, in order to understand investor concerns and trending investor behaviors. The survey is the first of a series of efforts by CIRO, to provide more detailed insights and updates on investor concerns and trends.
Saskatchewan passes Bill 150, giving OBSI binding authority
Saskatchewan’s Bill 150, The Securities (Saskatchewan Investors Protection) Amendment Act, 2023, received royal assent, granting the Ombudsman for Banking Services and Investments (OBSI) with binding authority for investor complaints. The provincial legislation raises maximum penalties for securities violations to $1 million (from $100,000) and expands the enforcement powers of the Financial and Consumer Affairs Authority (FCAA).
OSFI consults on updates to Liquidity Adequacy Requirements
The Office of the Superintendent of Financial Institutions (OSFI) is consulting on proposed changes to banks’ liquidity rules. The proposed changes will enable OSFI to assess how well banks are managing their intra-day liquidity risk and to better monitor institutions’ ability to meet payment and settlement obligations during stressed markets. The proposed changes are out for comment until August 30, 2024.
FSRA seeks segregated fund disclosure of embedded costs
The Financial Services Regulatory Authority of Ontario (FSRA) has proposed a rule that will require annual disclosures about the costs and performance to clients, about their segregated funds. The rule is similar to the second phase of the Client Relationship Model (CRM2), pioneered by the Canadian Securities Administrators (CSA). The proposals are out for comment until July 26, 2024.
FCNB offers free e-learning financial abuse of older adults course
The Financial and Consumers Services Commission of New Brunswick (FCNB) has developed a free e-learning module, designed to help New Brunswickers develop awareness of the signs and ways to prevent financial exploitation. FCNB has a number of online resources to help seniors, their families, and caregivers identify the signs and risks of financial abuse and protect them from exploitation.
DFSA removed as FSRA approved credential
The Designated Financial Services Advisor (DFSA) credential is no longer an approved credential for the “financial advisor” title in Ontario. The Canadian Securities Institute (CSI) requested that the Financial Services Regulatory Authority of Ontario (FSRA) remove the DFSA as an approved credential. Designation holders have until November 22, 2024, (six months) to obtain a different credential to use the financial advisor title
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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