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.

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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.

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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.

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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.

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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.

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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.

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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.

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CIRO, in cooperation with the Chambre de la sécurité financière (CSF), has announced that they have agreed to an exchange of information for participants who are subject to both CIRO’s Mutual Fund Dealer (MFD) CE Program and CSF’s CE Program requirements. The agreement addresses the issue of duplication of reporting efforts by participants.

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The Financial Services Regulatory Authority of Ontario, (FSRA) issued draft guidance intended to ensure that agents and managing general agencies (MGAs) are equipped to comply with regulatory requirements, treat customers fairly and meet their legal obligations. The guidance is part of a larger plan to improve conduct. It also reiterates life insurers’ oversight responsibilities.

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New CIPF brochures are available for order. A two-year transition period was set for the changes required by the CIPF Disclosure Policy. Firms that were members of the Former CIPF and MFDA IPC prior to Jan. 1, 2023, must be in compliance by January 1, 2025. Inventory of former CIPF brochures, (version dated Dec. 2016) can be used until Dec. 31, 2024.

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