news and outreach

CIRO MFDs & CSF’s CE Programs exchange of information

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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FSRA proposes guidance on life agent fitness

The Financial Services Regulatory Authority of Ontario, (FSRA) issued draft guidance intended to ensure that agents and managing general agencies (MGAs) are equipped to comply with regulatory requirements, treat customers fairly and meet their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 Brochure now available for order

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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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).

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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.

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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.

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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.

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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.

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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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