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.
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.
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The Financial Services Regulatory Authority of Ontario, (FSRA) issued draft guidance intended to ensure that agents and managing general agencies (MGAs) are equipped to comply with regulatory requirements, treat customers fairly and meet their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.
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.
CSA and CIRO publish summary of short selling consultation
The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published a summary of responses and comments to CSA/IIROC Staff Notice 23-329 Short Selling in Canada. Copies of the comment letters are publicly available on the websites of the Autorité des marchés financiers, Ontario Securities Commission, and CIRO.
OSC Notice 11-798 – Statement of Priorities (Fiscal Year 2024-2025) – Request for Comments
Each year the Ontario Securities Commission (OSC) delivers a Business Plan to the Minister of Finance and publishes it on its website. The Business Plan includes the priorities the Commission will undertake in the upcoming fiscal year in connection with the OSC’s mandate, and the legislation that the OSC administers.
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).
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.
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.




