
AMF consults on total cost reporting for seg funds
Under the joint total cost reporting initiative of the insurance and securities regulators, the Autorité des marchés financiers (AMF) has published proposals to introduce beefed-up reporting requirements for segregated funds. The new rules are to take effect on January 1, 2026, with investors receiving their first reports for the year ended December 31, 2026.
Organizations team up on ESG definitions to fight greenwashing
The CFA Institute, the Global Sustainable Investment Alliance (GSIA) and Principles for Responsible Investment (PRI) have developed a new resource to define five common terms used in responsible investing. The new resource comes as regulators around the world develop ESG disclosure rules for the fund industry.
High-Interest Savings Account ETFs now subject to stricter liquidity rules
The Office of the Superintendent of Financial Institutions (OSFI) is raising liquidity requirements for high-interest savings account (HISA) ETFs. OSFI said that banks holding deposits for HISA funds will have to hold sufficient high-quality liquid assets, that can be withdrawn within 30 days. The liquidity treatment must be in place by January 31, 2024.
Mutual Fund Dealer CE Cycle 1, ending November 30, 2023
The Mutual Fund Dealer CE Program will be ending on November 30, 2023. Program Administrators can access the Compliance Status section of the CERTS dashboard to view and export reports on the progress of Participants, to identify and follow-up with Participants who have not met their CE credit requirements, under Policy 9.
CIRO review Mutual Fund Dealer Continuing Education Program
CIRO Staff conducted a review of accreditation of continuing education (CE) activities recognized under the Mutual Fund Dealer (MFD) CE program. Administrative Bulletin 23-0159, outlines some of the best practices that were noted. Accreditors are encouraged to review and consider the guidance.
CIRO housekeeping amendments to Part II of Mutual Fund Dealer Form 1
CIRO is amending Part II of the Mutual Fund Dealer Form 1. The objectives of the Housekeeping Amendments are to ensure Part II Report on Compliance, complies with current auditing standards. The Housekeeping Amendments were approved by the Recognizing Regulators on October 17, 2023 and are effective immediately.
CIRO’s 2022-2023 Enforcement Report shows investor complaints surging
According to the latest data in the 2022 – 2023 Enforcement Report from CIRO, investor complaints are soaring. In its first enforcement report, the newly-merged self-regulatory organization detailed a sharp rise in complaints in both its investment dealer and mutual fund dealer divisions.
Ontario legislative changes propose quicker consultations for OSC and FSRA
Legislative revisions proposed by the Ontario government, seek to cut Ontario Securities Commission (OSC) and Financial Services Regulatory Authority of Ontario (FSRA) regulatory policy proposals minimum comment periods, from 90 days to 60 days. The proposed legislative change is now out for comment until December 4, 2023.
CIRO takes step toward consolidated dealer rules
CIRO is publishing Phase 1 of its Rule Consolidation Project rule proposals for comment. The Project will harmonize the two-member regulation rule sets into one set of member regulation rules, applicable to both categories of CIRO Dealer Members. The proposals are out for comment until December 19, 2023.
CIRO announces revised Membership Disclosure – CIRO Official Brochure
CIRO announced the availability of a revised Membership Disclosure, reflecting new content relevant to both investment dealers and mutual fund dealers. Investment dealers must transition to the CIRO Official Brochure by December 31, 2024. There is currently no mandatory transition for mutual fund dealers to provide the brochure to new clients.