Investment Executive’s 2023 Advisors’ Report Card found that advisors across the brokerage, dealer and retail bank channels appreciate the value their compliance departments bring. Significant changes to industry regulation, has meant increasing pressure for compliance departments to help advisors understand these developments.

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On October 23, 2023, the CIRO employee email domain name will change to @ciro.ca. Emails sent to @iiroc.ca, or @mfda.ca addresses, will be automatically forwarded to the appropriate @ciro.ca email address. The automatic forwarding feature will be recognized for one year. CIRO requests you update your contact lists.

The Ombudsman for Banking Services and Investments (OBSI) reported that investment-related complaints are up by more than 60% from last year’s numbers, which were already at a record high. As a result, the fees that firms pay to fund OBSI’s activities are also heading higher.

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OSFI issued two sets of draft guidance for public comment — a new Integrity and Security Guideline, which sets out OSFI’s expectations regarding the security and integrity of financial institutions, including protection against foreign interference and enhanced Operational Resilience and Operational Risk Management to existing guidance on firms’ operational resilience and operational risk.

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The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO), which comprise the Joint Regulators Committee (JRC) that oversees OBSI, published their latest Annual Report, detailing ongoing complaint trends and other developments at the industry dispute resolution service.

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The Ontario Securities Commission (OSC) published a report titled: “Artificial Intelligence in Capital Markets: Exploring Use Cases in Ontario”, which examines the current state of artificial intelligence (AI) in capital markets. The purpose of the report is to understand how market participants are using AI and to consider how the OSC can best support the adoption of AI in Ontario’s capital markets through oversight and regulation.

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The Quebec government and the Autorité des marchés financiers (AMF) have approved a delegation of powers to CIRO. The delegation of powers allows CIRO to act as the organization registering dealing representatives of mutual fund dealers and conducting compliance examinations for mutual fund dealers with activities in Quebec.

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In May 2021, the CSA proposed revisions that would reduce duplicative reporting and combine financial statements and annual information form filings into a single reporting document. In April 2022, the CSA published a proposed electronic access model, to assess enhancing the changes to disclosure rules, with electronic access.

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CIRO released its first Annual Report since the amalgamation of the MFDA and IIROC. The report outlines the significant progress made on its first year Priorities and highlights how CIRO has continued to support Canadians by protecting investors, fostering healthy Canadian capital markets, and prioritizing industry transformation.

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The CSA is proposing to introduce a prospectus regime, for so-called well-known seasoned issuers (WKSIs), which would allow mature companies that meet certain conditions, to issue securities without undergoing regulatory reviews. The proposal is out for a 90-day comment period to December 20, 2023.

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