FSRA’s Fee Rule has been approved by the Minister of Finance
The Financial Services Regulatory Authority of Ontario (FSRA) released its final fee rule, which governs how the regulator assesses and collects fees from the sectors it regulates. The rule includes the fee calculations for credentialing bodies under the province’s title protection framework for “financial advisor” and “financial planner.”
CIRO Advisory Committees
CIRO values consultation with Dealer Members to help understand issues and develop thoughtful, meaningful and practical resolutions as they work towards the effective delivery of their regulatory mandate and is seeking greater mutual fund dealer participation in the FOAS Mutual Fund and Operations Subcommittees, and the CCLS Education, Retail and Anti-Money Laundering Subcommittees.
Letter to industry on OSFI’s next steps to implement new mandate provisions
On June 22, 2023, Parliament passed Bill C-47, the Budget Implementation Act, which expands OSFI’s mandate. OSFI issued a letter to industry on next steps to implement the new provisions which relate to integrity or security and address financial risks and emerging non-financial risks. The changes will help to further advance OSFI’s objective of maintaining public confidence in the Canadian financial system.
CRA extends deadlines for taxpayers affected by wildfires
Penalties or interest will not be charged to business-owner clients affected by the wildfires in British Columbia and Northwest Territories. Filings and payments of T2 corporation CRA tax returns and GST/HST returns have been extended to October 16, 2023.
CIRO Proposed Clarifying Amendments to Registration and Proficiency Requirements
CIRO is publishing proposed amendments to refine and clarify the registration and proficiency requirements in the Investment Dealer and Partially Consolidated Rules. The CIRO Notice notes comments on the Proposed Amendments should be in writing and delivered by October 2, 2023.
Reminder: Cancellation of Saskatchewan Advantage Grant for Education Savings
A reminder, that the Saskatchewan Advantage Grant for Education Savings (SAGES) program is being wound down. SAGES grants will continue to be paid out as Educational Assistance Payments to eligible beneficiaries enrolled in qualifying educational programs.
CIRO Fiscal Year 2024 Annual Priorities
CIRO released their 2024 Annual Priorities on June 1, 2023. The Annual Priorities summarizes current regulatory changes and issues that CIRO-regulated firms should focus on. The themes of the Annual Priorities encompass continuing to develop the CIRO brand, promoting initiatives related to investor protection, and supporting industry transformation.
Canadian financial sector faces rising cybersecurity challenges: Report
According to new data from LexisNexis Risk Solutions, the Canadian financial services industry is seeing a surge in cybercrime and fraud. The report found that Canadian financial services organizations are among the biggest targets. Particularly vulnerable areas within the industry include new account openings and payments.
Firms falling short in conflict compliance
In a recently published joint Staff Notice, setting out the results of their regulatory reviews of industry compliance with conflict-of-interest provisions, the Canadian Securities Administrators (CSA) and CIRO indicated that only about one-fifth of the firms they examined, are meeting their obligations under the client-focused reforms (CFRs).
Pay-to-play firm/advisor ranking contests and lists contravene NI 31-103
Regulators say advisor awards based on production may mislead clients. The CSA and CIRO called on firms and registrants, to remove references to award or recognition, in marketing and client communications, including on webpages or LinkedIn profiles.
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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