Ontario amends delivery methods for OSC summons
As of July 1, 2025, the Ontario Securities Commission (OSC) can now electronically serve enforcement summonses, a move aligned with a 2021 recommendation by the Capital Markets Modernization Taskforce. This change comes as part of broader legislative updates to Ontario’s securities laws, aimed at making enforcement processes more efficient and reducing administrative hurdles in investigations.
Complaint and dispute resolution regulation exemption for CIRO Dealers operating in Quebec
Effective July 1, 2025, new Quebec legislation governing complaint handling came into force. This legislation applies to CIRO Dealers operating in Quebec and establishes new obligations regarding the treatment and resolution of client complaints. To support implementation and clarify the application of these new rules, the Autorité des marchés financiers (AMF) has issued Blanket Order No. 2025-PDG-0010.
CIPF releases 2024 Annual Report
The Canadian Investor Protection Fund (CIPF) has announced the release of its 2024 Annual Report, marking a significant milestone with the completion of its first post-merger 3-Year Strategic Plan. The report outlines progress made, strategic initiatives undertaken, and the organization’s vision for the future of investor protection in Canada.
CSA propose chargeback ban
The Canadian Securities Administrators (CSA) have released proposed amendments that would prohibit the use of chargebacks in the distribution of investment funds offered by prospectus. These proposed changes are currently open for public comment, during a 90-day consultation period, which will close on September 24, 2025.
CSA release 2025–2028 Business Plan
The Canadian Securities Administrators (CSA) has released its 2025–2028 Business Plan, outlining strategic priorities. Key focus areas include combating online investment fraud, strengthening oversight of crypto assets, and adapting to emerging technologies. The initiatives are designed to reflect current market conditions and the rapid pace of innovation in the financial sector.
AMF proposes changes to fees and penalties in Québec
The Autorité des marchés financiers (AMF) launched a consultation on proposed changes to fees and penalties under Québec’s Securities Act and Derivatives Act. Based on its cost-recovery model, the AMF aims to align fees with evolving market conditions. The AMF is accepting feedback until September 19, 2025.
AMF announces delegation of registration functions to CIRO
To help harmonize registration processes for CIRO members across Canada, the Autorité des marchés financiers (AMF) will delegate additional registration functions – including the registration of investment dealers, mutual fund dealers, derivatives dealers, and individuals acting on their behalf – to the Canadian Investment Regulatory Organization (CIRO), effective July 1, 2025.
CIRO Releases 2025 Enforcement Report
The Canadian Investment Regulatory Organization (CIRO) released its Fiscal Year 2025 Enforcement Report. The report emphasizes CIRO’s efforts to protect investors, enhance standards, and strengthen market integrity through fair, timely, and effective enforcement actions. The report also features selected case highlights, showing CIRO’s efforts to protect investors.
CSA launches a consultation on ETF reforms
The Canadian Securities Administrators (CSA) released a Consultation Paper outlining potential reforms to the regulatory framework governing exchange-traded funds (ETFs) in Canada. The CSA is exploring whether a separate, tailored ETF framework may be more appropriate. The comment period is open until September 17, 2025.
IIAC announces name change
The Investment Industry Association of Canada (IIAC) has announced that effective immediately, its name has changed to the Canadian Forum for Financial Markets (CFFiM). The rebrand recognizes the trade association’s mandate to improve the competitiveness of the country’s financial markets.
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