The Office of the Superintendent of Financial Institutions, (OSFI) has launched a nine-month consultation to update accountability and suitability standards for senior leaders at federally regulated financial institutions. The proposed principles-based framework aims to strengthen governance and manage growing risks in an increasingly complex financial system, with consultations open until October 31, 2026.

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The Canada Revenue Agency (CRA) announced it will reverse its longstanding administrative position on the GST/HST treatment of trailing commissions, effective July 1, 2026. Under the new position, trailing commissions will be subject to GST/HST. Firms will need to update accounting systems and contracts.

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The Canadian Securities Administrators announced final amendments to streamline continuous disclosure requirements for investment funds, reducing regulatory burden while maintaining investor protections. Key changes include conflict-of-interest reporting exemptions, removal of certain financial disclosures, and minor updates to the simplified prospectus form. The changes take effect April 22, 2026.

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The Canadian Investment Regulatory Organization (CIRO) unveiled its proficiency model, shifting from the traditional course-based system to a competency-focused assessment approach. It is now administering the first official exams under this new model through a dedicated exam and platform partner.

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Canadian securities regulators approved the first phase of amendments to the CIRO continuing education requirements. The amendments affect CE programs under CIRO’s Investment Dealer, Partially Consolidated, and Mutual Fund Dealer rules with minimal impact firms and registrants.

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The Financial and Consumer Services Commission of New Brunswick (FCNB) announced that, starting January 1, 2026, New Brunswick will require anyone using the title financial advisor or financial planner to meet new standards and undergo supervision by approved credentialing bodies. Financial advisors must comply by January 1, 2028, and financial planners by January 1, 2030.

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The Autorité des marchés financiers (AMF) will raise fees starting January 1, 2026. Charges for activities like filing prospectuses under securities, derivatives, and insurance laws will increase by 2.05%, while fees for distributing financial products and voluntary retirement savings plans will rise 2.4%, in line with inflation. These levies are not subject to government fee caps.

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The Canada Revenue Agency (CRA) has issued revised guidance on Common Reporting Standard (CRS) obligations for financial institutions. The updates provide enhanced clarity on due diligence and reporting requirements for fund structures, including the roles of fund managers and dealers, and offer additional guidance on the treatment of undocumented accounts.

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The Canadian Investment Regulatory Organization (CIRO) posted the 2026 Mutual Fund Dealer (MFD) Financial Filing Deadlines. MFDs are required to file an unaudited Form 1, no later than 20 business days after the month-end and an audited Form 1 no later than 90 days after the MFD’s fiscal year-end. Please note, delays in the EFS-IFRS electronic filing will trigger a late filing fee.

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The Canadian Securities Administrators (CSA), working with the Canadian Investment Regulatory Organization (CIRO), announced early results from a new program aimed at stopping fake investment websites that target Canadians. While the initiative results in the rapid deactivation of many risky sites, officials are urging Canadians to report any suspicious websites to their local securities regulator.

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