North American regulators exploring risks and opportunities with AI
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.
CIRO receives delegation of powers for mutual fund dealers in Quebec
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.
CSA to combine disclosure, delivery reforms
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.
CIRO Releases First Annual Report
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.
CSA proposes WKSI model
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.
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.
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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