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.

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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.

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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.

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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.

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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.

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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.

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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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Along with their “How to Protect Yourself Against Fraud and Scams” brochure, the Canadian Investment Regulatory Organization (CIRO), issued a tip sheet on scams, to help raise awareness on the June 15, World Elder Abuse Awareness Day.

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The Ontario Securities Commission (OSC) has published final rules to a new statutory framework, that will facilitate distributing amounts collected by the OSC under disgorgement orders, to harmed investors. Once the rules take effect in late summer, the OSC will launch a new section on its website that lists disgorgement orders, enables investors to register for distributions and provides status updates on outstanding orders.

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The Ontario Securities Commission (OSC) and the Autorité des marchés financiers (AMF) in Québec, joined international counterparts in focusing on the risks posed by rogue unregulated advisors, providing financial advice online. The International Organization of Securities Commissions, (IOSCO) highlighted the risk to investors, due to the rapid growth of the ‘finfluencer’ community on digital platforms.

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