The Canadian Investment Regulatory Organization (CIRO) posted the 2025 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 Investment Regulatory Organization (CIRO) posted the Monthly Financial Report (MFR) filing deadlines for 2025. The dates are based on a 20-business day reporting cycle, taking into consideration Canadian and Provincial statutory holidays. Delays in the SIRFF electronic filing will trigger a late filing fee of $100 per calendar day.

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The Canadian Investment Regulatory Organization (CIRO) is proposing rule changes, to harmonize the two continuing education (CE) requirements currently under the Investment Dealer Partial Consolidated (IDPC) Rules and the Mutual Fund Dealer (MFD) Rules. CIRO is taking a phased approach. Comments must be submitted in writing, by email only, by March 18, 2025.

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The Financial Services Regulatory Authority of Ontario (FSRA) released their Market Conduct: Life and Health Insurance Agent Supervision Report. Reviews of life agents in Ontario, have uncovered a high incidence of failure to adhere to best business practices. Common types of misconduct cited in the misconduct reports related to unethical behaviour and trustworthiness.

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A reminder to all dealers, of the Canadian Investment Regulatory Organization’s (CIRO) December 31, 2024, deadline to update all required membership disclosures and brochures with CIRO branding and to provide the new CIRO Complaints Brochure.

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The Stephanie McManus Award was presented to Mary Andrews, for her outstanding contributions to the ACCP in 2024. The award was renamed to honour the memory of long time ACCP member and former ACCP Chair, Stephanie McManus. Congratulations, Mary!

The Canadian Securities Administrators (“CSA”) have recently provided clarification on the application of existing securities laws to AI systems in Staff Notice and Consultation 11-348. The notice seeks whether future reforms will be needed to specifically address AI risks. The deadline for responding to the consultation is March 31, 2025.

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The Canadian Securities Administrators (CSA) proposed revisions to the mutual fund sales practices rules, around the sale of proprietary funds as well as the disclosure of compensation arrangements to investors. Feedback is also being sought on principal distributors using chargebacks. The proposals are out for comment until February 27, 2025.

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The Canadian Securities Administrators (CSA) announced that as of March 3, 2025, investment funds in continuous distribution, will now be able to file prospectuses every two years instead of annually. Also starting March 3, 2025, funds will not have to file a final prospectus within 90 days of a preliminary prospectus receipt.

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The Ontario Securities Commission (OSC) and the Canadian Investment Regulation Organization (CIRO) have initiated a coordinated review within Canadian bank branches, following concerns of potential investor harm from alleged high-pressure sales practices. The review aims to understand the sales culture within Canadian banks and assess the extent of any potential issues.

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