The British Columbia Securities Commission’s (BCSC) 2024 review, flags 130 compliance issues at 19 firms, with KYC and suitability leading. Policies, conflicts, disclosure, marketing, and client reporting also ranked high, highlighting ongoing challenges for fund managers and exempt market dealers under the Client Focused Reforms.

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Beginning October 1, the Canadian Investment Regulatory Organization (CIRO) will take on more responsibility for enhanced registration authority, for registering investment dealers, mutual fund dealers, and their representatives, in Manitoba and Saskatchewan.

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As part of efforts to expand access to investment opportunities, regulators in most provinces (except B.C. and Quebec) and the territories are seeking feedback on a proposed exemption. This new rule would allow companies to raise funds from knowledgeable investors who don’t meet the financial criteria for accredited investor status. The comment period closes on January 5, 2026.

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The Canadian Investment Regulatory Organization’s (CIRO) Investor Advisory Panel, (IAP) published its 2024-2025 Annual Report highlighting its work on behalf of Canadian investors and CIRO. Composed of experts from across Canada, the IAP advises CIRO on regulatory policy, priorities, strategic plans, and other initiatives.

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The Canadian Investment Regulatory Organization (CIRO) released its 2025 Annual Report, highlighting progress on integration and its three-year Strategic Plan. Highlights include: new enforcement powers granted in Ontario, Québec passing Bill 92, transferring more powers to CIRO and improving industry harmonization.

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The Canadian Securities Administrators (CSA) have extended the deadline for submitting feedback on a consultation regarding the introduction of binding authority at the Ombudsman for Banking Services and Investments (OBSI). Allowing an additional two weeks for input, the new deadline for comments, is September 29, 2025.

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The Ontario Securities Commission’s (OSC) final rules, establishing a framework to allow the OSC to distribute funds obtained through disgorgement orders to affected investors, came into effect on September 1, 2025. These new rules come as the OSC is increasingly relying on disgorgement for Ontario Securities Act violations.

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CIRO is proposing amendments to the MFD Rules to explicitly include disgorgement provisions, aligning them with existing ID rules. This harmonization will support CIRO’s planned disgorgement distribution program in 2026. Comments are due by September 22, 2025, during the 30-day consultation.

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The Ombudsman for Banking Services and Investments (OBSI) has announced five new commitments to improve how it calculates investor losses from unsuitable sales of illiquid exempt market securities. OBSI aims to make its loss calculation methods clearer, stronger, and more responsive to market changes.

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The Canadian Securities Administrators (CSA) has released its annual Year in Review report, showcasing its ongoing efforts to promote innovation in capital markets while safeguarding investors. Over the past year, the CSA issued 1,011 investor alerts, cautions, and warnings—more than 75% of which were related to crypto assets.

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