Feb 28, 2022 | Investment Funds, Regulatory Compliance
On January 27, 2022 the Canadian Securities Administrators (CSA) announced that they are adopting Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and Changes to Companion Policy 94-101 Mandatory Central Counterparty...
Feb 28, 2022 | Anti-Money Laundering, Corporate Finance, Corporate Law
In the Ontario 2021 Fall Economic Statement the Government of Ontario announced its intention to address tax evasion, money laundering and other illicit financial activities through amendments to the Business Corporations Act (Ontario) (the Amendments). The Amendments...
Feb 28, 2022 | Anti-Money Laundering, Economic Sanctions, Regulatory Compliance
As has been widely reported in the media, the Emergency Economic Measures Order under the Emergencies Act (Canada) had immediate consequences for registered firms. While the use of the Act has now ended, orders such as this one are a good reminder that firms must...
Feb 28, 2022 | Investment Funds, Regulatory Compliance
As the next group of products under scrutiny by various regulators, insurers and intermediaries should be aware of proposed guidance recently released by The Canadian Counsel of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations...
Feb 28, 2022 | Client-Focused Reforms (CFRs), Corporate Finance, Investment Funds, Regulatory Compliance
A number of CSA jurisdictions have begun their promised registrant reviews relating to the client-focused reforms. These jurisdictions have sent out very extensive questionnaires relating specifically to the conflicts of interest provisions that came into force at the...
Feb 28, 2022 | Regulatory Compliance
Back in November, the Canadian Securities Administrators published CSA Multilateral Staff Notice 58-313 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (the Report). The Report outlines key findings from a recent review of issuers’...
Feb 28, 2022 | Corporate Finance, Regulatory Compliance
There are two European developments we wanted to bring to your attention, somewhat confusingly referred to as SDR (Settlement Discipline Regime) and SRD II (Shareholder Right Directive). SDR concerns the European Union’s (EU) Central Securities Depositories Regulation...
Feb 28, 2022 | FAQs, Investment Funds, Regulatory Compliance
Answer: This question arises because OSC Staff have stated their position that a registered firm that plans to establish, manage, advise and/or trade in securities of investment funds with portfolios of cryptocurrencies or cryptocurrency assets are required to report...
Feb 28, 2022 | FAQs, Regulatory Compliance
Answer: Registered firms sometimes ask us if they can provide account statements and reports on a household basis to families where multiple family members are clients of the firm. According to regulatory guidance, the answer is a qualified yes, but… registered firms...
Feb 28, 2022 | Client-Focused Reforms (CFRs), FAQs
Answer: The regulatory guidance on this topic is similar to the answer above; registered firms can perform a suitability determination at a household level, but only if they also separately make an account-level suitability determination. In other words, the...
Feb 28, 2022 | Regulatory Compliance
Trading or advising in securities for a business purpose triggers the requirement to register as a dealer or adviser unless an exemption is available. Many of our readers are familiar with the concept of the “business trigger” for registration, which is described in...
Feb 28, 2022 | BLG Resource Corner
Our colleagues at BLG have written the following articles we thought might interest our readers: Reduced Regulatory Burden For Investment Funds and Managers-Progress for 2022 Obligations of Financial Services Providers and Payment Services Providers Under the...
