Category: Client-Focused Reforms (CFRs)
Mar 31, 2022 | Client-Focused Reforms (CFRs), Regulatory Compliance
If not already completed, firms with a December year end should turn their attention to the required annual report from the Chief Compliance Officer. National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations requires that a...
Mar 31, 2022 | Client-Focused Reforms (CFRs), FAQs, Investment Funds, Regulatory Compliance
Answer: As set out in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103), as a registrant you are now required to follow all the new KYC and suitability requirements. Section 13.3(2) of NI 31-103 provides,...
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 | 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...
Jan 31, 2022 | Client-Focused Reforms (CFRs), Corporate Finance, Investment Funds, Regulatory Compliance
Related to OSC Staff Notice 33-753 OSC Consultation on Tied Selling and Other Anti-Competitive Practices in the Capital Markets, on December 7 the Ontario Securities Commission (the OSC) commenced a desk review, also known as the OSC Product Review Sweep (the Sweep),...
Nov 30, 2021 | Client-Focused Reforms (CFRs), Featured, Investment Funds, Regulatory Compliance
In this bulletin: Ontario’s New Draft Capital Markets Act – Topics of Interest to Registrants Déjà vu – Titles, Titles and More Titles – Proposed Amendments to Draft FSRA Guidance In Brief: FSRA Consults on Consumer Advisory Panel ▪ Independent Evaluation of OBSI ▪...
Nov 30, 2021 | Client-Focused Reforms (CFRs), Regulatory Compliance
As previously mentioned in our bulletins, as part of the client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, a new prohibition on misleading communications will apply as of the end of the year....
Sep 30, 2021 | Client-Focused Reforms (CFRs), Investment Funds, Regulatory Compliance
On September 2, 2021, the Ontario Securities Commission (OSC) published its 2021 Annual Report – Promoting Confidence, Fostering Innovation (Report), along with its financial statements for the year ended March 31, 2021 and the accompanying MD&A. The Report...
Sep 30, 2021 | Client-Focused Reforms (CFRs), Regulatory Compliance
On September 13, 2021, the Canadian Securities Administrators (CSA) announced the launch of its newly refreshed website as part of its continued efforts to streamline and enhance the information and resources available to market participants. The website is intended...
Sep 30, 2021 | Client-Focused Reforms (CFRs), FAQs
Answer: While a firm is not required to approve securities that are held in an account as a result of a client-directed trade if they do not otherwise make those securities available to clients, the firm is required to: (a) inform the client of the basis for the...
Aug 31, 2021 | Client-Focused Reforms (CFRs), FAQs
Answer: While some are breathing a (small) sigh of relief as the deadline for complying with the conflict-of-interest provisions of the Client Focused Reforms has passed, it is time to consider how prepared your firm is for the next phase of the CFR amendments, coming...
Aug 31, 2021 | Client-Focused Reforms (CFRs), Regulatory Compliance
On July 15, 2021, the Canadian Securities Administrators (CSA) published final amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that are intended to improve the protection of older and vulnerable...
Aug 31, 2021 | Client-Focused Reforms (CFRs), Investment Funds, Regulatory Compliance
On August 10, 2021, staff of the Compliance and Registrant Regulation (CRR) Branch at the Ontario Securities Commission (OSC) published OSC Staff Notice 33-752 Summary Report for Dealers, Advisers and Investment Fund Managers (Report). The Report provides an overview...
Jun 30, 2021 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
On June 21, both IIROC and the MFDA published proposed guidance regarding suitability that relate to the CSA’s client-focused reforms. IIROC’s Proposed Guidance on Know-your-client and Suitability Determination, applicable to investment dealers and their...
Jun 30, 2021 | Client-Focused Reforms (CFRs), Regulatory Compliance
As the June 30th deadline for the “part one” of the Client Focused Reforms passes us in the rear-view window and we go and enjoy our long weekend, we wanted to highlight some high-level considerations for “part two”. This “part two” mainly deals with the KYC/KYP and...
