Category: Client-Focused Reforms (CFRs)
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...
May 31, 2021 | Client-Focused Reforms (CFRs), Corporate Finance, FAQs, Regulatory Compliance
Answer: Registrants are often asked by their clients, as trusted advisors, to act as their trustee under family trusts, executors under their will or as powers of attorney. The potential issue with accepting any of these roles for a registrant is that they may present...
May 31, 2021 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
A number of new regulatory requirements regarding conflicts of interest, including referral arrangements, come into effect on June 30. These requirements are part of the Client Focused Reforms initiative and require new internal processes and disclosure to clients. If...
Feb 26, 2021 | Client-Focused Reforms (CFRs), Regulatory Compliance
Richard Roskies, Senior Counsel at AUM Law, recently sat down with Parham Nasseri from InvestorCOM to discuss the Client Focused Reforms and practical approaches for investment dealers and advisors to meet their KYP obligations. Parham: What are your thoughts on how...
Jan 29, 2021 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
On September 28, the Canadian Securities Administrators (CSA) published guidance in the form of responses to frequently asked questions (FAQs) about how to interpret and implement the client-focused reforms (CFRs) to National Instrument 31-103 Registration...
Dec 11, 2020 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
As a proud member of the Canadian Association of Alternative Strategies and Assets (CAASA), AUM Law is pleased to contribute to CAASA’s ongoing educational programming. On November 23, our very own Jason Streicher contributed his expertise to CAASA’s webinar Client...
Dec 11, 2020 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
The Mutual Fund Dealers Association of Canada (MFDA) and the Investment Industry Regulatory Organization of Canada (IIROC) have both published a set of proposed changes to self-regulatory rules designed to conform to the provisions of the Canadian Securities...