Category: Featured

BLG and AUM Law Expand Investment Management Expertise

Bill Donegan joins AUM Law as senior compliance consultant

Toronto (August 8, 2022) – AUM Law and Borden Ladner Gervais LLP (BLG) are delighted to welcome Bill Donegan to AUM Law as senior compliance consultant.

Bill Donegan is a seasoned lawyer and senior compliance officer with a wealth of experience working within asset management and distribution firms, as well as the Mutual Fund Dealers Association of Canada (MFDA). He has managed large compliance teams and has acted as chief compliance officer for the wealth management arms of major financial institutions in Canada.

“Bill brings AUM Law his unique business and compliance experience along with a deep understanding of the regulatory environment for securities registrants and the challenges and opportunities they face,” said Kevin Cohen, National Leader, AUM Law. “Bringing Bill onboard is a significant step in securing our reputation as a leader in providing legal regulatory compliance services in Canada and growing our annual support plan program.”

BLG’s Investment Management Group is equally excited to welcome Bill to our collective team. Bill is joining AUM Law at a critical juncture for investment management firms – with heightened focus on regulatory compliance and changes in regulatory structure with the pending consolidation of the SROs,” said Prema Thiele, BLG’s National Group Head of Corporate and Capital Markets. “Bill is extremely well-respected across the sector and we are thrilled that he has chosen to join us to help further serve our clients across the country.”

Prior to joining AUM Law, Bill was the Chief Compliance Officer at two major Canadian financial institutions where he oversaw wealth management compliance for both Investment Industry Regulatory Organization of Canada and MFDA channels nationally.

BLG + AUM Law

AUM Law was founded in 2009 with a singular vision and dedicated focus on serving the regulatory compliance needs of registrants in the investment management sector.  Our firm name reinforces our focus, being the commonly used industry acronym for “assets under management”.

AUM Law has been part of BLG since May 2021 and is integrating with BLG’s suite of alternative legal services known as BLG Beyond.

AUM Law provides its registrant clients with annual fixed-fee regulatory compliance support plans and related offerings. It provides registrants with an efficient, innovative approach to help manage their legal and regulatory compliance obligations.

Practical Advice · Efficient Service · Fixed-Fee Plans

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For more information, please contact:

Tamara Costa
National Director, Marketing and Communications
Borden Ladner Gervais LLP
TCosta@blg.com
416.350.2642

 

Bulletin | Star Wars Edition | May 2022

In this bulletin:

  1.  Shining a Spotlight on Fees – Total Cost Reporting is Here
  2.  Kicking Off a New Regime – Application for Recognition of New Self-Regulatory Organization
  3.  Investor Protection Funds in the Limelight – Application for Approval of the New Investor Protection Fund

In Brief: Amendments Relating to the Transition for Québec Mutual Fund Dealers to the New SRO – The Plot Thickens ▪ CSA Staff Notice 25-503 – 2021 CSA Annual Activities Report on the Oversight of Self-Regulatory Organizations and Investor Protection Funds – The Show Must Go On ▪ Encouraging Dialogue – FSRA’s New Whistle-Blower Program: Enhanced Protection in the Non-Securities Financial Services and Pensions Sectors

Important Reminders: Modernizing Registration Information Requirements, Clarifying Outside Activity Reporting and Updating Filing Deadlines ▪ Update Your SEDAR Profile – It’s Crunch Time

FAQ Corner: CFR FAQ – The Sequel

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Star Wars Edition | May 2022

 

Bulletin | Get Ready for Warmer Weather Edition | April 2022

In this bulletin:

  1. A Matter of Time: FSRA Consultation on Licensing Requirements for Mortgage Agents and Brokers
  2. It’s Still Ongoing – OSC Continues with its Conflict of Interest Focused Reviews
  3. Improved ESG Disclosure in Scope as CSA Targets Changes to National Instrument 43-101 Standards of Disclosure for Mineral Projects
  4. Canadian Securities Regulators Reduce Regulatory Burden Related to the Interpretation of the Primary Business Requirements
  5. OSC Finalizes Statement of Priorities – Going Green

In Brief: Save Those Exemption Requests – IIROC Proposes Amendments Respecting the Codification of Certain UMIR Exemptions ▪ Saving the World One Prospectus at a Time – Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers ▪ Additional Derivatives Proposals Taking Root

Important Reminders: Compliance Checkup – Is your Investment Management Agreement Compliant?

FAQ Corner: Records Retention – Do Firms Need to Keep Documents Forever? ▪ Fixing the Leaks: Common OSC Audit Questions

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Get Ready for Warmer Weather Edition | April 2022

 

Bulletin | Daylight Saving Time Debate Edition | March 2022

In this bulletin:

  1. A Matter of Time: FSRA Consultation on Licensing Requirements for Mortgage Agents and Brokers
  2. FSRA Releases New Approach Guidance for Principles – Based Regulation at All Times
  3. Make Time for IIROC’s Compliance Priorities Report
  4. A Devil of a Time: When the Regulatory “Best Interest” Standard is Not a Fiduciary Standard
  5. Keep Calm, Deal With Complaints and Carry On – 2021 Ombudsman for Banking Services and Investments (OBSI) Annual Report: Investment Highlights

In Brief: Watch Your Titles – Approval of FSRA’s Title Protection Regime

Important Reminders: Is It Summer Already? Reminder Regarding Upcoming Deadlines for Reporting “Other Activities” ▪ Reminder Regarding Timely Preparation and Delivery of Annual CCO Report

FAQ Corner: What Are My KYC Update Requirements Post December 31, 2021, under the Client Focused Reforms?

BLG’s Resource Corner

News & Events

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Daylight Saving Time Debate Edition | March 2022

 

Bulletin | Hello February! Why So Short? Edition | February 2022

In this bulletin:

  1. Everything’s Derivative: Canadian Securities Regulators Adopt Amendments to Derivatives Clearing Rules
  2. Now You See Me: New Ownership Transparency Requirements for Private Ontario Corporations
  3. Not Just a Status Update: New AML Requirements Applicable to Portfolio Managers and Dealers
  4. Cover Me: Recent Proposed Regulatory Reforms to Protect Investors in Insurance Products

In Brief: Sweeps, Sweeps and More Sweeps ▪ CSA Updates its Review on Disclosure Regarding Women on Boards ▪ European Developments – SDR and SRD

FAQ Corner: Investing Clients’ Assets Into Crypto ▪ Preparing Account Statements and Reports on a “Household” Basis ▪ Registered Firm Conducting a Suitability Determination at a “Household” Level

Important Reminders: Reassess Application of “Business Trigger” as Business Activities Change

BLG’s Resource Corner

News and Events

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Hello February! Why So Short? Edition | February 2022

 

Bulletin | Snowy January Edition | January 2022

In this bulletin:

  1. Getting More for Less – OSC Proposes Amendments to Fee Rule
  2. Third Time Lucky? The Latest on the CSA’s Derivatives Business Conduct Rule
  3. The CSA Proposes Modernizing Prospectus Filings for Investment Funds
  4. Wrapped, Tied and Tangled – OSC Consultation on Tied Selling and Other Anti-Competitive Practices in the Capital Markets
  5. Chim Cher-ee – OSC Product Review Sweep on the Restriction of Sales of Third-Party Investment Products
  6. My Name Is: Some Slim News on Not-so Shady Titles
  7. Changes to the Outside Business Activities (OBAs) Framework
  8. CSA Publishes Amendments to the Rules on Oversight of Foreign Audit Firms Performing Audits of Canadian Public Issuers

In Brief: CSA Releases New Guidance for Funds on ESG-Related DisclosureNothing to Complain About – Regulators Propose Additional Amendments Regarding Complaint-Handling ProceduresBlowing the Whistle – FCAC Consults on Proposed Whistleblower Guidelines  ▪ CSA’s Proposed Investor Advisory Panel

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Snowy January Edition | January 2022

 

Bulletin | Winter is Here Edition | November 2021

In this bulletin:

  1. Ontario’s New Draft Capital Markets Act – Topics of Interest to Registrants
  2. 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 ▪ Canadian Companies Appointing More Women to Boards and Executive Roles ▪ CFA Institute Creates Voluntary ESG Disclosure Standards for Investment Products▪ Timeline for the New Self-Regulatory Framework ▪ OSC Releases Proposed Statement of Priorities

Important Reminders: Pre-Registration Activities and Titles – Watch those Names ▪ Check Your Titles Prior to Dec 31, 2021 ▪ Capital Markets Participation Fee – December 1 Filing Deadline ▪ Exempt Trade Reports for Funds Due in January – Don’t Delay; Prepare to File Today

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Winter is Here Edition | November 2021

 

Bulletin | Halloween Edition | October 2021

In this bulletin:

  1. Investment Fund Burden Reduction Measures – Not a Trick!
  2. FSRA Publishes 2022-2023 Statement of Priorities for Comment
  3. CSA Proposes Mandatory Climate Change Disclosure

In Brief: Ontario’s New Draft Capital Markets Act ▪ Proposed Amendments to Derivatives Clearing Rules ▪ FCNB/NSSC Consultation on Diversity in the Capital Markets ▪ FSRA’s Draft Innovation Framework ▪ FCAC Consults on New Complaint-Handling Procedures for Banks

Important Reminders: Calculation for Capital Markets Participation Fees Form due December 1, 2021.

BLG’s Resource Corner

News: PMAC AML Training ▪ BLG Webinar November

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Halloween Edition | October 2021

 

Bulletin | Autumn Edition | September 2021

In this bulletin:

  1. OSC Publishes its 2021 Annual Report – What you Need to Know
  2. IIROC Releases Draft Competency Profiles for Directors, Executives, UDPs, CCOs and CFOs
  3. Québec Consults on the Complaint Handling Process
  4. CPAB Consults on its Disclosure of Audit Firm Reviews
  5. A Trusted Contact Person and a POA

In Brief: Canadian Securities Regulators Announce Launch of Refreshed Website ▪ Changes to the Ministry of Finance Requirements for Corporate Dissolutions ▪ NRD Filing Reminders ▪ Minor Amendments to the STCS Guide ▪ FSRA’s Proposed Guidance on Exemption from Mortgage Brokerage License Requirements

FAQ Corner: What Are a Registrant’s Know-Your-Product and Suitability Obligations in Respect of a Client-Directed Trade?

BLG’s Resource Corner

News: PMAC Fall Regulatory and Compliance Webcast – October 21

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Autumn Edition | September 2021

 

Bulletin | Heatwave Edition | August 2021

In this bulletin:

  1. OSC Finalizes 2021-2022 Statement of Priorities
  2. OSC’s CRR Branch Publishes its Annual Report on Registrants
  3. CSA Announces Plans to Create a New Self-Regulatory Organization
  4. Policies and Procedures Change Required – CSA Finalizes Rules Protecting Vulnerable Clients
  5. Consultation on Strengthening Canada’s External Complaint Handling System in Banking
  6. Ontario’s Title Protection Framework – Have Your Say on Fees
  7. Titles, Titles and More Titles: Saskatchewan and New Brunswick Consider Title Protection Regimes
  8. CSA Proposes a New Prospectus Exemption for Canadian-Listed Issuers

In Brief: Has the OSC Asked You for Documents? OSC Publishes Guidance on Enforcement Investigations and Document Production ▪ CDCC and IIROC Propose Amendments Relating to Futures Segregation and Portability ▪ FSRA Proposes Approach Guidance for Publication of Enforcement Proceedings ▪ CSA Proposes Amendments to Guidance for Financial Statements in Long Form Prospectuses

FAQ Corner: What’s Next for the CFRs? CFR Phase II Checklist

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Heatwave Edition | August 2021

 

Bulletin | Summer – We’re Halfway There! Edition | June 2021

In this bulletin:

  1. Giving the Green Light to ESG Disclosure – CFA Institute Publishes Draft ESG Disclosure Standards for Investment Products
  2. Social Media and Market Manipulation
  3. MFDA’s Initiative on Improving Client Account Transfers – Will CSA Follow Suit?
  4. Outside Business Activities (OBAs) Reporting Reminder
  5. What Comes Next: KYC, KYP and Suitability
  6. Reforms in Even Sharper Focus – IIROC and MFDA Publish Draft CFR Guidance

Important Reminders: AODA’s June 30 Compliance Report Deadline

In Brief: Proposed Amendments to Regulatory Functions of the Bourse de Montreal Inc. ▪ Changes to AML Rules – Effective on June 1, 2021 ▪ Start-Up Crowdfunding Exemptions are Revved up and Ready to Go ▪ Hello, Goodbye – CSA Grants Interim Relief for DSC Sales ▪ New Brunswick Proposes Local Rule Impacting Funds in that Province

FAQ Corner: Non-Qualified Syndicated Mortgage Investments (NQSMIs) by FSRA and the OSC, What Should Firms Operating in this Space Keep in Mind? ▪ What Procedures are Required Before My Firm Can Accept Referred Business from a Third-Party? ▪ Does Claiming Compliance with GIPS Standards Require Third-Party Verification?

BLG’s Resource Corner

News

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | Summer – We’re Halfway There! Edition | June 2021

 

Bulletin | To the Future and Beyond Edition | May 2021

In this bulletin:

  1. BLG Transaction – New Beginnings
  2. All Together Now – OSC Joins DSC Ban
  3. Titles, Titles and More Titles – Notice of Changes and Request for Further Comment on Financial Professionals Title Protection Rule

Important Reminders: CFR Requirements Reminder ▪ Investment Fund Managers (IFM) Form Deadlines

In Brief: CSA Proposed Amendments to Designated Benchmarks and Benchmark Administrators ▪ CSA Proposed Amendments to NI 14-101 Definitions and Consequential Amendments ▪ IIROC Seeks Expert Views on Its Proposed IIROC Expert Investor Issues Panel ▪ A Summer for Consideration – CSA Proposes Amendments to Continuous Disclosure Obligations and Semi-Annual Reporting for Venture Issuers ▪ To Promote or Not to Promote – Proposed New Disclosure Requirements in BC ▪ Sixth Year Review of Women on Boards and in Executive Officer Positions

FAQ Corner: Can a Registrant Act as a Trustee, Executor, or Under a POA for a Client? When Are Such Activities Reportable as an OBA? ▪ How Often Should a Registered Firm Conduct Ongoing Monitoring of Their Clients’ Accounts for the Purposes of Complying with Their Anti-Money Laundering (AML) Requirements?

BLG’s Resource Corner: BLG’s Client Focused Reforms Communication Series Surging through 2021 to 2022 and More

News: Lexology Awards ▪ AUM Law Presented at PMAC Conference ▪ AUM Law Speaks at Compliance Officers’ Network

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> Monthly Bulletin | To the Future and Beyond Edition | May 2021