Category: Featured

Bulletin | Victoria Day Edition | May2023

In this bulletin:

  1. RegTech 24/7 – OSC Releases First Report on TestLab
  2. What’s on the AMF’s Agenda this Year? 2023-2024 Annual Statement of Priorities Published
  3. It’s Business Plan Season – FSRA’s Annual Plan
  4. BCSC Annual Report Card Illuminates Issues with Conflicts

In Brief: Not a Fee Holiday – FSRA Consults on Fee Rule Once Again ▪ An Extra Long Weekend – SEDAR+ Filing Extensions Granted ▪ OSC Investor Advisor Panel Report Focuses on Citizen (AKA Investor) Protection ▪ Ensuring Your Audits are Regal – FSRA Releases Proposed Guidance for Mortgage Administrators

Reminders: Training Opportunities – Avoid the Fireworks! ▪ Long Live SEDAR+ Onboarding

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> AUM Law Bulletin | Victoria Day Edition | May 2023

Bulletin | April Showers Edition | April 2023

In this bulletin:

  1. Better Days Ahead: Proposed Amendments Regarding Diversity Disclosure
  2. AMPed for Spring: FSRA Proposes Guidance on Administrative Monetary Penalties
  3. FSRA Proposes Guidance to Cut Down Mortgage Fraud
  4. Three more Sakura Seasons, then Total Cost Reporting will be Required for the Year Ending December 31, 2026
  5. The OSC’s Egg-cellent Final Statement of Priorities

In Brief: New SRO Blossoms With Its New Name ▪ Busy Bees: FSRA Consumer Advisory Panel Annual Report ▪ Sunny CSA Report on SRO Oversight ▪ Time Flies: New SRO Proposes Amendments for T+1 Settlement

FAQ Corner

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> AUM Law Bulletin | April Showers Edition | April 2023

Bulletin | March Break Edition | March 2023

In this bulletin:

  1. Don’t Stay Away too Long – Revised Guidance Published for Issuers Relying on the Offering Memorandum Prospectus Exemption
  2. Watch that Spring Break Behaviour – OSFI Issues Guideline on Culture and Behaviour Risk
  3. Eat, Beach, Sleep, Repeat – New SRO Compliance Priorities Report Repeats Importance of Conflict Documentation
  4. Refreshed and Refocused: Rules Introduced to Support SEDAR+

In Brief: SEDAR+ is Not a Stress Free Zone – Foreign Issuers and Reports of Exempt Distributions ▪ Break’s Over – New OSC Service Commitments ▪ Title Protection Frameworks Ramp Up – No Time for a Breather

BLG’s Resource Corner

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> AUM Law Bulletin | March Break Edition | March 2023

Bulletin | Family Day Edition | February 2023

In this bulletin:

  1. Taking Care of One Another – New SRO Releases Proposal on Distributing Funds to Harmed Investors
  2. Conflicts of Interest Requirements – More Than Once Per Year

In Brief: In Sync – Ontario’s Ownership Transparency Obligations Now in Force ▪ A Holiday for Everyone – Temporary Late Fee Exemptions in Ontario ▪ Additional Information on Offering Memorandum Prospectus Exemptions – Getting Everyone Together ▪ Not Just Another Manic Monday – Cessation of CDOR has Implications for Some Registrants ▪ Promises, Promises – CSA Enhances Requirements for Crypto Asset Trading Platforms ▪ Potential Extension of FINTRAC Requirements to the Mortgage Industry – There’s no Place Like Home

Important Reminders: SEDAR+ Will be Here June 13 – Adding to the Family ▪ Reporting Up – CCO Reports for Many Firms Due Soon

BLG’s Resource Corner

News

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> AUM Law Bulletin | Family Day Edition | February 2023

 

Bulletin | Penguin Awareness Edition | January 2023

In this bulletin:

  1. Changes to Offering Memorandum Prospectus Exemption – Will New Issues be Grounded?
  2. Ontario’s Exempt Market (But Not Penguins) See Continued Growth
  3. FSRA Announces Consultation on Proposed Guidance on IT Risk Management – Filtering Out the Salt
  4. Can’t Stay on an Island – CSA Publishes Amendments Relating to Institutional Trade Matching and Settlement

In Brief: Not All Penguins Are Short: Short Selling in Canada Consultation ▪ Review of IIROC Arbitration Program – No Camouflage ▪ A Little Breathing Room – FSRA Announces Additional Time to Comply with Title Protection Framework in Ontario ▪ All Things Endangered – AMF Proposes DSC Ban for Segregated Funds ▪ Penguins Can’t Complain – AMF Re-Releases Draft Regulation on Complaint Processing

Important Reminders: New Year’s Survey: Investment Fund Managers

BLG’s Resource Corner

News

Click the link to access a PDF of our full, monthly bulletin summarizing these recent developments. >> AUM Law Bulletin | Penguin Awareness Edition | January 2023

 

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