Category: Investment Funds
Dec 21, 2023 | Investment Funds, Regulatory Compliance
If you haven’t yet turned your mind to your annual exempt trade reports for investment fund issuers, now is the time. As noted in last month’s bulletin, investment funds relying on specified prospectus exemptions under National Instrument 45-106 Prospectus Exemptions...
Nov 30, 2023 | Canadian Investment Regulatory Organization (CIRO), Client-Focused Reforms (CFRs), Investment Funds, Regulatory Compliance
The Ontario Securities Commission (OSC) has released its annual draft Statement of Priorities for 2024-2025 (SoP). There are no less than 16 key priorities set out in the SoP. The priorities we think may be of most relevance to our readers are described below. Assess...
Nov 30, 2023 | Canadian Investment Regulatory Organization (CIRO), Corporate Finance, Corporate Law, Economic Sanctions, Investment Funds, Regulatory Compliance
On October 12, 2023, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) published Staff Notice 31-364 (the Notice) containing their Annual Report (Report) of the Joint Regulators Committee (JRC) which oversees the...
Nov 30, 2023 | Investment Funds, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
On October 10, 2023, the Financial Services Regulatory Authority of Ontario (FSRA) launched a public consultation on its proposed 2024-2025 Statement of Priorities (SoP) and budget. The objective of the consultation is to obtain feedback from stakeholders, including...
Nov 30, 2023 | Investment Funds, Regulatory Compliance
The Ontario Securities Commission (OSC) has proposed amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees in order to charge new fees for (i) restricted dealers and (ii) firms that are permitted to carry on business under terms and...
Nov 30, 2023 | Canadian Investment Regulatory Organization (CIRO), Investment Funds, Regulatory Compliance
The Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA) recently released Staff Notice 23-332 Summary of Comments and Responses to CSA/IIROC Staff Notice 23-329 Short Selling in Canada (the Staff Notice). The Staff...
Nov 30, 2023 | Investment Funds, Regulatory Compliance
It is never too early to think about filing exempt trade reports for investment fund issuers that file on an annual basis. Investment funds that have relied on specified prospectus exemptions under National Instrument 45-106 Prospectus Exemptions, being the accredited...
Oct 31, 2023 | Investment Funds, Regulatory Compliance
The Canadian securities regulators adopted a business conduct rule for derivatives dealers and advisers which will become effective on September 28, 2024 (the rule or MI 93-101). British Columbia intends to adopt substantially similar rules and when they do so, the...
Oct 31, 2023 | Client-Focused Reforms (CFRs), Corporate Finance, Investment Funds, Regulatory Compliance
It appears that the long promised regulatory KYC, KYP and suitability audits have begun. Regulators have started reaching out to conduct focused compliance reviews to ensure compliance with the Client Focused Reform requirements that were enacted in 2021. Considering...
Oct 31, 2023 | Canadian Investment Regulatory Organization (CIRO), Investment Funds, Regulatory Compliance
The Autorité des marchés financiers (AMF) and the government of Quebéc announced the approval of delegation of powers to the Canadian Investment Regulatory Organization (CIRO). As described in our May 2022 bulletin, it had already been contemplated that all mutual...
Oct 31, 2023 | Investment Funds, Regulatory Compliance
Earlier this month on October 5th, the Ontario Securities Commission (OSC) released Rule 33-509 Exemption from Underwriting Conflicts Disclosure Requirements. Provided the rule is approved by the Minister of Finance, it will provide an exemption from the requirement...
Oct 31, 2023 | Corporate Finance, Investment Funds, Regulatory Compliance
The Canadian Securities Administrators (CSA) have indicated they are not immediately moving forward with proposed amendments to modernize the continuous disclosure requirements for non-investment fund reporting issuers. These proposed amendments, published for comment...
Oct 31, 2023 | Investment Funds, Regulatory Compliance
As per our reminder last month, if you are a firm registered in Ontario under the Securities Act or the Commodity Futures Act, or relying on international exemptions from the registration requirements, be sure to file your 2023 fee forms and pay the applicable capital...
Oct 31, 2023 | Investment Funds, News
We would like to congratulate the following AUM Law clients for their outstanding investment performance, which was recognized at the 16th Annual Canadian Hedge Fund Awards IP Asset Management Inc. (AIP Convertible Private Debt Fund LP) Ewing Morris & Co....
Sep 28, 2023 | Client-Focused Reforms (CFRs), Investment Funds, Regulatory Compliance
On September 13, 2023, the Ontario Securities Commission (OSC) published Staff Notice 81-734 Summary Report for Investment Fund and Structured Product Issuers (the IFM Report). The IFM Report provides an overview of the key operational and policy initiatives of the...
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