Category: Regulatory Compliance

Encouraging Dialogue – FSRA’s New Whistle-Blower Program: Enhanced Protection in the Non-Securities Financial Services and Pensions Sectors

Recent amendments to the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act), effective April 29, 2022, marks the Financial Services Regulatory Authority of Ontario’s (FSRA) ongoing efforts to help identify misconduct in the non-securities financial services and pensions sectors. The amendments usher in a new Whistle-Blower Program designed to offer enhanced protection to a whistle-blower’s identity from disclosure, reprisal and liability in civil proceedings, where the person or entity discloses alleged or intended contraventions of certain Acts corresponding to “regulated sectors” under FSRA’s purview. Specifically, the following Acts are now covered:

  • the Credit Unions and Caisses Populaires Act, 2020;
  • the Financial Professionals Title Protection Act, 2019;
  • the Insurance Act;
  • the Loan and Trust Corporations Act;
  • the Mortgage Brokerages, Lenders and Administrators Act, 2006;
  • the Pension Benefits Act; and
  • the Pooled Registered Pension Plans Act, 2015.

To encourage persons or entities to come forward with timely insider information of suspected contraventions, FSRA is required to keep confidential not only the identity of the whistle-blower but also any information or record that may reasonably be expected to reveal their identity.

It is important to note that the Whistle-Blower Program does not only protect employees, but rather any “person or entity” who comes forward in good faith, so long as the associated requirements as set out in the FSRA Act are met. To help ensure anonymity, submissions to FSRA may be made through a whistle-blower’s lawyer.

May 31, 2022

Important Reminders: Modernizing Registration Information Requirements, Clarifying Outside Activity Reporting and Updating Filing Deadlines

A friendly reminder that amendments to legislation clarifying the “Outside Activity” (OA) reporting framework and modernizing registration information requirements will be coming into force on June 6, 2022. These amendments are meant to establish a more efficient registration and oversight process for registrants by simplifying and streamlining certain regulatory requirements. However, in the short-term, firms will need to take certain actions, including updating their policies and procedures in-line with the new requirements. Additionally, most registered and permitted individuals’ existing reporting forms will require updates to be filed by the earlier of (a) the date the individual is next required to notify the regulator of a change to their registration and (b) June 6, 2023.

The Ontario Securities Commission (OSC) recently published an implementation guide to help firms prepare for these changes. The guide touches on: (i) the new framework for reporting activities carried on by individuals outside of their sponsoring firm, (ii) the restrictions on the client base of individuals whose reportable activities are positions of influence over certain clients, (iii) the new requirement to report the business titles and professional designations used by an individual at their sponsoring firm and at each reportable outside activity, (iv) other NRD update obligations, and (v) the new rule to reduce multiple filings of the same information by affiliated registered firms.

AUM Law would be pleased to assist firms to update their policies and procedures in line with the new requirements, as well as assist their individuals to make required updates to their registration forms.

May 31, 2022

Important Reminders: Update Your SEDAR Profile – It’s Crunch Time

As the Canadian Securities Administrators (CSA) continue to work toward SEDAR+ as its new filing portal – now scheduled to be implemented in February 2023 – companies and fund groups with an existing SEDAR profile are asked to ensure that all profile information is up to date in order to ensure a smooth transition. Ideally this would be done by the CSA’s deadline of June 30, 2022. Additional information about SEDAR+, including key project dates and process changes, can be found here. BLG’s senior law clerks expect to be part of the SEDAR+ Pilot Program, so we should have a front seat on how SEDAR+ will improve our world.

May 31, 2022

FAQ Corner: CFR FAQ – The Sequel

Since the enhancements introduced as part of the Client Focused Reforms (CFR) came into force in 2021, the Canadian Securities Administrators (CSA) has been providing the industry with additional guidance by publishing an FAQ with a few updated responses to questions posed by the industry. The latest was released on April 29, 2022, and it provides some clarity to previous responses. The responses below relate to the regulators’ expectations regarding business titles and a few EMD-specific scenarios.

Question: I was appointed as an officer with my firm before CFR came into effect, can I still use my title?

Answer: The answer to this question depends on whether you are responsible for specific duties and functions within the firm that warrants a corporate level title, such as “Director” or “Vice-President”. If the title does not match your specific function within your firm or your level of responsibility, then use of the corporate title is prohibited. The CSA is concerned about public misunderstanding, when the public deals with someone that has a title that doesn’t reflect a registrant’s true role. The CSA have stated in previous communications that the use of titles that do not accurately portray the level of responsibility and the authority a registrant has within their firm could be confusing to the public (i.e., can this person bind the firm legally, or is the person part of the “mind and management” that makes decisions on behalf of the firm?). The CSA has made it clear that it does not matter if the client is sophisticated enough to qualify as a “permitted client” and that the use of a corporate level title that is not consistent with the registrant’s true role is prohibited.

The CSA will pay rapt attention to the titles and designations used by all registrants during their next wave of compliance reviews. To reinforce the importance the CSA has placed on the use of titles and designations, they have also published amendments to NI 33-109, that come into effect June 6, 2022, mandating that all business titles and professional designations used by registrants must be reported via the NRD.

Question: We have a referral arrangement in place with some clients, and they pay fees based on those arrangements. We disclose this to all our clients on our website, isn’t that enough?

No, the CSA expects full transparency. The CSA strongly believes that clients, especially those of a similar size, asset holdings and sophistication, receiving similar products and services should all be charged the same for the products and services provided. If there are referral arrangements or other considerations in place with some clients that reduce the fees those clients pay, then clients that do not benefit from such an arrangement must be made aware of this so that they can make an informed decision about the fees they pay versus the products and services provided to them. Full transparency allows for informed decisions; if the client is not happy, and the situation cannot be resolved in the client’s best interest, then the client can go elsewhere. A firm cannot claim that they have met the standard of care principle by simply disclosing that referral arrangements exist on their website. The CSA expects firms to be able to demonstrate that in carrying out their obligations they are treating all clients in similar circumstances fairly. This should be part of an on-going process whereby clients are duly informed of differing fees and charges in effect. The CSA will be specifically focused on differing fees charged for similar products and services rendered, and firms should be prepared to defend the difference during the next compliance review.

Question: My firm is an EMD, why do I have any suitability obligations when my firm’s interaction with these clients is limited?

No matter the relationship with a non-permitted client, whether it be transactional or an ongoing relationship, at the time that a service is provided (i.e., product or advice) the suitability requirement applies. The CSA believes that suitability cannot be waived simply because the nature of the relationship is brief, i.e., until the transaction closes, or the ink is dry.

Even prior to the April 2022 FAQ release, CSA regulators have always maintained that for transactional relationships, firms should always understand the requirements for each client prior to a trade being executed or a recommendation given. The EMD must know that client and must still gather the required information needed to make an informed suitability assessment of the client’s requirements prior to conducting and concluding the client’s business.

Once the transaction is over, the requirement to keep KYC information current on an annual basis would not apply, unless there is another service provided for that client within that period. Similarly, when it comes to changes to the nature of a product which is the subject of the sale, if product information changes prior or during a transaction, the EMD would be required to report this to the client. However, if the client is strictly a “one time client”, and there is a significant change to the product after the transaction concludes then the EMD would not be obligated to report to the “one-time client” regarding any changes to the product. It is very important to maintain evidence of the client relationship to support the nature of the relationship with the client.

May 31, 2022

BLG’s Resource Corner

Our colleagues at BLG have written the following articles we thought might interest our readers:

For more information, please visit the BLG website.

May 31, 2022

It’s Still Ongoing – OSC Continues with its Conflict of Interest Focused Reviews

In early March, a number of registrants were selected by staff at the Ontario Securities Commission (OSC) to undergo a focused review on their conflict of interest policies and procedures. The OSC is searching for information on how firms have operationalized the amendments introduced through the Client Focused Reforms initiative, the first part of which came into force on June 30, 2021. We plan to keep you updated on guidance and commentary that comes out of this focused review but, in the interim, the information request itself and the questions it contains may provide some helpful guidance in reviewing your own conflicts regime:

  • The OSC is going beyond confirming the existence of policies and procedures concerning conflicts of interest. They are looking for evidence of:
  • employee training;
  • client disclosure; and
  • the creation and maintenance of an inventory/matrix that identify, assess, and address material conflicts.
  • The OSC is specifically requesting information on conflicts that firms previously dealt with through disclosure and, post CFR implementation, now avoid outright. It is possible that the OSC may be looking to collect trend information to develop an industry standard on what conflicts should be avoided. We anticipate that staff will provide disclosure of any such trends in future guidance, and firms should look out for any such information if such guidance is released.
  • The OSC questions appear to focus around the two main thematic conflicts of: i) proprietary conflicts (i.e. selling related products); and ii) compensation arrangements. Firms should be reviewing their approaches to these conflicts to ensure they are robust.

As always, if you wish to better understand the questions contained in the OSC information request or want to generally discuss your conflict of interest compliance regime, please contact your usual lawyer at AUM Law.

April 29, 2022

Canadian Securities Regulators Reduce Regulatory Burden Related to the Interpretation of the Primary Business Requirements

On April 12, the Canadian Securities Administrators (CSA) published final changes to harmonize the interpretation of the financial statement requirements for a long form prospectus, such as in an issuer’s initial public offering. The changes come in the form of amendments to Companion Policy 41-101CP to National Instrument 41-101 General Prospectus Requirements (41-101CP) along with consequential amendments to Companion Policy 51-102CP to National Instrument 51-102 Continuous Disclosure Obligations (51-102CP) (the Changes).

Form 41-101F1 Information Required in a Prospectus (Form 41-101F1) requires an issuer that is not an investment fund to include certain financial statements in its long form prospectus. The required financial statements include the financial statements of the issuer and any business or businesses acquired, or proposed to be acquired, if a reasonable investor reading the prospectus would regard the primary business of the issuer to be the business or business acquired or proposed to be acquired (the Primary Business Requirements). The purpose of the Primary Business Requirements is to provide investors with financial history of the business of the issuer even if the financial history spanned several legal entities over the relevant time period.

The Changes attempt to reduce the regulatory burden on issuers by removing the uncertainty about the interpretation of the Primary Business Requirements.

The CSA previously consulted the industry on this topic and in April 2017 published CSA Consultation Paper 51-404 Consideration for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers. Comment letters received on that consultation were summarized in CSA Staff Notice 51-353. Then on August 12, 2021, the CSA published a Notice and Request for Comment proposing changes to 41-101CP, as we previously wrote about in our August 2021 bulletin. The CSA has not made any material amendments to the changes proposed in 2021.

If you have any questions regarding the Changes or the amendments to 41-101CP or 51-102CP please contact a member of our team.

April 29, 2022

OSC Finalizes Statement of Priorities – Going Green

In our November bulletin we wrote about the Ontario Securities Commission (OSC) draft Statement of Priorities (SoP), which helps inform its business planning for the year ended March 21, 2023. The 2022-2023 SoP has now been finalized, setting out the OSC’s four strategic goals and its priority initiatives for the upcoming fiscal year. As set out in the initial draft, one of the OSC’s goals remains promoting confidence in Ontario’s capital markets, which includes developing a rule setting out climate change-related disclosures for reporting issuers. It is noted in response to comments on the draft SoP that the CSA will continue to focus on these disclosures, with broader environmental factors and other sustainability topics to be considered in the future.

In addition, registrants will be interested to note that priorities under the first goal also include strengthening dispute resolution services for investors (such as OBSI) through policy and oversight activities, and developing a total cost reporting disclosure regime for investors (i.e. CRM 3). The latter proposals are being developed in collaboration with the self-regulatory organizations, the Canadian Council of Insurance Regulators (CCIR), and the regulatory bodies in the CCIR, and impact the disclosure for mutual fund investors and segregated fund holders. It is noted that the focus will be on requirements for dealers and advisers to provide periodic reporting to clients, which shows the total amount of fees (such as management fees) after the initial sale of the investment and is intended to be built up on existing disclosure documents. The approach under the securities and insurance regimes is intended to be as consistent as possible. We will have more to say about these proposals, released on April 28th, shortly.

Other goals in the SoP remain modernizing the regulatory environment, facilitating financial innovation, and strengthening the organizational foundation of the OSC. The SoP goes on to outline the other of the 23 priority areas that the OSC will focus on during the year. Based on comments received on the initial draft, a new priority has been added which addresses how the OSC balances the importance of each of its mandates (to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation and to contribute to the stability of the financial system and the reduction of systemic risk) in its decision-making and other work. In addition, there are new statements regarding more engagement with Indigenous communities and reflecting the spirit of reconciliation within the OSC’s internal culture in response to comments to the effect that Indigenous reconciliation was not specifically mentioned in connection with inclusion, equity and diversity initiatives. The response to comments also notes that the SoP now includes specific actions to engage in consultations, including with Indigenous organizations, as part of the climate-related disclosure rule development process.

Under the goal of modernizing the regulatory environment, the SoP continues to state that the OSC will implement annual surveys of both private and public investment funds about their portfolio exposure to assess relevant systemic risks, focusing on asset classes and leverage information.

The numerous priorities set out in the SoP, together with other regulatory initiatives underway (such as the consideration of the draft Ontario Capital Markets Act, which we also wrote about in our November bulletin, and the operationalization of the changes to the governance and organizational structure of the OSC as set out in the Securities Commission Act, 2021) mean a very busy year ahead for registrants and other market participants.

April 29, 2022

Save Those Exemption Requests – IIROC Proposes Amendments Respecting the Codification of Certain UMIR Exemptions

The Investment Industry Regulatory Organization of Canada (IIROC) has proposed amendments to codify existing exemptions provided through exemptive relief applications that allow IIROC dealer participants to trade listed securities off-marketplace during a statutory resale restriction if a prospectus exemption is available. The participant would have to continue to ensure that trades comply with securities legislation, including any applicable insider reporting requirements. The exemption would not apply to securities that are subject to contractual (i.e. private agreement) resale restrictions. A second codified exemption would also be available to allow trading on a foreign organized market if there is a regulatory halt in Canada because a cease trade order (CTO) is in effect and the specified conditions in the CTO are met. Many of these CTOs require that investors must have acquired the position before the date of the CTO, and they can not be insiders of the issuer. Participants would still be required to determine whether the security is subject to a CTO issued by more than one Canadian jurisdiction, and determine whether or not a specific trade can thus be executed. For both exemptions, IIROC reminds dealers of their record keeping obligations to demonstrate compliance with CSA and IIROC requirements. IIROC notes that these two exemptions accounted for 95.97% of all UMIR exemptions granted by IIROC in 2021, and thus codifying the exemptive relief should reduce the number of UMIR discretionary exemptions sought dramatically. The comment period closes on July 13.

April 29, 2022

Saving the World One Prospectus at a Time – Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers

On April 7, the Canadian Securities Administrators (CSA) proposed amendments to a number of national instruments to implement an access equals delivery model for most types of prospectuses, annual and interim financial statements and related annual and interim MD&A for non-investment fund reporting issuers. The model is intended to be more cost-effective and environmentally friendly for issuers and dealers, particularly with respect to the current requirement to deliver paper copies of prospectuses. It is further noted that the model is more consistent with how investors are increasingly accessing information electronically.

Delivery will generally be deemed to have occurred when an issuer provides access to the document through SEDAR and notifies investors that the document is available through a press release (no press release would be required with respect to the availability of a preliminary prospectus). In British Columbia, it is proposed that an exemption be provided from the delivery requirements in the same circumstances to better deal with the wording in existing BC legislation. A press release would be required to indicate that the applicable document is available electronically and that a paper copy can be obtained on request. The proposals would not apply to rights offerings by way of prospectus or MTN programs or other continuous offerings under a shelf prospectus. The two day right to withdraw from an agreement to purchase securities would be amended to refer to the later of the date that access to the final prospectus (or amendment) has been provided and the date the purchaser has agreed to purchase the securities. The proposals would also require the front page of the prospectus to indicate where the withdrawal right period under the access equals delivery model is explained in detail in the prospectus.

With respect to delivery of financial statements and MD&A, the proposals include references to the current process of obtaining standing instructions from beneficial owners and the interaction of those instructions with an access equals delivery model. At this time, the CSA is not considering expanding the model to other types of documents such as proxy-related materials or take-over bid circulars, which require immediate shareholder action and participation. Comments on the proposal are due by July 6.

April 29, 2022

Additional Derivatives Proposals Taking Root

On April 21, the Investment Industry Regulatory Organization of Canada (IIROC) released another version of proposed amendments to its rules relating to the futures segregation and portability customer protection regime. As noted in our August 2021 bulletin, the changes are required as a result of expected changes to the rules of the Canadian Derivatives Clearing Corporation (CDCC) which themselves are changing to comply with international standards for the protection of clients in the event of a default by a clearing participant. The proposed amendments will make it easier to port client positions and the value of any posted collateral if there is such a default. The purpose of the amendments remains in part to reduce the linkages between a dealer’s futures business and securities business (i.e. which could otherwise force a dealer to use margin from other accounts to post the higher margin required under the new CDCC rules, which are based on a gross customer margin model). This republication aims to clarify the original amendments and increase the likelihood that client positions would be ported in a default situation.

Among other changes, the new proposed amendments would now require a dealer’s client to acknowledge the dealer’s porting disclosure document, which is to include disclosure on the risks, benefits, conditions and requirements of porting futures positions to another dealer member as well as a requirement for a client identification record. The acknowledgement requirement is intended to make clients aware of the need for them to pre-arrange a replacement clearing member. The proposed amendments include draft guidance as an appendix, with guidance on the information to be included in both the disclosure document and client identification record. IIROC is accepting comments on the proposed amendments until May 24, 2022.

IIROC also republished its Proposed Derivatives Rule Modernization, Stage 1 earlier in April. The purpose of the proposed rule changes remains to modernize and simplify IIROC’s derivatives related requirements such that there is a harmonized framework for securities and derivatives, whether they are listed or traded over-the-counter. Most the amendments have not changed from IIROC’s earlier proposal in November 2019, except to reflect updates to other IIROC rules (for example, changes that have been made to reflect the client-focused reforms). A few new changes have been proposed to address suggestions made in comment letters. For example, new risk factors will be added to a dealer’s risk disclosure statement, and dealer members offering order execution only accounts to trade OTC derivatives will now need to disclose the percentage of accounts that were profitable for clients for each of the 4 most recent quarters. In addition, dealer members will have a new requirement to have records indicating they have made an assessment of their clients’ qualifications as a hedger and an institutional client for purposes of the rules relating to derivatives trading. The comment period will end on June 13.

April 29, 2022

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

A friendly reminder to portfolio managers that there are a number of regulatory expectations around investment management agreements. For example, each investment management agreement entered into with a client must be dated, signed in a timely manner by a member of senior management of the firm, contain accurate fees and contain certain baseline content. The agreement should set out the services to be provided, the roles and responsibilities of each party, and address all aspects of the investment advisory process. At minimum, an investment management agreement should usually contain the following:

  • The type of authority the PM has over the client’s assets;
  • A description of how the client’s assets will be held;
  • Any client instructions or restrictions;
  • Who is responsible for proxy voting and insider reporting;
  • A description of how any conflicts of interest impact the services to be provided;
  • A detailed provision for fee arrangements (i.e., calculation of payment, timing of payment, any sliding scales or most favoured nation clauses);
  • A statement that the PM is required to manage assets in accordance with the client’s know-your-client information; and
  • The notice period and process for terminating the agreement.

An investment management agreement is a “living” document. If the understanding or arrangement with a client changes over time (for example if fees change), the agreement should be kept current and amended accordingly. Any schedules to the agreement (explaining a firm’s privacy policy, for example) should also be checked periodically to ensure the client has access to the most recently applicable disclosure.

April 29, 2022

FAQ Corner: Records Retention – Do Firms Need to Keep Documents Forever?

Answer: Most registered firms are aware of the obligation to maintain records to demonstrate compliance with securities laws and anti-money laundering requirements and have policies and procedures to address these requirements. For example, National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations requires a registered firm to keep a record that it is required to keep under securities legislation for 7 years from the date the record is created, in a safe location and in a durable form and in a manner that permits it to be provided to the regulator in a reasonable period of time. FINTRAC regulations generally require registrants to maintain records for at least 5 years. However, once the statutory retention periods have been met, should a firm destroy the documents? What are the implications if a firm wants to retain documentation for longer periods? There are a number of considerations that are relevant to document retention and destruction including the nature of the document, applicable regulatory retention requirements, privacy law considerations (generally, personal information must not be retained longer than necessary), the firm’s operating needs and potential or actual litigation. Firms may wish to give some thought to their processes for destroying physical documents including whether electronic copies will be maintained, the method of destruction (taking care to safeguard personal and confidential information) and maintaining a record of the date and manner of destruction. AUM Law is pleased to assist firms with developing policies and procedures to address matters of records retention and destruction.

April 29, 2022

FAQ Corner: Fixing the Leaks: Common OSC Audit Questions

You just got a formal request from the Ontario Securities Commission (OSC) that they would like to come by for a visit, accompanied by a request for all the inner workings of your firm, what do you do?! First, respond. Second, get ready, any regulatory review will be much smoother if you are prepared. Below are a few frequently asked questions we receive from firms.

Question: Why Me? Why is the OSC Targeting Our Firm?

Answer: The OSC is required to review each registered firm on a regular basis. With more than 1000 registered firms, it is impossible to review all firms each year. To narrow their focus, one technique employed by the OSC is to send out risk assessment questionnaires (RAQ) to the industry, and firms are then risk ranked based on their responses. Selections are then made from each registration category. Registrants can also be subject to a targeted review or “sweep”, specific to an issue/trend in the industry. Over the last three years the OSC has focused their sweeps on issues such as the following: seniors/vulnerable investors, crypto currency use, continuous disclosures, marketing/sales practices, and derivatives use. Registrants could also be selected due to a complaint received, a referral from another regulatory body, or randomly.

Question: What Do They Typically Ask For and Do During a Compliance Review?

Answer: The OSC will send a written notice to the CCO requesting the firm’s Books and Records (lists per registration category are posted on the OSC website), for a specified period. The OSC will schedule a kick-off meeting with senior management. A typical OSC review can take six weeks to conclude (especially if the firm has branch offices) but in our experience can go on for even longer depending on the complexity of the organization. During the review the OSC will want to interview senior management and key employees, assess the firm’s compliance systems, disclosures, internal controls, marketing materials, and all policies and procedures, as well as any outstanding deficiencies noted during a previous review.

Question: What Happens After the Review?

Answer: Once the OSC has completed the assessment portion of the review, they will schedule an exit interview with senior management to go over their preliminary findings. The OSC typically takes about three to five weeks to send their final written report. If they have identified significant deficiencies during their review, they will inform the firm immediately. There will usually be a deficiency report advising the firm of the deficiencies that have to be addressed, and the time within which the firm must either correct and/or correct and send proof of the required changes. If the deficiency is significant (i.e. a material breach of securities law) then OSC staff can take stricter action, such as impose terms and conditions on the firm’s registration or activities, refer the matter to the Enforcement Branch, or even suspend or revoke the registration of the firm or impacted individual.

Question: What Are the Top Deficiencies Identified by the OSC?

While each audit and audit results are unique, firms that require some remediation of their compliance activities could expect at least some of the following deficiencies to be noted on an audit report:

Compliance Systems and Supervision

  • Out of date, or inadequate compliance manuals/policies and procedures;
  • Inadequate disclosures, no or insufficient internal mechanisms to report and address conflicts of interest;
  • Misleading or inaccurate statements in marketing materials and inappropriate sales practices, or materials lacking appropriate approvals from management; and
  • Insufficient oversight over service providers.

Registration and Business Operations

  • Inadequate monitoring for insider trading and early warning reporting (e.g. with respect to personal trading monitoring); and
  • Client confusion regarding services provided by the firm and services provided by a referral agent.

 

Know Your Client (KYC), Know Your Product (KYP) & Suitability

  • Missing or inadequate collection and documentation of KYC information and financial circumstances resulting in the inability to truly assess suitability;
  • Missing proof that client is an accredited investor to qualify for the accredited investor prospectus exemption (if applicable);
  • Missing or incomplete Investment Policy Statement (IPS) or Investment Management Agreement (IMA) or an incomplete suitability assessment;
  • Missing or inadequate relationship disclosure information (RDI); and
  • Missing or inadequate disclosure to clients in respect of referral arrangements.

AUM Law has extensive experience helping firms prepare for and respond to regulatory audits. Please contact your usual lawyer at AUM Law for more information.

April 29, 2022