Category: Regulatory Compliance
May 31, 2021 | News, Regulatory Compliance
We are pleased to have been recognized once again by Lexology as the exclusive Legal Influencer for financial services commentary in Canada for the first quarter of 2021. These awards are designed to recognize law firms that provide subscribers with relevant,...
May 31, 2021 | News, Regulatory Compliance
On May 12, AUM Law’s Chris Tooley participated as a speaker at the Portfolio Management Association of Canada (PMAC) Spring Regulatory & Compliance Webcast on FINTRAC audits and Richard Roskies spoke on the topic of OSC audits. If you are interested in a copy of...
May 31, 2021 | News, Regulatory Compliance
Richard Roskies and Chris Tooley will be participating as panelists at the Compliance Officers’ Network hosted by PMAC and Borden Ladner Gervais (BLG) on various topics related to client focused reforms and AML changes. This event will take place on June 2 for members...
May 31, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
On May 20, the CSA proposed amendments to NI 51-102 Continuous Disclosure Obligations in order to streamline and clarify continuous disclosure requirements for reporting issuers other than investment funds. The proposed amendments would include consolidating the...
May 31, 2021 | Investment Funds, Regulatory Compliance
IIROC is currently seeking input into a proposed framework for its new Expert Investor Issues Panel, including with respect to the panel’s creation, structure, and operation. The panel is intended to enhance IIROC’s current robust investor outreach efforts and help it...
May 31, 2021 | Corporate Finance, Regulatory Compliance
The CSA has proposed certain amendments to the National Instrument which sets out definitions that apply across various other national instruments, including the definition of “Canadian financial institution”, and consequential amendments resulting from the change....
May 31, 2021 | Investment Funds, Regulatory Compliance
Certain of the securities regulatory authorities are proposing changes to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators to provide for a securities regulatory regime for commodity benchmarks and administrators. MI 25-102, which was...
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...
May 31, 2021 | Regulatory Compliance
On May 11, 2021, the Financial Services Regulatory Authority of Ontario (“FSRA”) proposed for a second time Rule 2020-001 Financial Professionals Title Protection under the Financial Professionals Title Protection Act, 2019. As a reminder, FSRA’s title protection...
May 31, 2021 | Investment Funds, News, Regulatory Compliance
On May 7 the Ontario Securities Commission (OSC) announced that it will join in on the ban on deferred sales charge (DSC) sales of mutual funds, which the rest of the Canadian Securities Administrators (CSA) announced in February 2020. The ban is expected to be...
Apr 30, 2021 | News, Regulatory Compliance
In February 2021, FINTRAC updated its guidance on politically exposed persons (PEP) and heads of international organizations (HIO), as well as related guidance for account-based reporting entity sectors, including “securities dealers” (i.e. dealers and advisors). This...
Apr 30, 2021 | Corporate Finance, Corporate Law, Regulatory Compliance
On March 29, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC, and together with the CSA, Regulators) jointly published Staff Notice 21-329 Guidance for Crypto-Asset Trading Platforms: Compliance with...
Apr 30, 2021 | Corporate Finance, Corporate Law, Regulatory Compliance
On March 29, 2021, Bill 22, Red Tape Reduction Implementation Act, 2020, was proclaimed into force in Alberta. As a result, an Alberta corporation will no longer be required to have any Canadian citizens on its board of directors. In addition, director residency...
Apr 30, 2021 | Investment Funds, News, Regulatory Compliance
On March 31, 2021, the Alberta Securities Commission and the Financial and Consumer Affairs Authority of Saskatchewan adopted, on an interim, three-year basis, a new prospectus exemption entitled the Self-Certified Investor Prospectus Exemption, as outlined in...
Apr 30, 2021 | Corporate Finance, Investment Funds, Regulatory Compliance
The Alberta Securities Commission and the Financial and Consumer Affairs Authority of Saskatchewan have proposed a new prospectus exemption to assist small businesses in Alberta and Saskatchewan to raise up to $5 million from investors in those provinces, based on a...