Category: Regulatory Compliance
Apr 30, 2020 | Client-Focused Reforms (CFRs), COVID-19, Regulatory Compliance
As we discussed in our October 2019 special bulletin, the Canadian Securities Administrators (CSA) have finalized their client-focused reforms (CFRs) to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103)....
Apr 30, 2020 | COVID-19, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
As we discussed in our March 2019 bulletin and December 2019 bulletin, the Canadian Securities Administrators (CSA) have proposed changes to the securities regulatory framework affecting participants in syndicated mortgage markets. Last December, the CSA announced...
Apr 30, 2020 | COVID-19, Cyber-security and Data Privacy, Regulatory Compliance
As we mentioned in last month’s article on business continuity plans (BCPs), the COVID-19 pandemic has brought with it heightened cyber-security risks. Now more than ever, registered firms need to maintain robust cyber-security policies and procedures, monitor...
Apr 30, 2020 | Anti-Money Laundering, Regulatory Compliance
In July 2019, we reported that the Canadian Government had finalized amendments (Amendments) to regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA Regulations). The Amendments provided for implementation in phases. The...
Apr 30, 2020 | COVID-19, Regulatory Compliance
April 15, the Compliance and Registrant Regulation (CRR) Branch at the Ontario Securities Commission (OSC) emailed registrants to indicate that it had enhanced and clarified its processes to lift close supervision and strict supervision terms and conditions (T&Cs)...
Apr 30, 2020 | COVID-19, FAQs, Regulatory Compliance
With so many registered firms operating remotely and avoiding in-person meetings with potential clients wherever possible during the COVID-19 pandemic, the question has arisen again whether electronic signatures (e-signatures) are acceptable for various agreements...
Apr 30, 2020 | COVID-19, Regulatory Compliance
On April 17, the Ontario Securities Commission (OSC) announced that it is waiving all late fees that would otherwise accumulate between April 17 and June 1, 2020. The OSC also signalled its willingness to consider ad hoc requests for late fee relief for the pandemic...
Apr 30, 2020 | COVID-19, Regulatory Compliance
This is the time of year when the Ontario Securities Commission (OSC) usually publishes a substantive consultation paper requesting feedback on its proposed statement of priorities (SOP) for the coming fiscal year. On April 30, the OSC announced that, in light of the...
Apr 30, 2020 | Regulatory Compliance
In late March, the Ontario Securities Commission (OSC) submitted to the Minister of Finance amendments to National Instrument 24-101 Institutional Trade Matching and Settlements (NI 24-101) to provide for a three-year moratorium on the trade match exception reporting...
Apr 30, 2020 | COVID-19, News, Regulatory Compliance
As a proud member of the Canadian Association of Alternative Strategies and Assets (CAASA), AUM Law is pleased to contribute to CAASA’s ongoing educational programming. On April 21, our very own Stacey Long contributed her expertise to CAASA’s webinar Marketing Your...
Mar 31, 2020 | COVID-19, Cyber-security and Data Privacy, FAQs, Regulatory Compliance
In light of the COVID-19 outbreak, many registered firms are implementing their business continuity plans (BCPs) and having their employees work from home, except where certain individuals need to access office facilities to ensure continued service to clients. In...
Mar 31, 2020 | COVID-19, Investment Funds, Regulatory Compliance
In light of the COVID-19 pandemic, the Canadian Securities Administrators (CSA), including the Ontario Securities Commission (OSC), have been providing blanket exemptive relief and taking other steps to relieve burdens for market participants. The situation is fluid...
Mar 31, 2020 | Anti-Money Laundering, Corporate Law, COVID-19, Regulatory Compliance
On March 25, FINTRAC issued a notice (Notice) indicating that it is committed to working constructively with businesses (Reporting Entities) subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to minimize the impact of ongoing...
Mar 31, 2020 | Regulatory Compliance
Overview: On March 5, the Canadian Securities Administrators (CSA) proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and the related Companion Policy (NI 31-103CP) to clarify how...
Mar 31, 2020 | Regulatory Compliance
On March 23, the Investment Industry Regulatory Organization of Canada (IIROC) released reasons (Reasons) for a hearing panel’s decision to fine TD Waterhouse Canada Inc. (TDW) $4 million for its failure to include position cost information in its quarterly account...
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