Mar 28, 2024 | Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
On March 6, 2024, the Financial Services Regulatory Authority of Ontario (FSRA) released proposed guidance (Proposed Guidance) outlining FSRA’s interpretation of the licensing suitability requirements and FSRA’s approach to assessing an applicant’s suitability to hold...
Mar 28, 2024 | Anti-Money Laundering, Counter-Terrorist Financing, Regulatory Compliance
On February 24, 2024, the Ministerial Directive on Financial Transactions Associated with Russia (the Directive) took effect. The Directive applies to various entities regulated under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act),...
Mar 28, 2024 | Regulatory Compliance
On March 13, the Canadian Sustainability Standards Board (CSSB) released Canadian Sustainability Disclosure Standards (CSDS) for public consultation. These standards are based on the standards released by the International Sustainability Standards Board (ISSB) last...
Mar 28, 2024 | Canadian Investment Regulatory Organization (CIRO), COVID-19, Regulatory Compliance
Back in the early (and dark) days of the pandemic, we published our April 2020 Bulletin Working From Home Edition. We followed that up with an article in our May 2020 Bulletin titled “May an associate advising representative work remotely or in a one-person branch...
Mar 28, 2024 | Corporate Finance, Investment Funds, Regulatory Compliance
A friendly reminder to registrants of the requirement under Part 12 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to file the firm’s annual audited financial statements with the firm’s principal securities...
Mar 28, 2024 | Regulatory Compliance
In our February bulletin, we wrote about the importance of updating your SEDAR+ profile if the information contained in the profile is inaccurate. Generally, information must be updated no later than 10 days after the date on which the transmitter knew, or reasonably...
Mar 21, 2024 | Regulatory Compliance
In a busy dealer compliance department, it is always difficult to find time to update and maintain dealer policies and procedures, conflict of interest policies or disclosure documentation. We can review and update your policies and disclosures. Reach out to AUM Law...
Mar 8, 2024 | Regulatory Compliance
Securities registrations can be complex and time consuming, especially if experienced staff are not available to manage the process. Outsourcing the registration process is an efficient and cost-effective way to manage registrations. AUM Law’s team can manage your...
Feb 29, 2024 | Regulatory Compliance
In its latest draft Statement of Priorities, the Ontario Securities Commission (OSC) indicated some concerns with advice being provided by order execution only firms, and stated that information shared online may be incomplete, or misleading. In a potentially related...
Feb 29, 2024 | Regulatory Compliance
The System for Electronic Document Analysis and Retrieval (SEDAR+), is the web-based system that is now used to file, disclose, and search for information regarding firms in Canada’s capital markets. SEDAR+ includes extended search capabilities, access to historical...
Feb 29, 2024 | Canadian Investment Regulatory Organization (CIRO), Investment Funds, Regulatory Compliance
In mid-February, the Canadian Investment Regulatory Organization (CIRO) released proposed amendments to the Investment Dealer and Partially Consolidated (IDPC) Rules and IDPC Form 1 with respect to fully paid securities lending and financing arrangements. These...
Feb 29, 2024 | Canadian Investment Regulatory Organization (CIRO), Regulatory Compliance
Regulators are often warning firms about the importance of cyber security readiness and the obligations of registrants to ensure that that there is a documented incident response plan to address cyber security incidents. The Canadian Investment Regulatory Organization...
Feb 29, 2024 | Investment Funds, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
The Systemic Risk Committee (SRC) of the Canadian Securities Administrators (CSA) allows staff to review and monitor systemic and emerging risks in the Canadian capital markets. The SRC recently released its report for the first time, identifying their views of...
Feb 29, 2024 | Regulatory Compliance
One way to spend your time during February’s extra day is considering whether your offering memoranda continue to comply with regulatory requirements. As noted in our bulletin entitled Don’t Stay Away too Long – Revised Guidance Published for Issuers...
Feb 23, 2024 | Anti-Money Laundering, Regulatory Compliance
Securities dealers are subject to Canada’s anti-money laundering (AML) and anti-terrorist financing (ATF) laws. Dealers must identify clients, establish and administer an AML/ATF compliance program, and report certain transactions to FINTRAC. Firms must also identify...
