Category: Regulatory Compliance
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 | Cyber-security and Data Privacy, Regulatory Compliance
This month, the Ontario Securities Commission (OSC) in collaboration with Ernst & Young LLP published its first report (the Report) on the adoption and use of artificial intelligence (AI) in Ontario’s capital markets. The Report canvasses the ways AI is currently...
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 | Economic Sanctions, Regulatory Compliance
The Ministry of Finance in Ontario (Ministry) released a consultation last month that would impact the time the public is afforded to comment on proposed rules released by either the Ontario Securities Commission (OSC) or the Financial Services Regulatory Authority of...
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...
Nov 30, 2023 | Events, News, Regulatory Compliance
Don’t change that dial; on November 30 AUM Law’s Chris Tooley participated as a speaker for the third year in a row at the Anti-Money Laundering and Anti-Terrorist Financing Training Session hosted by PMAC. Chris covered core concepts around money laundering and...
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 | Anti-Money Laundering, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
As noted in our June, 2023 bulletin article, the Department of Finance Canada is considering sweeping amendments to Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF regime) primarily contained in the Proceeds of Crime (Money Laundering) and...
Oct 31, 2023 | Regulatory Compliance
On October 5, 2023, the Canadian Securities Administrators (CSA) released CSA Multilateral Staff Notice 58-316 (the Notice) – their ninth notice summarizing the responses provided by issuers obligated to disclose information relating to women on boards and in...
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 | Regulatory Compliance
After many consultations and years of discussion, it was announced by the Deputy Prime Minister and Minister of Finance on October 17 that the Ombudsman for Banking Services and Investments (OBSI) would be the single external complaints body for banking effective...
