Mar 31, 2023 | Corporate Finance, Regulatory Compliance
Building off of the Office of the Superintendent of Financial Institution’s (OSFI’s) Culture Risk Management Letter published on March 15, 2022 and the ensuing feedback, OSFI has published a draft Culture and Behaviour Risk Guideline (Proposed Guideline) for...
Mar 31, 2023 | Client-Focused Reforms (CFRs), Investment Funds, Regulatory Compliance
On March 20, 2023, the New Self-Regulatory Organization of Canada (New SRO) published its New SRO Compliance Priorities Report for 2022/2023: Helping Firms with Compliance. The report highlights what the New SRO believes are issues and challenges faced by the...
Mar 31, 2023 | Regulatory Compliance
With SEDAR+ set to replace SEDAR on June 13, 2023, the Canadian Securities Administrators (CSA) published two advance notices for the adoption of certain rules which will serve to support the transition. The first notice pertains to the CSA’s repeal and replacement of...
Mar 31, 2023 | Regulatory Compliance
As mentioned above, the Phase 1 rollout of the new SEDAR+ filing system will be launching on June 13, 2023. This phase of the rollout requires numerous filings to be submitted on SEDAR+ after June 13, including by foreign issuers who are required to file a Form...
Mar 31, 2023 | Regulatory Compliance
The Ontario Securities Commission (OSC) published its 2023 Annual Service Commitment Review on March 21, 2023. The OSC has updated its service standards and returned to pre-extension 2021 service timelines and targets for reviewing prospectus filings and applications...
Mar 31, 2023 | Investment Funds, Regulatory Compliance
As summarized way back in our August, 2021 bulletin, the Financial and Consumer Services Commission of New Brunswick (FCNB) has previously consulted on a framework for the protection of titles used by financial professionals in that province. That consultation ended...
Feb 28, 2023 | Investment Funds, Regulatory Compliance
The New Self-Regulatory Organization of Canada (New SRO) released a consultation earlier this month with respect to distributing disgorged funds, entitled the Proposal on Distributing Funds Disgorged and Collected through New SRO Disciplinary Proceedings to Harmed...
Feb 28, 2023 | Client-Focused Reforms (CFRs), Regulatory Compliance
Since the introduction of the new conflict of interest (COI) requirements in June 2021, the Canadian Securities Administrators (CSA) and New Self-Regulatory Organization of Canada (New SRO) have been actively testing how well the industry has adapted to the...
Feb 28, 2023 | Regulatory Compliance
In addition to all of the other records expected to be maintained by registrants, private companies incorporated in Ontario should take note that as of January 1, 2023, it is also now a requirement to keep a register of individuals with significant control or...
Feb 28, 2023 | Regulatory Compliance
The Ontario Securities Commission (OSC) has issued two temporary exemptions from late fees that would otherwise be levied in connection with reporting certain registration information, for filings made between February 13, 2023, and before April 3, 2023. The pithy...
Feb 28, 2023 | Investment Funds, Regulatory Compliance
On February 23, 2023, the Canadian Securities Administrators released Staff Notice 25-309 Matters Relating to Cessation of CDOR and Expected Cessation of Bankers’ Acceptances (the CDOR Staff Notice). The information in the CDOR Staff Notice is helpful to market...
Feb 28, 2023 | Corporate Finance, Corporate Law, Regulatory Compliance
On February 22, 2023, the Canadian Securities Administrators published CSA Staff Notice 21-332 Crypto Asset Trading Platforms: Pre-Registration Undertakings – Changes to Enhance Canadian Investor Protection (the Platform Notice). The Platform Notice impacts crypto...
Feb 28, 2023 | Anti-Money Laundering, Counter-Terrorist Financing, Mortgage and Real Estate Investment Vehicles, News, Regulatory Compliance
Registered dealers and advisers are well versed in the AML requirements contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The federal Department of Finance has recently released proposed amendments to regulations under the Act that...
Feb 28, 2023 | Regulatory Compliance
All issuers that currently file on SEDAR will have to undertake a number of steps to ensure access to the new SEDAR+ system, which the securities regulators refer to as “onboarding.” Information on the CSA’s website suggests that these steps should be completed by...
Feb 28, 2023 | Regulatory Compliance
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations sets out the obligations of a registered firm’s Chief Compliance Officer. The CCO is required to submit an annual report to the firm’s board (or individuals acting in a...
