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Bulletin | Staycation Edition | June 2020
As everyone gets ready for summer, we report on the CSA’s request for feedback on potential changes to the SRO framework, a change in regulatory practice designed to make it easier for client relationship managers to get registered, a significant Federal Court of Appeal ruling on the constitutionality and interpretation of Canada’s Anti-Spam Legislation, the OSC’s plans for the year ahead, and an IOSCO consultation focusing on the use of artificial intelligence by asset managers and market intermediaries. Read about these topics and more in our Staycation edition.
IOSCO Consults on Revised Principles for Outsourcing
On May 28, the International Organization of Securities Commissions (IOSCO) published for comment revised Principles on Outsourcing...
Temporary Relief from Certain Requirements for Registrants and Unregistered Capital Markets Participants Extended
On May 30, the Canadian Securities Administrators (CSA) announced that most member regulators including the Ontario Securities Commission...
IOSCO Consults on Regulatory Measures for Asset Managers’ and Market Intermediaries’ Use of Artificial Intelligence
On June 25, the International Organization of Securities Commissions (IOSCO) published a draft report and proposed guidance (Report)...
OSC Publishes 2020-2021 Statement of Priorities and Its 2019-2020 Report Card
A. Priorities for the Coming Year On June 25, the Ontario Securities Commission (OSC) published its annual Statement of Priorities (SOP)....
Federal Court of Appeal Rules on Constitutionality and Application of Canada’s Anti-Spam Legislation
Earlier this month, the Federal Court of Appeal (Court) dismissed CompuFinder’s appeal of two related compliance and enforcement decisions...
CSA Members Say They’ve Made It Easier to Register Client Relationship Management Specialists
On June 10, the Canadian Securities Administrators (CSA) announced steps, effective immediately, to make it easier for advising...
CSA Consults on Potential Reforms to SRO Framework
On June 25, the Canadian Securities Administrators (CSA) published a consultation paper (Consultation Paper) seeking feedback on whether...
CSA Renews Exemptive Relief from Filing Deadlines for Investment Funds, Other Issuers, Registrants and Certain Other Market Participants
On May 20, the Canadian Securities Administrators (CSA) issued substantially harmonized blanket orders giving investment funds and other...
OSC Issues Progress Report on Its Burden Reduction Initiatives
Last November, we wrote about the Ontario Securities Commission (OSC) report Reducing Regulatory Burden in Ontario’s Capital Markets. On...
OSC Staff Share Compliance Program Updates during PMAC’s Spring Regulatory and Compliance Webcast
During the Spring Regulatory and Compliance Webinar organized by the Portfolio Management Association of Canada (PMAC) on May 27, a member...
FSRA Issues Guidance Concerning Mortgage-Based Investments during Market Disruptions
On May 12, the Financial Services Regulatory Authority of Ontario (FSRA) issued guidance (Guidance) for mortgage administrators...
The RAQ is Back on Track
In March, the Ontario Securities Commission (OSC) announced that due to COVID-19, it was postponing the 2020 Risk Assessment Questionnaire...
IIROC Publishes Its Annual Enforcement Report
On May 11, the Investment Industry Regulatory Organization of Canada (IIROC) published its 2019 Enforcement Report (Report). Although the...
May an associate advising representative work remotely or in a one-person branch office?
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) prohibits an associate...
OSC Takes Enforcement Action against Representative Who Agreed to Serve as Executor for Client’s Will
In January, we published an FAQ discussing the risks that advising representatives face if they accept an appointment as an executor of a...