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Bulletin | Taking Care of Business Edition | May 2020
The RAQ is back! Plus, this month we report on the OSC’s progress on its burden reduction initiatives, FSRA’s guidance concerning mortgage-based investments during market turbulence, and what registrants can expect from the OSC’s Compliance and Registrant Regulation Branch in the coming months.
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...
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...
Issuers’ Undertakings to ASC Highlight the Importance of Effective Controls to Ensure Compliance with Prospectus Exemptions
On May 26, the Alberta Securities Commission (ASC) published undertakings (Undertakings) from two issuers who agreed to certain controls,...
AUM Law Speaks at PMAC Spring Regulatory and Compliance Webcast
On May 27, the Portfolio Management Association of Canada (PMAC) hosted a virtual regulatory and compliance webcast. AUM Law’s Kevin Cohen...
CSA Extends Deadline to Implement Conflicts-Related Client-Focused Reforms by 6 Months
As we discussed in our October 2019 special bulletin, the Canadian Securities Administrators (CSA) have finalized their client-focused...
CSA and FSRA Extend Timeline for Implementing Changes to Syndicated Mortgages Regime
As we discussed in our March 2019 bulletin and December 2019 bulletin, the Canadian Securities Administrators (CSA) have proposed changes...
Cyber-Security During the COVID-19 Pandemic and Beyond
As we mentioned in last month’s article on business continuity plans (BCPs), the COVID-19 pandemic has brought with it heightened...
Get Ready to Report Suspicious Transactions “As Soon As Practicable”
In July 2019, we reported that the Canadian Government had finalized amendments (Amendments) to regulations made under the Proceeds of...
OSC Revises Certain Registration Processes as Part of Its Burden Reduction Initiative
April 15, the Compliance and Registrant Regulation (CRR) Branch at the Ontario Securities Commission (OSC) emailed registrants to indicate...
Can Our Firm Use Electronic Signatures for Subscription Documents, Investment Management Agreements and Similar Agreements with the Firm’s Clients?
With so many registered firms operating remotely and avoiding in-person meetings with potential clients wherever possible during the...