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Bulletin | Spring Edition | March 2020
In this month’s bulletin, we discuss regulatory compliance issues arising from COVID-19 as well as updating you on other regulatory developments.
You’ve Activated Your Business Continuity Plan. What’s Next?
In light of the COVID-19 outbreak, many registered firms are implementing their business continuity plans (BCPs) and having their...
CSA and OSC Extend Certain Deadlines for Registrants and Investment Funds and Postpone Certain Initiatives
In light of the COVID-19 pandemic, the Canadian Securities Administrators (CSA), including the Ontario Securities Commission (OSC), have...
FINTRAC Signals Flexibility to Reporting Entities Affected by COVID-19
On March 25, FINTRAC issued a notice (Notice) indicating that it is committed to working constructively with businesses (Reporting...
CSA Proposes Rules to Address Financial Exploitation of Vulnerable Investors
Overview: On March 5, the Canadian Securities Administrators (CSA) proposed amendments to National Instrument 31-103 Registration...
IIROC Fines TD Waterhouse $4 Million for Deliberate Non-Compliance with RDI Requirements
On March 23, the Investment Industry Regulatory Organization of Canada (IIROC) released reasons (Reasons) for a hearing panel’s decision...
Corporations Canada Seeks Comments on Potential Regulations for Corporate Registers of Individuals with Significant Control
As we discussed in our January 2019 bulletin, most private corporations organized under the Canada Business Corporations Act (CBCA) are...
No Jail Time for Mr. Tiffin After All, But His Conviction Stands
In 2018, we wrote twice about the saga of Daniel Tiffin, who had appealed his conviction for trading in securities without registration,...
FAQ Corner: In light of the COVID-19 pandemic, what should we be doing with respect to our suitability determination and KYC obligations to clients?
Answer: The pandemic is likely to be a life event for many individual clients, who might experience, among other things, a loss or...
AUM Law’s COVID-19 Response
In light of the continued spread of COVID-19, we want our clients to know that we have business continuity plans in place that enable us...
Is This the Very Model of a Modern SRO?
On February 3, the Mutual Fund Dealers Association (MFDA) released A Proposal for a Modern SRO (Special Report) and an accompanying...
FAQ Corner: What are some things to watch out for when we describe our firm and its representatives in marketing materials or on social media?
Answer: Registrants have an obligation to deal fairly, honestly and in good faith with their clients. Among other things, this means that...
SEC Commissioner Pierce Leapfrogs Her Commission with Proposed Safe Harbour for Token Offerings
Earlier this month, U.S. Securities and Exchange Commissioner Hester Pierce made a speech proposing a time-limited safe harbour for crypto...
Our Client-Focused Reforms in a Nutshell Publication Is Ready
To make your life easier, we have consolidated the articles we’ve written to date on the client-focused reforms (CFRs) to National...
OPC Consults on Regulation of Artificial Intelligence
On January 28, the Office of the Privacy Commission (OPC) published its Proposals for Ensuring Appropriate Regulation of Artificial...
CSA Re-Proposes Rules on Non-GAAP and Other Financial Measures Disclosure
On February 13, the Canadian Securities Administrators (CSA) published a second notice and request for comments (Revised Proposal) on...