Insights
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Bulletin | Penguin Awareness Edition | January 2023
Happy new year (and penguin awareness day) to all of our readers! This month in the AUM bulletin we learn about both penguins and the many regulatory updates on the horizon.
A Matter of Time: FSRA Consultation on Licensing Requirements for Mortgage Agents and Brokers
On February 11, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) announced that it is consulting on guidance that...
FSRA Releases New Approach Guidance for Principles – Based Regulation at All Times
The Financial Services Regulatory Authority of Ontario (FSRA) released a draft Approach Guidance (Guidance) which outlines its plans for...
Make Time for IIROC’s Compliance Priorities Report
Earlier in March, the Investment Industry Regulatory Organization of Canada (IIROC) released its 2021/2022 Compliance Priorities Report,...
A Devil of a Time: When the Regulatory “Best Interest” Standard is Not a Fiduciary Standard
At a Glance: Earlier this month, the Ontario Divisional Court decision in Boal v. International Capital Management Inc. provided some...
Keep Calm, Deal With Complaints and Carry On – 2021 Ombudsman for Banking Services and Investments (OBSI) Annual Report: Investment Highlights
On March 15, 2022, OBSI released its annual report for 2021, declaring the year its busiest year on record, with 7,593 consumers reaching...
Watch Your Titles – Approval of FSRA’s Title Protection Regime
As reported in a number of previous AUM Law bulletins, the Financial Services Regulatory Authority of Ontario (FSRA) had released Rule...
Important Reminders: Is It Summer Already? Reminder Regarding Upcoming Deadlines for Reporting “Other Activities”
Think way, way back to our January 2022 bulletin, where we wrote about the final changes to the Outside Business Activities (OBA)...
Important Reminders: Reminder Regarding Timely Preparation and Delivery of Annual CCO Report
If not already completed, firms with a December year end should turn their attention to the required annual report from the Chief...
FAQ Corner: What Are My KYC Update Requirements Post December 31, 2021 under the Client Focused Reforms?
Answer: As set out in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103), as a...
AUM Law Team Member Announcements
We are delighted to welcome Vivek (Vik) Bali as Legal Counsel to AUM Law. Vik’s practice will focus on regulatory compliance. Before...
Everything’s Derivative: Canadian Securities Regulators Adopt Amendments to Derivatives Clearing Rules
On January 27, 2022 the Canadian Securities Administrators (CSA) announced that they are adopting Amendments to National Instrument 94-101...
Now You See Me: New Ownership Transparency Requirements for Private Ontario Corporations
In the Ontario 2021 Fall Economic Statement the Government of Ontario announced its intention to address tax evasion, money laundering and...
Not Just a Status Update: New AML Requirements Applicable to Portfolio Managers and Dealers
As has been widely reported in the media, the Emergency Economic Measures Order under the Emergencies Act (Canada) had immediate...
Cover Me: Recent Proposed Regulatory Reforms to Protect Investors in Insurance Products
As the next group of products under scrutiny by various regulators, insurers and intermediaries should be aware of proposed guidance...
Sweeps, Sweeps and More Sweeps
A number of CSA jurisdictions have begun their promised registrant reviews relating to the client-focused reforms. These jurisdictions...