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.
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...
CSA Updates its Review on Disclosure Regarding Women on Boards
Back in November, the Canadian Securities Administrators published CSA Multilateral Staff Notice 58-313 Review of Disclosure Regarding...
European Developments – SDR and SRD
There are two European developments we wanted to bring to your attention, somewhat confusingly referred to as SDR (Settlement Discipline...
FAQ Corner: Does Investing Clients’ Assets Into Crypto Require a Portfolio Manager (PM) to First Update its Business Plan with the Ontario Securities Commission (the OSC)?
Answer: This question arises because OSC Staff have stated their position that a registered firm that plans to establish, manage, advise...
FAQ Corner: Can a Registered Firm Prepare Account Statements and Reports on a “Household” Basis?
Answer: Registered firms sometimes ask us if they can provide account statements and reports on a household basis to families where...
Important Reminders: Reassess Application of “Business Trigger” as Business Activities Change
Trading or advising in securities for a business purpose triggers the requirement to register as a dealer or adviser unless an exemption...
Canadian Legal Lexpert Directory
We would like to congratulate our very own Kim Poster on the achievement of being included in the 2022 Edition of the Canadian Legal...
Osgoode Professional Development
On February 16, Stacey Long and Richard Roskies served as expert instructors on Registration and Investment Fund Considerations for the...