Insights
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Bulletin | April Showers Edition | April 2023
Bring a copy of this bulletin to read as a passenger while you try to find a spot to see the Sakura Cherry Blossoms in High Park.
It’s Still Ongoing – OSC Continues with its Conflict of Interest Focused Reviews
In early March, a number of registrants were selected by staff at the Ontario Securities Commission (OSC) to undergo a focused review on...
Improved ESG Disclosure in Scope as CSA Targets Changes to National Instrument 43-101 Standards of Disclosure for Mineral Projects
Canada has a long and storied mining heritage and continues to be a global leader for mineral investment. However, since the last 2011...
Canadian Securities Regulators Reduce Regulatory Burden Related to the Interpretation of the Primary Business Requirements
On April 12, the Canadian Securities Administrators (CSA) published final changes to harmonize the interpretation of the financial...
OSC Finalizes Statement of Priorities – Going Green
In our November bulletin we wrote about the Ontario Securities Commission (OSC) draft Statement of Priorities (SoP), which helps inform...
Save Those Exemption Requests – IIROC Proposes Amendments Respecting the Codification of Certain UMIR Exemptions
The Investment Industry Regulatory Organization of Canada (IIROC) has proposed amendments to codify existing exemptions provided through...
Saving the World One Prospectus at a Time – Proposed Amendments to Implement an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers
On April 7, the Canadian Securities Administrators (CSA) proposed amendments to a number of national instruments to implement an access...
Additional Derivatives Proposals Taking Root
On April 21, the Investment Industry Regulatory Organization of Canada (IIROC) released another version of proposed amendments to its...
Important Reminders: Compliance Checkup – Is Your Investment Management Agreement Compliant?
A friendly reminder to portfolio managers that there are a number of regulatory expectations around investment management agreements. For...
FAQ Corner: Records Retention – Do Firms Need to Keep Documents Forever?
Answer: Most registered firms are aware of the obligation to maintain records to demonstrate compliance with securities laws and...
FAQ Corner: Fixing the Leaks: Common OSC Audit Questions
You just got a formal request from the Ontario Securities Commission (OSC) that they would like to come by for a visit, accompanied by a...
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...