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Bulletin | Get Ready for Warmer Weather Edition | April 2022
In this month’s bulletin, we discuss a number of regulatory developments and OSC activities, including sweeps related to conflicts of interest and its published statement of priorities, proposals regarding the standards of disclosure for mineral projects, various regulatory burden reduction initiatives and more below.
British Columbia Securities Commission to Contact Clients Directly
The British Columbia Securities Commission recently announced that it will be contacting clients more routinely as part of its compliance...
Some Provincial Regulators Say Modernization Task Reforms Could Hurt Harmonization
In response to the recently released report by Ontario’s capital markets modernization taskforce containing 70 plus recommendations...
CSA to Release Recommendations on SRO Framework
In response to the recently released report by Ontario’s capital markets modernization taskforce containing 70 plus recommendations...
FAQ Corner: Are there other regulations for a portfolio manager to think about when determining whether the early warning reporting rules apply to the purchase of securities of a reporting issuer?
Answer: When considering an investment in a reporting issuer, we often get questions on whether the early warning reporting (EWR)...
Outside Activities 2.0: Potential Burden Reduction Comes to Reporting of Registrant Information
On February 4, the Canadian Securities Administrators (CSA) released a number of proposed changes to certain initial and ongoing...
Interview with Richard Roskies regarding Client Focused Reforms and Know-Your-Products Provisions
Richard Roskies, Senior Counsel at AUM Law, recently sat down with Parham Nasseri from InvestorCOM to discuss the Client Focused Reforms...
Harvest Portfolios Group Hits $1bn in AUM
We would like to congratulate Harvest Portfolios Group for breaking through the coveted milestone of $1bn of assets under management...
AUM Law Speaks at PMAC Succession Planning Webcast
On February 4, the Portfolio Management Association of Canada (PMAC) will be hosting a virtual webcast. AUM Law’s Kevin Cohen will...
Regulators Make it Easier for MFDA Reps to Sell Liquid Alt Funds
On January 28, the Canadian Securities Administrators (CSA) issued temporary blanket relief, which is expected to be codified at a later...
OSC Issues “Best Practice Guidance” for Prospectus Filings
In March 2020, The Ontario Securities Commission (OSC) has put in place the option of confidentially pre-filing a prospectus, as part of...
IOSCO Issues Guidance for Dealing with Aggrieved Investors
On January 27, 2021, the International Organization of Securities Commissions (IOSCO) published a report titled "Complaint Handling and...
FAQ Corner: Can a portfolio manager or investment fund that is subject to FATCA/CRS due diligence and reporting obligations rely on a dealer or third-party custodian to conduct these activities on its behalf?
Answer: The FATCA and CRS provisions of the Income Tax Act (Canada) (the “ITA”) and the guidance issued by the Canada Revenue Agency (CRA)...
FAQ Corner: Does a pooled fund that invests in an underlying fund require a custodian for the securities of the underlying fund?
Answer: In June 2018, amendments to the custody requirements in NI 31-103 came into force (the “Custody Amendments”). The Custody...
Reviewing Fund Custodian Arrangements
Investment fund managers that have obtained approval from the Ontario Securities Commission to self-trustee pooled funds and/or exemptive...
FINTRAC Updates its Guidance on Conducting AML Risk Assessments
One of the five core requirements of a registered firm’s anti-money laundering and anti-terrorist financing (AMLTF) compliance program is...