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Bulletin | A Pumpkin a Day Keeps the Goblins Away Edition | October 2022
This month, we discuss the recent OSC Annual Report, along with two OSC staff publications – one on registrant regulation and the other on investment fund issues, and we also provide an update on the ongoing CFR conflict sweeps, amongst other regulatory initiatives.
Start-Up Crowdfunding Exemptions are Revved up and Ready to Go
On June 23, the CSA announced the final publication of National Instrument 45-110 Start-Up Crowdfunding Registration and Prospectus...
Changes to AML Rules – Effective on June 1, 2021
On June 1, 2021, amendments to the regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act took effect. The...
Proposed Amendments to Regulatory Functions of the Bourse de Montreal Inc.
Clients who trade derivatives over the Bourse might be interested in proposals released in late May to amend Part 4 of the Rules of the...
AODA’s June 30 Compliance Report Deadline
A friendly reminder that Ontario businesses with 20 or more employees must file a prescribed Accessibility Compliance Report due today,...
Reforms in Even Sharper Focus – IIROC and MFDA Publish Draft CFR Guidance
On June 21, both IIROC and the MFDA published proposed guidance regarding suitability that relate to the CSA’s client-focused reforms....
What Comes Next: KYC, KYP and Suitability
As the June 30th deadline for the “part one” of the Client Focused Reforms passes us in the rear-view window and we go and enjoy our long...
Social Media and Market Manipulation
In case you missed it, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC)...
MFDA’s Initiative on Improving Client Account Transfers – Will CSA Follow Suit?
On June 4, 2021, the Mutual Fund Dealers Association of Canada (MFDA) published Account Transfers – Summary of Comments (Bulletin),...
Outside Business Activities (OBAs) Reporting Reminder
A recent settlement between an Alberta-based registrant and the Investment Industry Regulatory Organization of Canada (IIROC) presents a...
Giving the Green Light to ESG Disclosure – CFA Institute Publishes Draft ESG Disclosure Standards for Investment Products
On May 19, CFA Institute published its Exposure Draft of ESG Disclosure Standards for Investment Products (the Exposure Draft). The draft...
To Promote or Not to Promote – Proposed New Disclosure Requirements in BC
The British Columbia Securities Commission has released for comment Proposed BCI 51-519 Promotional Activity Disclosure Requirements which...
Sixth Year Review of Women on Boards and in Executive Officer Positions
On May 18, 2021, the securities regulatory authorities in Ontario, Manitoba, New Brunswick, Nova Scotia, Quebec and Saskatchewan (the...
Can a Registrant Act as a Trustee, Executor, or Under a POA for a Client? When Are Such Activities Reportable as an OBA?
Answer: Registrants are often asked by their clients, as trusted advisors, to act as their trustee under family trusts, executors under...
How Often Should a Registered Firm Conduct Ongoing Monitoring of Their Clients’ Accounts for the Purposes of Complying with Their Anti-Money Laundering (AML) Requirements?
Answer: While it may be considered industry standard to conduct ongoing monitoring annually, FINTRAC allows registrants to determine the...
Lexology Awards
We are pleased to have been recognized once again by Lexology as the exclusive Legal Influencer for financial services commentary in...