Archives: Nutshell Types

Bulletin | Year of the Rat Edition | January 2020

In this bulletin:

  1. Client-Focused Reforms: A Closer Look at the Misleading Communications, RDI, Compliance Training and Record-Keeping Rules
  2. IIROC and FINRA Publish Their Compliance Priorities for 2020
  3. Get Ready to RAQ and Roll
  4. IIROC Fines Registered Representative for His Shoulda Woulda Could KYC
  5. ASC Schools Registrants on Compliance with OM Exemption
  6. Like Rats in a Maze: Navigating the Application of Securities Laws to Crypto Assets

FAQ Corner: Can an advising representative act as the executor of an estate on behalf of a client?

In Brief: CSA Consults on Access Equals Delivery Model for Disclosure Documents

News & Events: Lexology Recognizes AUM Law Again for Thought Leadership in Our Publications

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Year of the Rat Edition – January 2020

Bulletin | Winter Wonderland Edition | December 2019

In this bulletin:

  1. Regulatory Highlights of 2019
  2. Reminder: Investment Funds Have a January 30 Deadline to File Reports of Exempt Distribution
  3. Syndicated Mortgages Swept up in Regulatory Reform
  4. OSC Diverges from CSA on Deferred Sales Charge Options

In Brief: CSA to Review Regulatory Framework for IIROC and MFDA  ▪ OSC Publishes 2019 Corporate Finance Branch Report

News & Events: New AUM Law Website Coming in 2020

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Winter Wonderland Edition – December 2019

Bulletin | Times They are A-Changin’ Edition | November 2019

In this bulletin:

  1. Client-Focused Reforms: A Closer Look at the KYC, KYP and Suitability Provisions
  2. OSC Progress Report on Reducing Regulatory Burdens

In Brief: Ontario to Review Securities Act ▪ FSRA Finalizes Its Supervisory Approach to High-Risk Syndicated Mortgages

FAQ Corner: Some of my senior clients have told me that they’ve given a power of attorney over their accounts to one of their children. What are some issues I should keep in mind?

News & Events: AUM Law Team Member Announcement

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Times They are A-Changin’ Edition – November 2019

Special Bulletin | Reminder: OSC Participation Fee Calculation Forms Are Due December 2 | November 2019

As we mentioned in last month’s bulletin, it’s time for Ontario-registered firms, unregistered exempt international dealer/adviser firms, and unregistered investment fund managers to get ready to file their annual participation fee calculations with the Ontario Securities Commission (OSC) by December 2 and pay the prescribed fees by December 31.

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Special Bulletin – Reminder:OSC Participation Fee Calculation Forms Are Due December 2 – November 2019

Bulletin | Boo! | October 2019

In this bulletin:

  1. OSC Sets Aside Director’s Refusal to Issue Receipt for Bitcoin Fund
  2. Reminder: OSC Participation Fee Calculation Forms Due by December 2
  3. Client-Focused Reforms: A Closer Look at the Conflict of Interest Provisions
  4. ASC Adopts Crowdfunding Blanket Order
  5. FINRA Publishes Compliance Exams Report
  6. The Customer’s Kids Aren’t Always Right, According to OBSI

In Brief: IIROC Warns Firms about Limitation of Liability Clauses  ▪ BC Government Proposes Major Changes to the Securities Act

FAQ Corner: When a mutual fund sponsors an educational seminar to be attended by dealing representatives, is it appropriate to promote the event on the firm’s website or LinkedIn page?

News & Events: PMAC Annual Conference – November 13 ▪ AUM Law Team Member Announcement

Click the link to access our bulletin summarizing these recent developments. >>  AUM Law Bulletin – Boo! – October 2019

 

Special Bulletin | Client-Focused Reforms | October 2019

On October 3, the Canadian Securities Administrators (CSA) finalized their client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) (CFRs or Amendments). The CFRs are the most sweeping changes to NI 31-103’s ongoing registrant obligations since the rule was adopted ten years ago. As we discussed in our June 2018 bulletin article on the 2018 proposals (Proposals), these reforms represent a fundamental shift toward a best interest standard, without actually imposing an all-encompassing obligation for registrants to act in the best interests of their client.

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Special Bulletin – Client-Focused Reforms – October 2019

Bulletin | End of Summer Edition | September 2019

In this bulletin:

  1. CSA Proposes Investment Fund Reforms to Reduce Regulatory Burdens
  2. Capital Markets Participation Fee Certification Is Getting Easier
  3. #NeverMind: Privacy Commissioner Decides Not to Change Cross-Border Data Processing Guidelines
  4. RBC and TD Settlements Offer Lessons for All Registrants

In Brief: Raising the BAR Threshold to Reduce Issuer’s Regulatory Burden ▪ FundEX Settlement Reminds Us That It’s All about Control

FAQ Corner: In light of the June 2019 amendments to the regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), can a registrant now use electronic copies of photo identification documents to identify a client under the “dual process” method?

News & Events: NI 31-103 and AUM Law are ten years old!

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – End of Summer Edition – September 2019

Bulletin | Back to School Edition | August 2019

In this bulletin:

  1. CRR Publishes Its Annual Report Card on Registrants
  2. Crypto Kerfuffles Continue
  3. FSRA Focuses on High-Risk Syndicated Mortgages

In Brief: CSA Publishes Guidance on Compliance Consultants  ▪ OSC Publishes Study on Tactics to Improve Fee Disclosure

FAQ Corner: Does an employee who executes trading instructions provided by a registered advising representative have to be registered?

News & Events: PMAC Toronto Regulatory & Compliance Forum – September 19th

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Back to School Edition – August 2019

Bulletin | Dog Days of Summer Edition | July 2019

In this bulletin:

  1. Crypto Consultant Falls Afoul of Registration Requirements
  2. Time to Get “Sirius” about Upcoming Changes to the Syndicated Mortgages Framework
  3. Canada Finalizes Changes to Its AML Regulations
  4. OSC Finalizes Its 2019-20 Priorities and Publishes Service Standards and Timelines
  5. Best Execution (Not): CIM Reaches Settlement with OSC
  6. Regulators Continue to Focus on Senior Investors: Insights and Guidance from the AMF and OBSI
  7. BC Firm to Fork over Hard Cash to Settle Case about Misuse of Soft Dollars
  8. International Derivatives Trading Platforms Take an Expensive Business (Trigger) Trip

In Brief: OSC’s Investor Advisory Panel Says Small/Mass-Market Investors Don’t Get Enough Advice

FAQ Corner: Are EMDs of hedge funds required to conduct annual know-your-client (KYC) updates on the funds’ investors?  ▪ Can an MFDA Member sell private mutual funds?

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Dog Days of Summer Edition – July 2019

Bulletin | Canada Day Edition | June 2019

In this bulletin:

  1. CSA Publishes Suggested Practices for Engaging with Older or Vulnerable Clients
  2. CSA Issues 2016-19 Report Card and 2019-2022 Business Plan
  3. Canadian CEO Penalized for His Company’s CASL Breaches
  4. Beleave It! Prompt, Remedial Action Can Take Enforcement Action off the Table
  5. Sec Adopts Final Rules Governing Broker and Adviser Relationships with Investors
  6. OPC Reframes Its Consultation Paper on Trans-Border Data Flows

In Brief: Stop Presses! OSC Drops Requirement for Pooled Fund Managers to Get Approval to Act as Trustees  ▪ ASC Publishes Checklist for EMD Compliance Manuals

News & Events

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Canada Day Edition – June 2019

Bulletin | Somebody’s Watching me (and You) | May 2019

In this bulletin:

  1. Changes to PIPEDA in the Pipeline
  2. Don’t Stop Believin’ (in the Importance of Filing OBAs on Time)
  3. NextBlock Settlement Reminds Us That OMs Come in Various Shapes and Sizes
  4. Privacy Commissioner Consults on Cross-Border Data Flows
  5. CSA Plans to Integrate and Update Its Regulatory Filing Systems
  6. IIROC Issues Guidance on Soliciting Dealer Arrangements

In Brief: Get Ready for SEDAR Security Enhancements ▪ Canada Amended Its Sanctions Regime – We Say Carry on as Usual ▪ IOSCO Consults on Crypto-Asset Trading Platforms

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Somebody’s Watching Me (and You)

Bulletin | On the Road Again | April 2019

In this bulletin:

  1. Navigating the Exempt Market
  2. Breaking up Shouldn’t Be Hard to Do
  3. Don’t Trip over the Business Trigger
  4. MFDA Reports on Targeted Review of Approved Persons’ Books of Business
  5. The Ontario Budget: Promises, Promises
  6. SEC Compliance Exams Reveal Weak Policies and Procedures for Safeguarding Customer Information

In Brief: So Many Sandboxes – Now It’s TSX’s Turn ▪ SEC Issues No-Action Letter and Publishes Analytical Framework for Digital Assets

FAQ Corner

News & Events

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – On the Road Again – April 2019

Bulletin | The “All Ears” Edition | March 2019

In this bulletin:

  1. OSC Pushes Forward with Regulatory Burden Reduction Initiative
  2. OSC Releases Proposed Statement of Priorities
  3. CSA and IIROC Seek Input on Regulatory Framework for Crypto-Asset Trading Platforms
  4. CSA Revises Its Proposed Changes to Regulatory Framework for Syndicated Mortgages
  5. FINTRAC Clarifies Comments Made at OSC Seminar
  6. CSA Proposes Regulatory Framework for Benchmarks

In Brief: 3iQ Asks OSC to Review Director’s Decision Not to Issue Receipt for Its Bitcoin Fund ▪ IIROC Publishes Results of Consultation on Evolution of Advice in Canada ▪ New OSFI Cyber Security Incident Reporting Guidelines: The Shape of things to Come?

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – The “All Ears” Edition – March 2019

Bulletin | Dr. Seuss Edition | February 2019

In this bulletin:

  1. FINTRAC Publishes Guidance on Its Approach to Compliance, Exams and Enforcement
  2. Reports of Exempt Distribution Involving Fully Managed Accounts Just Got a Bit More Complicated
  3. Reminder: IFRS 16 Leases May Affect Your Excess Working Capital Calculations
  4. Don’t Drop the Ball on Fund Amendments
  5. One Bit. Two Bits. Three Bits. Pop! No Prospectus Receipt for a Bitcoin Fund
  6. CSA Plans to Harmonize and Refine Start-up Crowdfunding Exemption

In Brief: FINTRAC Staff Comments at OSC Seminar Trigger “Thinking and Wondering” about Registrants’ Obligations to Update Client ID Documents  ▪ SEC Proposes to Expand “Test-the-Waters” Reform to All Issuers

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Dr. Seuss Edition – February 2019

Bulletin | Frozen Edition | January 2019

In this bulletin:

  1. OSC Consults on Reducing Regulatory Burdens
  2. SEC Settles Its First Enforcement Actions against Robo-Advisors
  3. IIROC, the SEC, and FINRA Announce Their Compliance Priorities for 2019
  4. New Share Register Requirements for Beneficial Owners with “Significant Control” Come into Force for Private CBCA Corporations this June
  5. FINTRAC Updates Its Guidance on Suspicious Transaction Reports
  6. FINRA Publishes Report on Effective Cyber-Security Practices

In Brief: OSC Invites Ontario Businesses to Participate in Global Launchpad

Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Frozen Edition – January 2019