Dec 3, 2014
The Foreign Account Tax Compliance Act (FATCA) is a complex reporting and withholding regime enacted by the U.S. government in March 2010. It is expected to become operational on July 1, 2014.
FATCA was designed to combat tax evasion by U.S. taxpayers holding assets through non-U.S. financial institutions. Under FATCA, non-U.S. financial institutions around the world, including Canadian financial institutions (Canadian FIs), could be subject to a 30% withholding tax on certain U.S. source payments (including interest and dividends) made to/paid by the non-U.S. financial institution, unless certain account verification, due diligence, registration and reporting requirements are complied with.
Click the link to access our bulletin summarizing the requirements. >> AUM Law Bulletin Skinny on FATCA May 2014
Dec 3, 2014
The following regulatory developments will be of interest to you in Q4:
- Important Changes Coming to NI 31-103 in January 2015
- Fund Manager Expense Allocation Practices Increasingly Under Scrutiny
- Late Fee “Traps”
- CRM-2: Additional Account Statements, Position Cost Information and Valuation of Securities
Click the link to access our bulletin summarizing these developments. >> AUM Law Bulletin – Four Things You Need to Know About Compliance in Q4 – November 2014
Dec 3, 2014
On June 19, 2014, the Canadian Securities Administrators (CSA), as part of their Modernization of Investment Fund Product Regulation Project (the Modernization Project), published the final amendments (collectively, the
Amendments) to the following:
– National Instrument 81-102 – Mutual Funds (NI 81-102)
– National Instrument 81-106 – Investment Fund Continuous Disclosure (NI 81-106)
– National Instrument 81-101 – Mutual Fund Prospectus Disclosure (NI 81-101)
– National Instrument 41-101 – General Prospectus Requirements (NI 41-101)
– the corresponding companion policies
The Amendments came into force on September 22, 2014.
Click the link to access our summary of certain key changes pursuant to the Amendments. > > AUM Law In Summary Modernization of Investment Funds October 2014
Cliquez ici pour la version française. >> Changement de régime: La modernisation de la règlementation des fonds d’investissement se poursuit
Oct 3, 2014
The most recent amendments to the OSC Rule 91-507 – Trade Repositories and Derivatives Data Reporting (the TR Rule) came into force on September 9, 2014. The obligations to report all over-the-counter derivative transactions involving a local counterparty to a designated trade repository in Ontario under the TR Rule become effective for dealers and clearing agencies as of October 31, 2014, and for all other counterparties as of June 30, 2015.
Click the link to access our nutshell summarizing these amendments. > > AUM Law In a Nutshell Derivatives Trade Reporting October 2014
Cliquez ici pour la version française. >> Déclaration des transactions de produits dérivés
Jun 13, 2014
Effective August 1, 2014, all registered dealers and advisers (outside of Québec) will be required to use the Ombudsman for Banking Services and Investments (OBSI) as their independent dispute resolution services provider.
Click the link to access our nutshell outlining the important dates and recommended next steps. > > Nutshell Dispute Resolution EN May 30, 2014 (00052175)
Cliquez ici pour la version française. >> Exigences en matière de services de règlement des différends pour les courtiers et conseillers
Jun 11, 2014
Canada’s Anti-Spam Legislation (CASL) came into effect on July 1, 2014. CASL applies to all electronic communications sent with a commercial purpose (commercial electronic messages, or CEM) from Canada or accessed in Canada. As a result, many everyday activities such as sending emails or e-newsletters to clients are subject to the new legislation.
Click the link to access our nutshell summarizing the requirements imposed by CASL. > > AUM Law In a Nutshell CASL August 2014
Cliquez ici pour la version française. >> Législation Canadienne Anti-Pourriel
May 28, 2014
In this issue, we discuss key questions about CRM2, explain its purpose and provide a timeline of key reporting dates.
Click the link to access this nutshell. > > Nutshell CRM-2 Cost Disclosure and Performance Reporting, January 2014
Cliquez ici pour la version française. >> MRC2 : Divulgation des coûts et rapport sur le rendement
May 28, 2014
The Canadian Securities Administrators (CSA) – including the Ontario Securities Commission – are developing rules to regulate over-the-counter derivatives markets in Canada.
In April 2013, the CSA published Consultation Paper 91- 407 Derivatives: Registration, which outlined the CSA’s proposal for the registration of derivatives market participants. Although the proposed derivatives registration regime appears similar to the current securities registration regime, some important differences are noted in this issue.
Click the link to access our nutshell summarizing these rules. > > Nutshell Derivatives Registration January 2014 (00042950)
Cliquez ici pour la version française. >> L’inscription en dérivés