Year: 2017
Dec 21, 2017
In this bulletin:
In Brief: Outside Business Activities: A Few Instances to Remember ● Form 33-109F5 Requirement for Cryptocurrencies ● MiFID II Unbundling Requirements: Impact (or lack thereof) in the Canadian Markets ● Less CASL Hassle ● Update on CCIR Segregated Fund Working Group Position Paper
- For Best Execution, Good May Not Be Good Enough
- A Stern Warning to Registrants Regarding OBSI Obligations
- Cybersecurity: Why Director Involvement is so Important
- Prohibiting Cluster Munitions Act: A Cause for Concern?
- European Privacy Laws are Changing: Do They Apply to Your Firm?
- Re: Marek – Who is Your Client?
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Trees and Triffids – December 2017
Dec 11, 2017
In Canada, National Instrument 45-106 – Prospectus Exemptions (NI 45-106) exempts certain distributions of securities from the prospectus requirements. To rely on many of these exemptions, however, Part 6 of NI 45-106 requires issuers to report prospectus-exempt distributions to every securities regulator where a distribution of securities was made to a resident in that province. Generally, the deadline for issuers to file a completed Form 45-106F1 Report of Exempt Distribution (Form 45-106F1) is ten days after the date of distribution.
Click the link to access our alert summarizing these recent developments. >> Reminder – Investment Funds Have a January 30 Filing Deadline to Report Exempt Distributions
Nov 30, 2017
From Halloween Hangover, to the day honouring our veterans, to the recent testing of intercontinental ballistic missiles in the Asia-pacific region, November has been a roller coaster of a month. Our November regulatory update follows the same vein – from coverage of Ontario’s capital markets to international developments. Here is AUM Law’s take on various developments this past month.
In this bulletin:
In Brief: IOSCO Issues Good Practices for Fund Termination ● Whistleblowing ● New Reporting Obligations Related to Terrorist Financing ● Proposed Changes to Mandatory Central Counterparty Clearing
- OSC Registrant Outreach on Exempt Market Dealers: Key Takeaways
- To be Independent, or not to be Independent?
- Are You Ready to Serve Clients with Diminished Capacity?
- The Chief Compliance Officer: The Compliance Captain that Steers the Ship
- Ontario to Regulate Financial Planners and Strengthen Protection for Investors in Syndicated Mortgages
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – The Roller Coaster! – November 2017
Nov 17, 2017
Ontario-registered firms, unregistered exempt international dealer/adviser firms, and unregistered investment fund managers must file annual participation fee calculations, as prescribed, by December 1. Participation fees are designed to cover the OSC’s costs not easily attributable to specific regulatory activities. For registrant firms or unregistered capital markets participants, the participation fee is based on the firm’s revenues attributable to its capital markets activity in Ontario.
Click the link to access our bulletin summarizing these recent developments. >> Reminder – OSC Annual Participation Fee Calculation Forms and Payment – November 2017
Oct 30, 2017
According to sources like Wikipedia and the Huffington Post, Halloween originated from the Celtic festivals. The word refers to, among other things, the Day of the Dead. As scary as that may sound (and October 31st is quickly approaching), there is nothing scary or unpredictable on this month’s securities update. Here is AUM Law’s take on recent regulatory pronouncements.
In this bulletin:
In Brief: A Quick Update on Federal Government’s Tax Proposal ● Investment Fund
Issuers Filing Annual Reports: Filing Deadline Approaching for New Form 45-106F1 Report of Exempt Distribution ● We can help you put in place a shareholders agreement ● 2017 Capital Market Participation Fees ● OSC Tweets Crypto Currency Policy
- Proposed Changes in Québec: The Financial Sector
- Proposed OSC Rule 72-503 Distributions Outside Canada: Out of Sight, Out of Mind?
- OSC Corporate Finance Branch Report: Key Takeaways
- Issuers with U.S. Marijuana-related Activities: Disclosure
- Be Mindful of Local Exemptions and Requirements
- Heads up Portfolio Advisers: Potential new DRO coming to Canada
- Cybersecurity Regulatory Guidance
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Halloween or as the Celtic say Samhain! – October 2017
Sep 29, 2017
Is it just students? Not quite.
According to the Ontario Ministry of Education, there are approximately two million students across the province that go back to school every September. However, this statistic does not include regulators and their children (the regulations). With the number of proposed changes and regulations contemplated this month, this number could be much higher. Here is AUM Law’s take on them.
In this bulletin:
In Brief: BREAKING NEWS: Ban on Binary Options ● The use of the Words Bank, Banker and Banking: To be continued ● The Importance of a Strong Expense Allocation Policy ● Cryptocurrency: Where do we go from here?
- Charity as a Registrant: Not So Simple
- Levelling the Playing Field or Higher Taxes?
- OSC’s Compliance and Registrant Regulation Branch (CRR) Annual Report: Our Takeaways
- AMF Summary of Oversight and Regulatory Activities: The First of its kind in Quebec
- Mandatory Reporting To Come, But Not Here Yet!
- Cryptocurrency: A ‘Snap’ on Developments
- When it Rains, it Pours: Here are a Set of New Obligations for Registrants
- Pooled Fund-On-Fund Relief: An Update
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – Back to School in Full Gear – September 2017
Sep 8, 2017
On July 18, 2017, the Department of Finance released a consultation paper regarding Tax Planning Using Private Corporations (the Consultation Paper). There are three main areas discussed in the Consultation Paper with respect to taxation of private corporations that we would like to highlight that, if enacted as proposed, may have a significant impact on your Professional Corporation (PC).
Click the link to access our alert summarizing these recent developments. >> Regulatory Alert | Proposed Tax Changes Impacting Professional Corporations
Sep 8, 2017
On July 18, 2017, the Department of Finance released a consultation paper regarding Tax Planning Using Private Corporations (the Consultation Paper). There are three main areas discussed in the Consultation Paper with respect to taxation of private corporations that we would like to highlight that, if enacted as proposed, may have a significant impact on your Medicine Professional Corporation (MPC).
Click the link to access our alert summarizing these recent developments. >> Regulatory Alert | Proposed Tax Changes Impacting MPCs
Sep 8, 2017
Don’t Delay – Create Your Shareholders Agreement Today!
When setting up a corporation, the focus is normally on establishing and growing the business, but it is also important where a corporation has more than one shareholder to have a shareholders agreement to establish a road map that both sets out expectations for management of the business and the relationship between the shareholders, and provides for how changes in circumstances will be dealt with.
It is important to have a shareholders agreement in place even when a corporation is relatively small in size and the shareholders are related, or are good friends.
Regardless of who the other shareholders may be, we have seen numerous situations where friends and family go into business together, the first few years are amicable, but something happens, for example a death of a shareholder, or a disagreement between shareholders over the management and governance of the corporation. Suddenly, the corporation and its shareholders find themselves in litigation, or if not litigation, a complete disturbance of the day to day affairs of the corporation. A well drafted shareholders agreement provides valuable protection and peace of mind for the corporation and its shareholders.
Click the link to access our nutshell summarizing these recent developments. >> Nutshell – The Importance of Shareholders Agreements – September 2017
Jun 30, 2017
The suspense is over – the votes have been tallied and the High Park Zoo’s capybara babies have been named Alex, Geddy and Neil, after legendary rock band and proclaimed AUM Law favorite, Rush. Geddy Lee gave “thanks to all who voted to give us this special honour,” adding “by the way, which one is me? In the picture I saw none of them were wearing glasses.”
The babies’ parents, the infamous capybaras Bonnie and Clyde, became media sensations last May when they escaped the High Park Zoo and evaded capture for weeks, sparking bigfoot-like sightings and searches.
Unfortunately, reporting financial institutions will not be able to escape or evade the new CRS reporting requirements as of July 1st. We will look at this and many other developments in this month’s AUM Law Bulletin.
In this bulletin:
In Brief: OSC Roundtable on Discontinuing Embedded Commissions ● No Contest – Another OSC Settlement ● Final CASL Reminder
- Are You Ready For CRS?
- Changing Expectations of Ontario Securities Commission for Fund-of-Fund Relief
- Reports of Exempt Distribution: Fine Tuning the Fine Print or More?
- What Are the Prohibited Investment Rules?
- Restrictive Covenants in Employment Contracts – How Restrictive is Too Restrictive?
- Quebec Complaint Reporting System filing due July 30, 2017
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – And The Winner Is… – June 2017
Jun 16, 2017
Delay in the Implementation of the CASL Private Right of Action
For the second time in recent days, the implementation of a key (and much hyped) regulatory change has been delayed. On June 7, 2017, the federal government announced it was suspending the implementation of CASL’s private right of action provisions, which were due to come into force on July 1, 2017. As we have mentioned in previous Bulletins, the provisions create a private right of action for individuals alleging they have been affected by a CASL contravention, with the possibility of class actions a particular concern.
Click the link to access our bulletin summarizing these recent developments. >> Regulatory Alert – Postponing the Inevitable or Second Thoughts.
Jun 1, 2017
Did you know….Clint Eastwood was born on this day in 1930? Though Eastwood’s recent career has been characterized by “get off my lawn” rants, in the 60’s he was the break-out star of Sergio Leone’s spaghetti westerns, particularly the cult classic The Good, The Bad and the Ugly.
The Good, the Bad and the Ugly could also characterize the results of recent regulatory compliance sweeps, as demonstrated by the CSA’s recent Staff Notice 31-350 and the ASC’s recent EMD review. We will discuss this and much more in this month’s AUM Bulletin. We hope it makes your day.
In this bulletin:
In Brief: Common Reporting Standard ● T+2 Is Upon Us ● AML Alert ● Attention Cayman Master-Feeder Fund Structures!
- Compliance Sweeps Reveal Room for Improvement
- No Love for the BIS
- Border Patrol – Privacy Edition
- Canada’s Anti-Spam Legislation (CASL): Crystalize Your Consent
- Are Key Changes to Ontario’s Employment Law Regime Coming Down the Pipe?
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin – The Good, the Bad and the Non-Compliant – May 2017
May 1, 2017
Happy Ed Balls Day!
On this day in 2011, former British MP Ed Balls accidentally tweeted his own name while shopping for the ingredients for his famous 12 hour pulled pork recipe. Twitter exploded, with hundreds of people re-tweeting his mistake, making Ed Balls an instant viral sensation. To add insult to injury, Ed did not delete the tweet once he realized his mistake, as he “did not know you could”. Today marks the 6th anniversary of Ed Balls Day, with festivities including countless memes from our friends across the pond as well as a commemorative “Ed Balls” tweet from the man himself at 4:20 BST.
While Ed Balls’ misfire ultimately ended on a high note, Canadian businesses who fail to think before they hit send may not find their resulting situation too funny. With the private right of action for CASL violations coming into force on July 1st, a solid CASL Compliance Program is more important than ever. We will explore this and much more in this month’s AUM Law Bulletin.
In this bulletin:
In Brief: U.S. Regulatory Sanctions Now Consider Victims’ Vulnerability ● Greater Cybersecurity Co-operation Recommended by the CSA ● New Procedural Rules and Guidelines Proposed by the OSC
- The CASL Clock is Ticking
- The Ontario Budget and Financial Sector Scrutiny – Syndicated Mortgages, Best Interest Standard and Much More…
- CSA Publishes Proposed Business Conduct Rules for Derivatives Dealers and Advisers
- CSA Proposes Binary Options Trading Ban
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin Think Before You Press Send April 2017
Mar 31, 2017
Did you know… Cult icon Christopher Walken was born on this day in 1943? Known for his diverse range of roles in classics such as Pulp Fiction and The Deer Hunter, perhaps Walken’s most famous role remains record producer Bruce Dickinson in SNL’s VH1 “More Cowbell” skit. Continuing with the musical theme, Walken famously danced his way through the iconic Weapon of Choice music video, which VH1 anointed Best Video of All Time.
In this month’s Bulletin we will explore the OSC’s current “weapon of choice”, or no contest settlements. We will also take a look at the OSC’s Statement of Priorities, highlights from the 2017 Federal Budget, and much more!
In this bulletin:
In Brief: OBSI’s Expanding Powers and Increasing Complaints ● Climate Change on the CSA’s Agenda ● Blockchain-Based Models May Trigger Registration Requirements
- OSC No-Contest Settlements: To Settle or Not to Settle
- 2017 Federal Budget and Mutual Fund Corporations
- Waverley – The Long Awaited Commission Decision
- OSC Releases its Draft Statement of Priorities
- New Compliance Guidance for CRS and FATCA
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin Weapon of Choice March 2017
Feb 28, 2017
Earlier this month, Prime Minister Justin Trudeau bested President Donald Trump in an epic contest of wills (and arm strength) in the handshake that was seen around the world. After Japanese Prime Minister Shinzo Abe and US Supreme Court nominee Neil Gorsuch were thoroughly unprepared for (and possibly injured by) Trump’s bizarre handshake style, Trudeau held his own in what has been heralded as one of the biggest displays of dominance in Canadian history.
Though we don’t have anything this dramatic to offer in this month’s Bulletin, we do hope you will find it illuminating in any event!
In this bulletin:
In Brief: Hefty FINTRAC Penalty Target Revealed ● CRM2 Investor Website
- Annual CSA Enforcement Report – No Contest
- MFDA 2016 Year in Review – Out with the Old and In with the New
- New OSFI Deadline for Margin Requirements
- Transacting in the Exempt Market?
- Working From Home – Not Always a Casual Affair
- CSA’s New Regulatory Sandbox
Frequently Asked Questions
News & Events
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Bulletin All Shook Up February 2017
