Year: 2019
Dec 24, 2019
In this bulletin:
- Regulatory Highlights of 2019
- Reminder: Investment Funds Have a January 30 Deadline to File Reports of Exempt Distribution
- Syndicated Mortgages Swept up in Regulatory Reform
- 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
Dec 2, 2019
In this bulletin:
- Client-Focused Reforms: A Closer Look at the KYC, KYP and Suitability Provisions
- 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
Nov 19, 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
Oct 31, 2019
In this bulletin:
- OSC Sets Aside Director’s Refusal to Issue Receipt for Bitcoin Fund
- Reminder: OSC Participation Fee Calculation Forms Due by December 2
- Client-Focused Reforms: A Closer Look at the Conflict of Interest Provisions
- ASC Adopts Crowdfunding Blanket Order
- FINRA Publishes Compliance Exams Report
- 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
Oct 9, 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
Sep 30, 2019
In this bulletin:
- CSA Proposes Investment Fund Reforms to Reduce Regulatory Burdens
- Capital Markets Participation Fee Certification Is Getting Easier
- #NeverMind: Privacy Commissioner Decides Not to Change Cross-Border Data Processing Guidelines
- 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
Aug 30, 2019
In this bulletin:
- CRR Publishes Its Annual Report Card on Registrants
- Crypto Kerfuffles Continue
- 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
Jul 31, 2019
In this bulletin:
- Crypto Consultant Falls Afoul of Registration Requirements
- Time to Get “Sirius” about Upcoming Changes to the Syndicated Mortgages Framework
- Canada Finalizes Changes to Its AML Regulations
- OSC Finalizes Its 2019-20 Priorities and Publishes Service Standards and Timelines
- Best Execution (Not): CIM Reaches Settlement with OSC
- Regulators Continue to Focus on Senior Investors: Insights and Guidance from the AMF and OBSI
- BC Firm to Fork over Hard Cash to Settle Case about Misuse of Soft Dollars
- 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
Jun 27, 2019
In this bulletin:
- CSA Publishes Suggested Practices for Engaging with Older or Vulnerable Clients
- CSA Issues 2016-19 Report Card and 2019-2022 Business Plan
- Canadian CEO Penalized for His Company’s CASL Breaches
- Beleave It! Prompt, Remedial Action Can Take Enforcement Action off the Table
- Sec Adopts Final Rules Governing Broker and Adviser Relationships with Investors
- 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
May 31, 2019
In this bulletin:
- Changes to PIPEDA in the Pipeline
- Don’t Stop Believin’ (in the Importance of Filing OBAs on Time)
- NextBlock Settlement Reminds Us That OMs Come in Various Shapes and Sizes
- Privacy Commissioner Consults on Cross-Border Data Flows
- CSA Plans to Integrate and Update Its Regulatory Filing Systems
- 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)
Apr 30, 2019
In this bulletin:
- Navigating the Exempt Market
- Breaking up Shouldn’t Be Hard to Do
- Don’t Trip over the Business Trigger
- MFDA Reports on Targeted Review of Approved Persons’ Books of Business
- The Ontario Budget: Promises, Promises
- 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
Mar 29, 2019
In this bulletin:
- OSC Pushes Forward with Regulatory Burden Reduction Initiative
- OSC Releases Proposed Statement of Priorities
- CSA and IIROC Seek Input on Regulatory Framework for Crypto-Asset Trading Platforms
- CSA Revises Its Proposed Changes to Regulatory Framework for Syndicated Mortgages
- FINTRAC Clarifies Comments Made at OSC Seminar
- 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
Feb 28, 2019
In this bulletin:
- FINTRAC Publishes Guidance on Its Approach to Compliance, Exams and Enforcement
- Reports of Exempt Distribution Involving Fully Managed Accounts Just Got a Bit More Complicated
- Reminder: IFRS 16 Leases May Affect Your Excess Working Capital Calculations
- Don’t Drop the Ball on Fund Amendments
- One Bit. Two Bits. Three Bits. Pop! No Prospectus Receipt for a Bitcoin Fund
- 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
Jan 31, 2019
In this bulletin:
- OSC Consults on Reducing Regulatory Burdens
- SEC Settles Its First Enforcement Actions against Robo-Advisors
- IIROC, the SEC, and FINRA Announce Their Compliance Priorities for 2019
- New Share Register Requirements for Beneficial Owners with “Significant Control” Come into Force for Private CBCA Corporations this June
- FINTRAC Updates Its Guidance on Suspicious Transaction Reports
- 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
