Jun 30, 2023 | Anti-Money Laundering, Economic Sanctions, Regulatory Compliance
The Department of Finance Canada released a sweeping consultation paper with respect to Canada’s anti-money laundering and anti-terrorist financing regime (AML/ATF regime), including potential changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing...
Jun 30, 2023 | Canadian Investment Regulatory Organization (CIRO), Investment Funds, Regulatory Compliance
On June 13, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR), with the participation of the Canadian Investment Regulatory Organization (CIRO), discussed the formation of an implementation committee for the new total...
Apr 28, 2023 | Investment Funds, Regulatory Compliance
On April 20, 2023, the securities and insurance regulators announced final changes to total cost reporting (TCR) disclosure for investment funds and individual segregated fund contracts. The changes for the securities sector are through amendments to National...
Mar 31, 2023 | Corporate Finance, Regulatory Compliance
Building off of the Office of the Superintendent of Financial Institution’s (OSFI’s) Culture Risk Management Letter published on March 15, 2022 and the ensuing feedback, OSFI has published a draft Culture and Behaviour Risk Guideline (Proposed Guideline) for...
Jan 31, 2023 | Investment Funds, Regulatory Compliance
The Canadian Securities Administrators (CSA) recently published for comment proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101). The proposed amendments would allow for the shortening of the standard settlement...
Oct 31, 2022 | Investment Funds, Regulatory Compliance
On October 14, 2022, the Compliance and Registrant Regulation (CRR) Branch of the Ontario Securities Commission (OSC) published its annual summary report in OSC Staff Notice 33-754 Summary Report for Dealers, Advisers and Investment Fund Managers (the Report). The...
Oct 31, 2022 | Investment Funds, Regulatory Compliance
In early October, the Canadian Securities Administrators (CSA) announced the development of a proposal for public comment which would provide the Ombudsman for Banking Services and Investments (OBSI) with binding authority. Currently, all registered advisers and...
Aug 17, 2022 | Corporate Finance, Cyber-security and Data Privacy, Regulatory Compliance
The Office of the Superintendent of Financial Institutions (OSFI) has released its final Guideline B-13 Technology and Cyber Risk Management, which sets out OSFI’s expectations for federally regulated financial institutions (FRFIs) with respect to how they should...
May 31, 2022 | Investment Funds, Regulatory Compliance
As noted in our April bulletin, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) released proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI...
Apr 29, 2022 | Investment Funds, Regulatory Compliance
Canada has a long and storied mining heritage and continues to be a global leader for mineral investment. However, since the last 2011 amendment to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) (the governing set of rules on the...
Apr 29, 2022 | Investment Funds, Regulatory Compliance
In our November bulletin we wrote about the Ontario Securities Commission (OSC) draft Statement of Priorities (SoP), which helps inform its business planning for the year ended March 21, 2023. The 2022-2023 SoP has now been finalized, setting out the OSC’s four...
Mar 31, 2022 | Client-Focused Reforms (CFRs), Regulatory Compliance
If not already completed, firms with a December year end should turn their attention to the required annual report from the Chief Compliance Officer. National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations requires that a...
