Dec 11, 2020 | Investment Funds, Regulatory Compliance
On December 3, the Canadian Securities Administrators (CSA) published Consultation Paper 25-403 Activist Short Selling “to facilitate discussion” about this activity in Canada. As described by the CSA, activist short selling involves an individual or entity that takes...
Oct 30, 2020 | Corporate Finance, COVID-19
On October 29, the Canadian Securities Administrators (CSA) published their biennial report (Report) on staff reviews of reporting issuers’ continuous disclosure (CD). Although the Report focuses mainly on staff’s findings for the fiscal years ended March 31, 2019 and...
Oct 30, 2020 | News, Nutshell Series
In October 2019, 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...
Oct 9, 2020 | Client-Focused Reforms (CFRs), News, Regulatory Compliance
On September 28, the Canadian Securities Administrators (CSA) published guidance in the form of responses to frequently asked questions (FAQs) about how to interpret and implement the client-focused reforms (CFRs) to National Instrument 31-103 Registration...
Sep 30, 2020 | Investment Funds, Regulatory Compliance
On September 17, the Canadian Securities Administrators (CSA) published final rule amendments (Amendments) to National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105) and certain other instruments to prohibit: The payment of trailing commissions by members...
Sep 30, 2020 | Investment Funds, Regulatory Compliance
On September 18, the Canadian Securities Administrators (CSA) published Staff Notice 81-333 Guidance on Effective Liquidity Risk Management for Investment Funds (Guidance) to help funds develop and maintain an effective liquidity risk management (LRM) framework. The...
Aug 31, 2020 | Corporate Finance, Investment Funds, Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
On August 6, the Canadian Securities Administrators (CSA) published final amendments to national rules affecting the prospectus and registration exemptions for distributions of securities involving syndicated mortgages (National Amendments). In addition, some...
Aug 31, 2020 | Investment Funds, Regulatory Compliance
On August 27, the Canadian Securities Administrators (CSA) published a report on their four-year study of what individual investors think about fees and the performance of their investments and how they interact with their advisors (Report). The study was conducted to...
Aug 31, 2020 | Corporate Finance, Corporate Law
On August 20, the Canadian Securities Administrators (CSA) published final amendments (Amendments) to the business acquisition report (BAR) requirements for non-venture reporting issuers. Currently, such issuers must file a BAR after an acquisition if any of the...
Aug 31, 2020 | Regulatory Compliance
Earlier this month, the Canadian Securities Administrators (CSA) published their first decision registering a crypto asset trading platform under their Regulatory Sandbox program. Wealthsimple Digital Assets Inc. (Wealthsimple) has been granted temporary exemptions...
Aug 31, 2020 | COVID-19, Regulatory Compliance
On August 19, the North American Securities Administrators Association (NASAA) reported on the activities of its COVID-19 Enforcement Task Force (Task Force), which has initiated actions to disrupt 200 schemes intended to profit fraudulently from the pandemic....
