Feb 28, 2023 | Regulatory Compliance
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations sets out the obligations of a registered firm’s Chief Compliance Officer. The CCO is required to submit an annual report to the firm’s board (or individuals acting in a...
Oct 31, 2022 | Investment Funds, Regulatory Compliance
Registrants should be mindful of an uptick in regulatory scrutiny relating to conflicts of interest, as we first noted in our June 2022 bulletin here. As a reminder, the Client Focused Reforms (CFRs) pursuant to National Instrument 31-103 Registration Requirements,...
Jun 30, 2022 | Client-Focused Reforms (CFRs), Regulatory Compliance
Identifying OAs: Regulators have been busy with the implementation of the client focused reforms (CFRs) and the recent amendments to National Instrument 33-109 Registration Information (NI 33-109) and National Instrument 31-103 Registration Requirements, Exemptions...
Jun 30, 2022 | Regulatory Compliance
What would happen to your firm and clients in the event your registered individuals are no longer able to perform their registerable duties? That is a question that is top of mind for regulators and one which staff is likely to ask about in the course of a regulatory...
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 | FAQs, Regulatory Compliance
Answer: Most registered firms are aware of the obligation to maintain records to demonstrate compliance with securities laws and anti-money laundering requirements and have policies and procedures to address these requirements. For example, National Instrument 31-103...
Mar 31, 2022 | Regulatory Compliance
Think way, way back to our January 2022 bulletin, where we wrote about the final changes to the Outside Business Activities (OBA) framework, effective as of June 6, 2022. Two months have just flown by, and so will the time between now and June. The amendments to...
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...
Mar 31, 2022 | Client-Focused Reforms (CFRs), FAQs, Investment Funds, Regulatory Compliance
Answer: As set out in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103), as a registrant you are now required to follow all the new KYC and suitability requirements. Section 13.3(2) of NI 31-103 provides,...
Feb 28, 2022 | Regulatory Compliance
Trading or advising in securities for a business purpose triggers the requirement to register as a dealer or adviser unless an exemption is available. Many of our readers are familiar with the concept of the “business trigger” for registration, which is described in...
Jan 31, 2022 | Investment Funds, Regulatory Compliance
On January 20, the Canadian Securities Administrators (the CSA) published CSA Notice and Third Request for Comments on Derivatives Business Conduct (the Notice), the CSA’s draft publication setting out rules intended to better protect OTC derivatives market...
Jan 31, 2022 | Regulatory Compliance
As reported in our November 2021 Bulletin, the CSA’s rules on titles for registered individuals who interact with clients changed effective December 31, 2021 as part of the client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and...
