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...
Sep 30, 2020 | Mortgage and Real Estate Investment Vehicles, Regulatory Compliance
As readers of our bulletin know, the Financial Services Regulatory Authority of Ontario (FSRA) is a relatively new regulatory agency that, in 2019, took over regulatory oversight of mortgage brokers and administrators from the Financial Services Commission of Ontario....
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 | Regulatory Compliance
On August 13, the Financial Services Regulatory Authority of Ontario (FSRA) published for comment Proposed Rule [2020-001] Financial Professional Title Protection (Rule), which will require individuals who use either the financial advisor (FA) or financial planner...
Aug 31, 2020 | Cyber-security and Data Privacy, Regulatory Compliance
On August 13, the Ontario Ministry of Government and Consumer Services (Ministry) launched a consultation (Consultation) regarding potential reforms to Ontario’s privacy laws. Currently, the principal legislation governing privacy matters in Ontario’s asset management...
Aug 31, 2020 | COVID-19, Regulatory Compliance
On August 12, the Office of Compliance Inspections and Examinations at the U.S. Securities and Exchange Commission (SEC) published a Risk Alert outlining compliance risk considerations for broker-dealers and investment advisors. Although the Risk Alert is most...
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 | Events, News, Regulatory Compliance
AUM Law is a proud sponsor of the Fall Regulatory and Compliance Webcast organized by the Portfolio Management Association of Canada (PMAC) on September 24. Click here to register for the event. We hope to (virtually) see you there and don’t forget to drop into our...
Jul 31, 2020 | Regulatory Compliance
The Senior Issues and Diminished Capacity Committee (Committee) of the North American Securities Administrators Association (NASAA), which usually focuses on issues relating to senior and vulnerable investors, recently published a research report (Report) examining...
Jul 31, 2020 | FAQs, Regulatory Compliance
Item 14.1 of Form 33-109F4 Registration of Individuals and Review of Permitted Individuals (Form 33-109F4) requires individual applicants to indicate whether there are any outstanding or stayed charges against them alleging that a criminal offense was committed. Once...
Jul 31, 2020 | FAQs, News, Regulatory Compliance
As we mentioned in our May 2020 bulletin, Ontario-registered firms must submit online their 2020 Risk Assessment Questionnaire (RAQ) responses and supplementary COVID-19 survey responses to the Ontario Securities Commission (OSC) by August 6. The OSC introduced...
Jul 31, 2020 | Regulatory Compliance
On July 21, the Ontario Securities Commission (OSC) approved a settlement agreement (Settlement) with Coinsquare Ltd. (Coinsquare) and several of its current and former executives (collectively, the Individual Respondents) concerning inflated trading volumes,...
Jul 31, 2020 | Regulatory Compliance
On July 2, the Canadian Securities Administrators (CSA) published Staff Notice 31-358 Guidance on Registration Requirements for Chief Compliance Officers and Request for Comments (SN 31-358), which outlines and provides guidance on three optional models for employment...
Jun 30, 2020 | Cyber-security and Data Privacy, Regulatory Compliance
On June 25, the International Organization of Securities Commissions (IOSCO) published a draft report and proposed guidance (Report) regarding asset managers and market intermediaries’ use of artificial intelligence (AI), including machine learning (ML). It’s a useful...
