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Canadian Securities Regulatory Monitor News and Insight

Tag Archives: KYC

Targeted Reforms Update – Most regulators abandon the “Best Interest Standard” but propose to proceed with refined “Targeted Reforms”

Posted in Advisors, Amendments, Broker-Dealers, Compliance and Supervision, CSA, IIROC, Industry News, MFDA, OSC, Registrants

The Canadian Securities Administrators (CSA) issued CSA Staff Notice 33-319 (the Notice) to provide an update on the “Best Interest Standard” and “Targeted Reforms” proposed last year in an important CSA Consultation Paper that we discussed in a previous post.

Most regulators have decided to abandon the Best Interest Standard which would have introduced a “client best interest” standard against which all registrant-client obligations would be interpreted.

The CSA will still proceed with a refined set of Targeted Reforms. Even in the absence of a Best Interest Standard in most jurisdictions, the Targeted Reforms would nonetheless … Continue Reading

Les propositions des ACVM concernant les personnes inscrites ont des effets très importants sur les courtiers et les conseillers au Canada

Posted in Advisors, Amendments, Broker-Dealers, Compliance and Supervision, CSA, IIROC, Industry News, MFDA, Registrants, Requests for Comment

Les Autorités canadiennes en valeurs mobilières (les ACVM) ont publié un important document de consultation dans lequel il est proposé de rehausser considérablement les obligations de tous les conseillers, courtiers et représentants, y compris les membres de l’OCRCVM et de l’ACFM (les personnes inscrites). Les commentaires sur ce document de consultation peuvent être présentés jusqu’au 26 août.… Continue Reading

CSA Registrant Proposals Have Far-Reaching Effects on Dealers and Advisers in Canada

Posted in Advisors, Amendments, Broker-Dealers, Compliance and Supervision, CSA, IIROC, Industry News, MFDA, Registrants, Requests for Comment

Recently, the Canadian Securities Administrators (CSA) released an important Consultation Paper that proposes to significantly increase the obligations of all advisers, dealers and representatives, including IIROC and MFDA members (Registrants). Comments on the Consultation Paper can be made until August 26.

The CSA is proposing two distinct categories of changes that, if adopted, will significantly impact the economics of existing Registrant business models and Registrant compliance costs:

1. Best Interest Standard: A “client best interest” standard against which all Registrant-client obligations would be interpreted.

2. “Targeted Reforms”: A comprehensive set of so-called “targeted reforms” will affect … Continue Reading

IIROC 2016 Compliance Priorities

Posted in Broker-Dealers, Compliance and Supervision, IIROC, Registrants

The Investment Industry Regulatory Organization of Canada (“IIROC”) is Canada’s self-regulatory organization that overseas investment dealers and equity market places. In its 2016 statement of key compliance priorities, IIROC sets out its ongoing efforts to strengthen the culture of compliance among dealer members (“DMs”).

As in prior years, IIROC’s focus will be on taking action against DMs that fail to address significant compliance findings and/or fail to demonstrate a commitment to the development of a strong compliance culture. In addition, IIROC will, through its new Consolidated Enforcement Rules (expected to come into force in 2016), have the ability to … Continue Reading

Portfolio Managers – A Regulatory Check-up

Posted in Compliance and Supervision, Continuous and Timely Disclosure, OSC, Portfolio Managers

In its latest annual review summary report for dealers, advisers and investment fund managers (the “Report”), the Ontario Securities Commission (“OSC”) provides some helpful guidance for registrants.

The OSC regulates or oversees through recognized self regulatory organizations the activities of approximately 1300 registered firms and 66,000 individuals in Ontario.  The Report largely focuses on registrants directly regulated by the OSC: exempt market dealers, portfolio managers (“PMs”) and investment fund managers.… Continue Reading

Indications : meilleures pratiques

Posted in Autorités canadiennes en valeurs mobilières, Compliance and Supervision, CSA, Exempt Market Dealers, Portfolio Managers, Registrants

Le 9 janvier 2014, les Autorités canadiennes en valeurs mobilières (« ACVM ») émettaient l’avis 31‑336 relativement aux obligations de connaissance du client, de connaissance du produit et d’évaluation de la convenance au client.

Cet avis est à l’intention des gestionnaires de portefeuille, des courtiers sur le marché dispensés et des autres personnes inscrites.

Dans un premier temps, les ACVM rappellent que les obligations de connaissance du du client, du produit et d’évaluation de la convenance au client sont fondamentales et sont au cœur du régime de protection des investisseurs.

L’avis 31-336 fait suite à diverses inspections et conclusions résultant … Continue Reading

Exempt Market Dealers – A Regulatory Check-up

Posted in Compliance and Supervision, Continuous and Timely Disclosure, Exempt Market Dealers, OSC

The Ontario Securities Commission (“OSC”) recently released its 2013 annual review summary report for dealers, advisers and investment fund managers (the “Report“).

The OSC regulates or oversees through recognized self regulatory organizations the activities of approximately 1300 registered firms and 66,000 individuals in Ontario.  The Report largely focuses on registrants directly regulated by the OSC: exempt market dealers (“EMD”) portfolio managers and investment fund managers.

In this post, we summarize OSC findings in its compliance reviews of EMDs.… Continue Reading