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CSA Multilateral Notice and Request for Comment Proposed Amendments to National Instrument 45-106 Prospectus Exemptions relating to Reports of Exempt Distribution

On June 8, 2018, the Canadian Securities Administrators (CSA ) published a notice indicating that they are making amendments (the Rule Amendments) to National Instrument 45-106 Prospectus Exemptions (NI 45-106) to amend Form 45-106F1 Report of Exempt Distribution (the Report)  and a related change to Companion Policy 45-106CP Prospectus Exemptions (45-106CP). Provided all necessary…

OSC Study: Ontario Investors at Risk by Lack of Understanding of Crypto Assets

According to a study recently published by the Ontario Securities Commission (OSC), while a sizable number of Ontarians own cryptocurrency assets, the majority remain unclear on the basics of cryptocurrency, while many are ignorant of the regulatory framework surrounding them. The OSC study, The Taking…

Tezos Investors Hit with Surprise KYC/AML Check

In a move that should have surprised no-one but actually did, investors in the Tezos blockchain project are being hit with a Know Your Client (KYC)/Anti-Money Laundering (AML) audit, which has managed to have enraged almost all the participants. On June 10, the Tezos Foundation…

Canadian Securities Administrators Publish Client Focused Reforms for Comment and Staff Notice 81-330 Status Report on Consultation on Embedded Commissions

The Canadian Securities Administrators (CSA) recently published two notices for a 120-day comment period regarding investor protection initiatives (Client Focused Reforms). Together, the goal of these reforms, states the regulator, is to provide a single set of harmonized reforms that would require registered firms and…

Japanese Crypto Exchanges Face Action Over Anti-Money-Laundering Concerns

In the wake of the Coincheck breach earlier this year, the Japanese Financial Services Agency (FSA) has been cracking down on that country’s cryptocurrency exchanges. Now a new wrinkle has emerged over concerns that the country’s licensed crypto exchanges do not have sufficient internal processes…

SEC’s Hinman: Crypto Tokens Aren’t Securities, Offerings Are

According to a recent speech in San Francisco, earlier this month by Securities and Exchange Commission (SEC)’s William Hinman, Ether – the cryptocurrency behind the Ethereum network – should not be regulated in the same way as stocks and bonds. These comments, by Hinman, the…

Canadian Securities Administrators Issue Second Request for Comment on Proposed Business Conduct Rules for Derivatives Dealers and Advisers

The Canadian Securities Administrators (CSA) has published a notice and second request for comment on Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 CP Derivatives: Business Conduct (the Proposed Instrument). The Proposed Instrument establishes a business conduct regime for regulating dealers…

Barbara Hendrickson speaks at CBA NEERLS conference on June 1, 2018 on CSA Staff Notice 51-354 Report on Climate change-related Disclosure Project

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