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FSRA’s proposed 2021-22 Statement of Priorities and Budget

On October 13, 2020, Financial Services Regulatory Authority (FSRA) published its proposed 2021-22 Statement of Priorities and Budget for public consultation. FSRA is inviting the general public and all stakeholders to review and provide feedback on the proposed 2021-22 Statement of Priorities and Budget. The draft…

FSRA Enhances Protections for Investors of High-risk Offerings by Co-operative Corporations

On October 5, 2020 the Financial Services Regulatory Authority of Ontario (FSRA) announced that it is developing proposed guidance – Interpretation and Approach guidance that identifies higher risk offerings and sets out enhanced disclosures by co-operative corporations (co-ops) that are raising capital. The Co-operative Corporations Act (CCA) requires…

FSRA Update on Syndicated Mortgages

On October 8, 2020 the Financial Services Regulatory Authority (FSRA) published a summary of their activities to update the regulation of syndicated mortgages to assess risks and build frameworks and resources to deter ‘deceptive and fraudulent financial services practices and protect consumers’ including the following:…

New Trends in OSC Enforcement

On October 8, 2020 Barbara Hendrickson gave a Zoom presentation to the Toronto Business Lawyers Association on recent enforcement initiatives by the Ontario Securities Commission against participants in the securities markets. The presentation discusses recent changes in securities laws and enforcement actions by the OSC…

45-106 – CSA Notice and Request for Comment: Proposed Amendments to NI 45-106 and 45-106CP Relating to the Offering Memorandum Prospectus Exemption

The Canadian Securities Administrators (CSA) published a notice on September 17, 2020 for comment proposed changes to the offering memorandum prospectus exemption. The changes are reflected in proposed amendments to National Instrument 45-106 Prospectus Exemptions (NI 45-106), as well as proposed changes to Companion Policy 45-106CP Prospectus Exemptions (proposed…

CSA Notice of Amendments to NI 81-105 Prohibition of Mutual Fund Trailing Commissions Where No Suitability Determination Was Required

On September 17, 2020 the Canadian Securities Administrators (CSA) published a notice (Notice) that the CSA are adopting amendments (Amendments) to National Instrument 81-105 Mutual Fund Sales Practices (NI 81-105), changes to Companion Policy 81-105CP Mutual Fund Sales Practices (81-105CP) and related consequential amendments to…

Canadian Securities Administrators Postpone Issuing Annual Report of Women on Boards and in Executive Positions

The securities regulators of Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec, and Saskatchewan (the participating jurisdictions) have jointly announced they are postponing the publication CSA Multilateral Staff Notice 58-311 Report on Fifth Staff Review of Disclosure regarding Women on Boards and in Executive Officer…

SEC Modernizes the Accredited Investor Definition

The U.S. Securities and Exchange Commission (SEC) announced on August 26, 2020 that it was adopting amendments to the “accredited investor” definition, one of the principal tests for determining who is eligible to participate in private capital markets.  The amendments allow investors to qualify as…