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OSC publishes investigative report of QuadrigaCX

On June 11, 2020 the Ontario Securities Commission (OSC) published report on a review conducted OSC Staff, of the crypto asset trading platform QuadrigaCX (Quadriga). The collapse of Quadriga in 2019 caused massive losses for 76,000 investors from Canada and around the world, who collectively…

CSA Fiscal Year 2019/20 Enforcement Report

On June 23, 2020, the Canadian Securities Administrators (CSA) released its fiscal year 2019/20  Enforcement Report which outlines how securities regulators are protecting investors and the integrity of Canada’s capital markets. Highlights from the fiscal year 2019/20 Enforcement Report include: 66 Investor Alerts were issued to…

IIROC calls for consolidation of self-regulators

On June 9, 2020 the Investment Industry Regulatory Organization of Canada (IIROC) released its proposal, “Improving Self-Regulation for Canadians”, outlining the benefits of bringing together IIROC and the Mutual Fund Dealers Association of Canada (MFDA) as divisions of a consolidated self-regulatory organization (SRO).  In the…

Canadian securities regulators make it easier for portfolio managers to use client relationship management specialists

On June 10, 2010 the Canadian Securities Administrators (CSA) announced steps to facilitate portfolio managers’ use of client relationship management specialists. These actions aim to better align the CSA’s assessment of relevant investment management experience with portfolio managers’ evolving business models. Many portfolio managers now…

Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19

The securities regulatory authorities in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) published on May 29, 2020 temporary blanket relief for registrants and unregistered capital markets participants from certain financial…

Canadian securities regulators remind issuers of importance of disclosure in financial reporting

The Canadian Securities Administrators (CSA) released a notice on May 29, 2020 reminding reporting issuers of the importance of disclosing high quality financial information to investors. The CSA encourages issuers to visit the CSA COVID-19 Information Hub for further guidance and information, including COVID-19: Continuous Disclosure Obligations and…