The Joint Forum of Financial Market Regulators (Joint Forum) held its annual meeting on June 15, 2022. The Joint Forum brings together members of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representatives from the Canadian Insurance Services Regulatory Organizations (CISRO), as well as from the Mortgage Broker Regulators’ Council of Canada (MBRCC).
The Joint Forum heard feedback from key stakeholders representing industry associations and consumer advocates regarding the Total Cost Reporting (TCR) consultation. The TCR consultation (CSA members’ websites and CCIR website) proposes enhanced cost disclosure reporting requirements for investment funds and segregated funds. Enhanced cost disclosure increases public protection by improving investors’ and policy holders’ awareness of ongoing embedded fees and contributes toward informed financial decisions. The consultation was launched on April 28, 2022, and formal submissions will be accepted until July 27, 2022. The Joint Forum members received initial comments on scope and implementation issues, level of information for investors and policyholders; and the proposed transition period.
The Joint Forum members also received presentations about climate change, in particular, the frequency, severity and costs of extreme weather events. Attendees were warned about the potentially intense effects of a disorderly transition to a lower-carbon economy, which is driving regulators to accelerate and focus their efforts on climate-related risks. Pension plans, the group was warned, need to assess their resilience to climate-related risks and meet their fiduciary obligations in an uncertain economic environment.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
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