A British Columbia Securities Commission (BCSC) panel has imposed a total of CAD $1.7 million in fines and lifetime securities trading bans on three British Columbia men and two Mortgage Investment Corporations (MICs) after finding them guilty of committing fraud. At the time, David Scott…
The Ontario Securities Commission (OSC) has announced that it is amending the fee rules (the Rules) for the submitting of annual capital market participation fee forms (the Fee Forms) to the OSC to allow market participants great flexibility. All market participants are required on an…
The Ontario Securities Commission (OSC) has published its 2019 Annual Report (the Annual Report), providing a snapshot of the regulator’s initiatives and actions over the past year. In the Annual Report, the OSC noted that in 2018 -2019: • there were 68,366 registered individuals in…
The Canadian Security Administrators (CSA) have introduced for a ninety-day comment period ending December 11, 2019, eight initiatives (collectively, The Proposed Amendments) that seek to reduce the regulatory burden on investment funds by eliminating duplicate requirements, streamlining regulatory processes, codifying frequently-granted exemptions from certain rules…
The Canadian Securities Administrators (CSA) have published for a request for comment to proposed amendments to the business acquisition report (BAR) requirements for reporting issuers that are not venture issuer (e.g. an investment fund). The ninety-day comment period ends December 4, 2019. The proposed amendments…
The Royal Bank of Canada (RBC) and the Toronto Dominion Bank (TD) have agreed to pay the Ontario Securities Commission (OSC) over CAD $24 million for their failure to properly supervise their respective Foreign Exchange (FX) traders who exchanged confidential client information via online chatrooms….
The Canadian Securities Administrators (CSA) has provided guidance to firms seeking to engage the services of compliance consultants (Consultants) following a regulatory decision. CSA Staff Notice 31-356, Guidance on Compliance Consultants (The Staff Notice) defines the scope and role of compliance consultants. In detail, the…
The Ontario Securities Commission (OSC) has issued Staff Notice 11-787 Improving Fee Disclosure Through Behavioural Insights (the Staff Notice), outlining the findings of a research report (the Report) aimed at improving the investor’s experience with correspondingly better market outcomes through behaviorally-informed tactics for designing more…
The Financial Services Regulatory Authority (FSRA) of Ontario’s approach to syndicated mortgage investments started to take shape with the publication of two key documents early in August. The first was the regulator’s Request for Comment – Proposed Supervision Approach for High-risk Syndicated Mortgage Investments (the Proposed…
The 2018 Annual Report of the Joint Regulators Committee (JRC) of the Ombudsman for Banking Services and Investments (OBSI) (the Annual Report) has been published jointly by its member organizations: the Canadian Securities Administrators (CSA), the Investment Industry Regulatory Organization of Canada (IIROC), and the…