From the Regulators

A monthly update on recent regulatory events and approaching deadlines

By Patricia Chisholm |

 

KEY DEADLINES AND EVENTS

> Ban on embedded fees?
Comments on the Canadian Securities Administrators' (CSA) consultation paper are due on June 9. Read: Embedded fee consultation

> OSC draft priorities
Comments for the Ontario Securities Commission's (OSC) draft priorities, which include key OSC initiatives for fiscal 2017-18, are due on May 23. Read: Priorities statement for fiscal 2018

> CASL liability to spike
Individuals may launch class action lawsuits against firms they believe send marketing spam as of July 1. Read: SPAM could lead to class actions

> Derivatives roundtable at OSC
The OSC will host a roundtable to discuss proposed conduct rules for over-the-counter derivatives markets on May 29. New registration rules for the sector are also expected shortly. Comments are due by Sept. 1. Read: Derivatives roundtable announced

 

KEY INITIATIVES

> Grids under the spotlight
The Investment Industry Regulatory Organization of Canada (IIROC) is increasing its scrutiny of payout grids and other compensation practices, citing conflicts of interest as a concern. Read: Scrutiny of payout grids to increase

> Ban on acting as POAs
IIROC will ban its members from acting as powers of attorney, trustees or executors for clients. New rules are expected later this year. Read: Members to be banned as POAs, executors, trustees

> OSC to oversee syndicated mortgages
Ontario's recent budget includes a plan to shift the oversight of syndicated mortgages to the OSC from the Financial Services Commission of Ontario. Investment limits and other investor protection changes are also likely. Read: Ontario budget pledges financial sector reform

> Changes coming for CE credits?
The Mutual Fund Dealers Association of Canada (MFDA) and IIROC are proposing major changes to continuing education requirements and supervision. Comments on an MFDA proposal closed April 28 while IIROC will take submissions until June 30. Read: New CE credits rules debated

 

See Also: IE's Compliance Calendar for Advisors 2017

 

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