From the Regulators

New this week: Cybersecurity; Investor protection reforms

By IE Staff |


Previous Months

October 2015

1

U.S.

 

U.S. regulators finalize capital rules for big banks
U.S. banking regulators announced revisions to the capital rules that apply to the biggest banks on Tuesday in an effort to improve consistency with the global capital standards. Rules in force.

13
 

CSA

Harmonized reporting for exempt market
The Canadian Securities Administrators published proposed amendments that would introduce a new harmonized report for exempt market filings, to reduce the compliance burden. Comments close.

19 IIROC

Public forum on HFT
The Investment Industry Regulatory Organization of Canada will host a public forum on high frequency trading in collaboration with the Capital Markets Institute at the Rotman School of Management.

22 BCBS

Account opening guide for anti-money laundering efforts
A revised version of the General guide to account opening, to help banks comply with Financial Action Task Force (FATF) standards, was published for comment by the Basel Committee on Banking Supervision. Comments close.

29 MFDA

National Seniors Summit
The Mutual Fund Dealers Association of Canada announced its second National Seniors Summit, targeted at the supervisory personnel of mutual fund dealers. It will focus on the growing crop of senior investors.

     

 

 

September 2015

4
 
OSFI

Proposed revisions to MCCSR guideline for life insurers
The Office of the Superintendent of Financial Institutions is proposing revisions to the Minimum Continuing Capital and Surplus Requirements Guideline for federally-regulated life insurers. Comments close.

Early Sept. Finance
Canada
Tougher anti-money laundering rules coming
The federal government will strengthen anti-money laundering and  terrorist financing laws by upping reporting requirements, closing gaps and enhancingcompliance. The proposals are out for a 60-day comment period.
 
8 CSA

No wrapper for foreign offerings in exempt market
The Canadian Securities Administrators are cutting back on the obligation to layer on additional made-in-Canada disclosure on top of foreign private placements when they are being sold to sophisticated investors in Canada. Amendments in force.

15 BCSC

Review of financial services rules launched
British Columbia is reviewing its financial sector legislation to ensure that consumer protection and solvency regulation are adequate.
Comments on the consultation paper close.

16 MFDA

Proficiency standards for selling ETFs
The Mutual Fund Dealers Association of Canada released details of a  proposed proficiency standard for reps who sell ETFs. Comments close.

16

CSA

Plain disclosure documentation for ETFs
The Canadian Securities Administrators published for comment its proposed requirements for a new simplified disclosure document for ETFs. The initiative is similar to Fund Facts. Comments close.

18 FINRA

Review of compensation-driven conflicts
The U.S. Financial Industry Regulatory Authority is undertaking a review of U.S. broker-dealers' efforts to manage conflicts of interest, particularly in the area of compensation practices. Broker-dealers have until mid-September to respond to questions.

21 MFDA NEW CE requirements proposed
The Mutual Fund Dealers Association of Canada put out a discussion paper outlining its vision for a proposed continuing education requirement for mutual fund dealer representatives. Comments close.
 
30 ISOCO

Harmonizing data for OTC derivatives markets
The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures (CPMI) published a consultation report on guidance for harmonizing data reported on the OTC derivatives markets. Comments close.

     

 

August 2015

31

Ontario

 

Consultation on financial planning
An expert committee is seeking feedback on the regulation of financial planning and advice in Ontario. Comments close.

31 CSA

SEDAR for exempt market filings
Rules proposed by the Canadian Securities Administrators would mandate exempt market issuers to submit certain filings through the System for Electronic Document Analysis and Retrieval (SEDAR) instead. Comments close.

 

July 2015

1 FINRA

Background checks on new U.S. brokers
A new FINRA rule consolidates the requirements in the existing NASD and NYSE rules for firms to carry out background checks on prospective registrants. The rule, in effect July 1, largely follows existing rules, but introduces new requirements related to firms' obligations to verify information on registration applications.  Checks must include a search of public records, including criminal records, bankruptcy records, civil litigation and judgments.

1 CSA

New disclosure rules for oil and gas sector in force
The Canadian Securities Administrators (CSA) is implementing amendments to the specific disclosure requirements for companies engaged in the oil and gas business. The changes aim to improve and clarify disclosure.

4 OSC

Members sought for committee
The Ontario Securities Commission is looking for new members to sit on its Market Structure Advisory Committee. Deadline for applications.

6 NSSC

Nova Scotia to harmonize OM exemption
The Nova Scotia Securities Commission proposes to harmonize its OM exemption requirements with the requirements of several other jurisdictions. Comments close.

7

OSC

Relief from registration for U.S. brokers
The Ontario Securities Commission is proposing to adopt an expedited rule that would allow U.S. brokers and advisers to avoid registration as long as they are only dealing with U.S. clients. In force.

8 IOSCO

Alternatives to credit rating agencies
The International Organization of Securities Commissions published 13 proposed practices for large firms to consider when implementing internal policies for assessing credit risk. Comments close.

10
 

ESA

European Supervisory Authorities to consult on OTC derivatives
European securities, banking and insurance regulators launched a second round of consultations on margin requirements for over-the-counter derivatives that aren't cleared through a central counterparty. Comments close.

16, 29 SEC

U.S. compliance outreach programs
U.S. regulators are launching an outreach program for exchanges, alternative trading systems, market data providers and clearing firms, to help compliance with new rules to shore up the trading technology infrastructure. The programs will be held in New York and Chicago.

24 USFRB

New rule to enhance bank liquidity
New proposals would make it easier for large U.S. banks to meet their liquidity requirements in times of stress. Comments close.

   

 

 

June 2015

1
 

OSC

Draft priorities for 2015 issued
The Ontario Securities Commission published its 2015-2016 Draft Statement of Priorities, which puts retail investor protection at the top of the list. Topics include a new fiduciary duty and a decision on embedded commissions for mutual funds. Comments close.

1 IIROC

IIROC strengthens oversight of discount brokers
The new requirements take effect June 1, 2015.

6 IOSCO

Global regulators consult on major disruption planning
The International Organization of Securities Commissions published two consultation papers calling on dealers and trading venues to ensure they re prepared for a wide range of catastrophic events, including cyberattacks. Comments close.

6  

New exemption for private placements
A new prospectus exemption was proposed by three securities regulators, to allow retail investors to participate in private placements if they receive suitability advice from an investmentdealer. Comments close.

6 CSA

Proposals to expand passport system
The Canadian Securities Administrators has proposed expanding the passport system to two new areas — certain cease trade orders, and applications to stop being a reporting issuer. Comments close.

29

CSA

 

More time to defend takeover bids
The Canadian Securities Administrators published a series of proposed changes to the rules governing takeover bids that would give companies and shareholders more time to respond. Comments close.

30
 
CSA

Streamlined disclosure for venture issuers
The Canadian Securities Administrators is adopting certain rule changes to streamline the disclosure requiredfrom venture issuers.
Amendments in force.

     

 

May 2015

1 OSC

Mediation pilot program launches
The enforcement branch of the Ontario Securities Commission will begin a mediation pilot program that allows respondents to engage a third party mediator to resolve pending proceedings.

1

IIROC

N.B. delegates dealer registration to IIROC
Review of all applications will be performed by IIROC staff in Toronto starting May 1.

1

IIROC

New privacy policy adopted
The Investment Industry Regulatory Organization of Canada adopted a privacy policy requiring that most personal information be redacted from filings made public as part of enforcement proceedings. In effect.

4 OSC

New whistleblower program proposed
The Ontario Securities Commission issued a paper on a new whistleblower program that would reward tipsters for alerting regulators to wrongdoing. Comments close.

5 CSA

Further reforms for prospectus exemptions
The Canadian Securities Administrators introduced new curbs on the use of certain prospectus exemptions. In force.

5 OSC

Friends and family exemption
The Ontario Securities Commission adopted a new prospectus exemption for friends, family and business associates, similar to those available in other jurisdictions. Comes into effect.

13 CSA

Central clearing rules for derivatives
The Canadian Securities Administrators proposes new central clearing rules for certain transactions in the over-the-counter derivatives markets. The aim is to reduce systemic risk. Comments close on the proposals.

14

Provinces

Crowdfunding in Canada
Several provincial securities commissions (not including Ontario) are introducing the so-called startup crowdfunding exemption that was proposed last year. In effect.

16 IIROC

Reduced fees for closing brokers
Brokers winding up their businesses will face reduced regulatory fees under a rule change proposed by the Investment Industry Regulatory Organization of Canada. Comments close.

18-20 IFIE/
IOSCO

Investor education conference
Global securities regulators and investor education groups will be meeting in Malaysia to examine ongoing challenges of delivering effective investor education.

25
 

SEC

Smaller companies may sell US$50M of securities in 12 months
The U.S. Securities and Exchange Commission adopted final rules that update and expand an existing exemption for smaller issuers, known as Regulation A. In force.

27 IIROC

Proposals to change margin requirements
The Investment Industry Regulatory Organization of Canada republished revised reforms for margin requirements, including agency cash and security borrowing and lending arrangements. Comments close.

29
 
IIROC

New proposals to avoid flash crash
The Investment Industry Regulatory Organization of Canada issued proposed guidance to prevent "flash crash" type market volatility. Comments close.

     

 

April 2015

1

Pensions

Significant changes to pension investment regulations
Various final amendments to Schedule III of the regulations under the Pension Benefits Standards Act were published March 25, 2015. Some changes dealing with member communications come into force now, with major changes in force next year. (See also, July 1, 2016).

1 TSX

NCIB and dividend/distribution declaration forms
Amendments to Forms 14A, 14B and Form 5 dealing with issuers interlisted on other markets, purchases through private agreements and purchases on the TSX under the block purchase exemption. In force.

1 FCA

More benchmarks to be regulated in UK
The U.K. Financial Conduct Authority will regulate seven additional major financial benchmarks in the fixed income, commodity and currency markets. New rules in force.

1
 

IIROC

IIROC fee model guidelines in force
The Investment Industry Regulatory Organization of Canada (IIROC) has published an updated version of its fee model guidance, which includes changes recommended by the industry. The Fee Model Guidelines are a single reference for all IIROC's fees.

1 OSC

IEF to merge with Office of the Investor
The Investor Education Fund will be integrated into the OSC's Office of the Investor. The combined functions will be rebranded as the Office of Investor Policy, Education and Outreach. Merger in effect.

3 FRB

Capital surcharges for U.S. banks
The Federal Reserve Board extended for one month the comment period on a proposed rule that would impose capital surcharges on systemically important U.S. banks. Comments close.

6 OSC

Participation fees will not be doubled
The Ontario Securities Commission backed off its plan to more than double the fees charged to new trade repositories that are collecting data on over-the-counter (OTC) derivatives trades. New rules in force.

13 IIROC

Odd lot liquidity and dark orders
The Investment Industry Regulatory Organization of Canada proposed trading rule changes to confirm that an odd-lot order is not required to receive a better price when trading against a dark order. Comments close.

30 OSC

Derivatives trade reporting delay
The Ontario Securities Commission delayed derivatives trade reporting requirements that were due at the end of April until July 29, 2016. The OSC wants more time to develop methods for public disclosure of that data.

 

Second quarter 2015

Second
quarter
 

CSA

Transparency amendments for shareholders
Publication of amendments to improve transparency, including disclosure of 2% decreases in ownership; disclosure when a shareholder's ownership interest falls below the reporting threshold; and early warning reports.

Spring
 

CCMRS

Cooperative securities regulator rules delayed
Regulations for the new cooperative securities regulator due to launch next fall won't be out until the spring, say the participating provinces in the Cooperative Capital Markets Regulatory System (CCMRS). They were originally due Dec. 19.

     

 

March  2015

4 Joint Forum

Global review of credit risk issues
International regulators from the three major financial sectors, banking, securities and insurance, issued a joint report on recent assessments of credit risk. Comments close on the report.

 6

BCBS

Stability of liquidity and funding profiles under review
The Basel Committee on Banking Supervision issued proposed disclosure standards for the new ‘net stable funding ratio' requirement, which was finalized earlier this year. Comments close.

9  

Bill C-13: cyberbullying
New legislation designed to combat cyberbullying comes into force. Entities that possess or control computer data or some types of financial information, including financial institutions, may be compelled to produce certain financial information.

23 IOSCO

Global review of credit rating agencies
The International Organization of Securities Commissions is looking for information about the products and services that rating agencies provide along with traditional, publicly disclosed credit ratings.

24 Provinces

OTC Derivatives
Five provinces proposed to join three others in harmonizing derivatives trade reporting requirements in Canada to achieve greater transparency. Comment period closes March 24.

27 BCBS

Standardized capital rules
The Basel Committee proposed revisions to the standardized approach for credit risk under the capital rules, rather than an internal model. Comments close.

30 IIROC

Trading anti-avoidance, transfer to U.S.
The Investment Industry Regulatory Organization of Canada proposes an anti-avoidance measure to limit small, retail orders going south of the border, with certain exceptions. Comments close.

     

 

February 2015

2 IIROC

Circuit breaker use extended
Single-stock circuit breakers, adopted after the "flash crash" of 2010 to protect against extreme volatility, will be expanded to all "actively traded" securities.

2

IIROC

Revised sanction guidelines published
New guidelines from the Investment Industry Regulatory Organization of Canada set out principles and key factors for hearing panels when handing out disciplinary penalties. They take effect Feb. 2 and will apply to all disciplinary and settlement proceedings.

2

IIROC

Use of single-stockcircuit breakers to expand
New guidance on measures to reduce "flash-crash" risk. Takes effect.

9 IIROC

New fee rules proposed
New fees are proposed for investment dealers to cover the regulatory costs of overseeing debt markets, as new rules take effect to bolster transparency in that market. Comments close.

10
 

CSA/CoC

New infrastructure rules
The Canadian Securities Administrators and the Bank of Canada proposed new policies to adopt international standards for infrastructure functions, such as clearing and settlement. Comments close.

11 OSC

New exemptions for existing shareholders of small companies
The Ontario Securities Commission is adopting proposed new prospectus exemptions for existing shareholders, and promises to act on its other proposed new exemptions, using offering memorandums and crowdfunding, early next year. In force.

13
 

BCBS

Tougher securitization rules under consideration
The Basel Committee on Banking Supervision proposed revisions to rules dealing with securitization to strengthen capital standards. Comments close.

19 ESMA

New rules for European secondary markets
The European Securities and Markets Authority published proposals to enhance fairness in secondary markets. A public hearing will be held in Paris on the proposals, which are to be finalized in mid-2015.

20 BCBS

Changes to trading book capital requirements
The Basel Committee on Banking Supervision proposed revisions to trading exposures under the capital adequacy framework, known as Basel III. Comments close.

25

CSA

Streamlined prospectus exemptions for rights offering regimes
The Canadian Securities Administrators proposed rule amendments to create a streamlined prospectus exemption for rights offerings by reporting issuers. Comments close.

27 ESA

Reduced reliance on credit ratings
The Joint Committee of the European Supervisory Authorities proposed changes on the use of credit ratings by financial intermediaries in the European Union. Comments close.

     

 

January 2015

January SEC

New rules to reduce tech-related trading issues
On Nov. 19, the U.S. Securities and Exchange Commission voted to adopt rules to reduce the occurrence of technology issues, and improve the industry's resilience when these problems do occur. The new rules become effective 60 days after publication in the Federal Register.

1 FINRA

Increased oversight of U.S. options market
The U.S. Financial Industry Regulatory Authority will increase scrutiny of the U.S. options market, and enhance surveillance of both equities and options markets.

1 CLHIA

New rules for MGAs
Insurers required to conduct a standardized CLHIA survey with each of their MGA partners at least once a year to ensure that compliance controls are up to standard.

1
 

Finance

Canada/U.K. tax evasion deal reached
Tax convention with the U.K. amended to fight off-shore tax evasion and prevent double taxation in areas of income and capital gains. New provisions come into force.

12 IIROC

Disclosing SRO membership to clients
The Investment Industry Regulatory Organization of Canada is re-publishing rules requiring firms to disclose their membership in the self-regulatory organization to clients. The comment period closes on Jan. 12, 2015.

14 SEC

New U.S. rules for swaps
The U.S. Securities and Exchange Commission, in a move targeted at the core of derivatives reform, adopted two new sets of rules dealing with reporting and disclosure of swaps data. The rules come into force in 60 days.

15

Fed

Stress tests for banks announced
The Federal Reserve Board announced plans for the closely watched 2015 round of stress tests for major US banks. The 31 banks undergoing reviews must submit their capital plans by Jan. 5, 2015.

21
 
MFDA/
FSCO

Dual registration required
A joint bulletin from the Mutual Fund Dealers Association and the Financial Services Commission of Ontario clarifies the requirement that reps selling syndicated mortgage securities must also be registered mortgage brokers.

     

 

First quarter 2015

First quarter
2015

OSFI

Disclosure rules for big banks beefed up
Globally active banks, including Big five, must disclose required data during first quarter.

First
quarter
2015

CSA

CSA to develop harmonized approach to reforming the regulatory regime around takeover bids
New proposals are expected in the first quarter of next year.

     

 

December 2014

Expected this month

CSA/Fund Facts

Point of Sale rules for Fund Facts could be finalized
Industry members suggest that rules for the POS regime could be finalized, with Fund Facts to be delivered to clients within 18 months.

4 ECB

European Central Bank proposes new reporting rules for banks
In advance of its takeover of bank supervision, the ECB proposed draft rules for reporting requirements for banks. The consultation period is open until Dec. 4

8 CCMRS

CCMRS comment period extended
The comment period on the consultation draft Provincial Capital Markets Act (PCMA) and Capital Markets Stability Act (CMSA) has been extended to Monday, December 8, as a result of requests from some stakeholders.

10 IOSCO

IOSCO proposes new principles for safekeeping of investment fund assets
The International Organization of Securities Commissions seeks comments from fund custodians on new principles to protect "collective investment schemes" (CIS). The initiative arises in the context of rapidly changing industry practices and firm failures, such as Lehman Brothers. Comments due Dec. 10.

17

OSC

OSC proposes new fee rules. Comments due.

Proposed amendments to OSC fee rules would mean that market participants, such as dealers and fund managers, calculate their participation fees based on their most recent financial year, not a reference year. Comments are due by mid-December.

31 ONT

New rules for gender diversity on boards in force
New disclosure requirements designed to encourage greater representation of women on corporate boards and among senior management have been approved in Ontario, and are due to take effect by the end of the year.

31 CSA

Efforts to improve gender diversity on boards
Public companies will have to start disclosing their efforts to enhance gender diversity for the 2015 proxy season, under rule amendments being adopted by regulators in nine jurisdictions.

31

OSFI

Guideline for banks involved with setting the financial benchmark, the Canadian Dollar Offered Rate (CDOR)
The recently finalized version is to take effect at the end of the year.

 

   

 

November 2014

1

STEP Canada

The Society of Trust and Estate Practitioners will begin to accept enrolment for the new Certificate in Estate and Trust Administration (CETA) program

14 OSFI

OSFI proposes changes to derivatives guidelines
The Office of the Superintendent of Financial Institutions is proposing revisions to its guidelines for banks and others for over-the-counter (OTC) derivatives markets. The revisions are out for comment until Nov. 14.

17 IIROC/
CSA

IIROC republishes CRM2 proposals. Comments due.
CSA has asked IIROC to revise its proposed rules for the client relationship model, phase 2 (CRM2). As a result, IIROC has republished its proposals for a second comment period, ending mid-November. Issues arose over treatment of off-book accounts.

17

IIROC

Comments sought on changes to broker/advisor education
Feedback on July 2014 consultation paper due.

30 Banking

Banks to disclose more risk-related information to customers
Banks will begin making a range of information, principally risks, available in their branches over a series of deadlines. The first, in November, deals with collateral charge mortgages. Others, to be phased in later, deal with powers of attorney and joint deposits.

28 OSC

OSC welcomes applications for key policy committee
An kn-depth knowledge of securities law and regulatory policy is essential for Securities Advisory Committee membership. Applications due by Nov. 28.

 

 

 

 

October 2014

Various
dates

OSC

Two new educational events for dealer firms
One to explain its expectations for client complaint handling and dispute resolution; and another focusing on fees.

1 IIROC Deadline extended for direct electronic access paperwork

Dealers have an extra 60 days (from Sept. 1 to Oct. 30) to get their paperwork with direct access clients to comply with new rules for direct electronic access.

7, 9

OSC/
OBSI

Training on new CSA requirement to join OBSI
Complaint handling process and OBSI process explained.

15 IIROC/
OBSI

IIROC is seeking retail brokerage candidates to serve as its nominee to the board of OBSI
Applications must be received by Oct. 15. Reviews of applications will begin in November.

17 IOSCO

IOSCO proposes risk mitigation standards for OTC derivatives
The International Organization of Securities Commissions has proposed new standards designed to mitigate the risks that arise from over-the-counter (OTC) derivatives that cannot be centrally cleared. Deadline for comments is mid-October.

17

Non
profits

Charitable corporations get new rules Non-profits to apply for a certificate of continuance. Penalties.

24 OSC

OSC seeks members for RAC
The Ontario Securities Commission is seeking representatives from dealers, fund managers, and other firms to serve on the second edition of its Registrant Advisory Committee. Applications are due Oct. 24.

26 ECB

Banking stress-test results to be released
The European Central Bank will release the results of recent stress testing for 130 of Europe's banks. The results will cover matters such as asset quality and capital shortfalls in various scenarios.

 

 

 

 

September 2014

1

PCMA PCMA is recruiting for its board and committees

Positions being recruited for include those on its national board of directors, new regional chapters and key organizational and advocacy committees. Deadline for applications.

1 Pensions Regulations to Alberta's new Employment Pension Plans Act approved

Includes information to plan administrators. Both act and regulations take effect.

1
 
IIROC

New secure email and data transfer systems
Implementation complete for new encrypted confidential system, known as Echoworx OneWorld, for communications with its dealer members.

2

CSA

Regulators expand call for gender diversity on boards Most other provinces following Ontario lead. Comments close.

2

OSC

Hearings on the merits of the allegations in the Sino-Forest Corp.case to open
Hearings were orginally to have been held in June 2014.

9

OSC

Amendments to OTC trade reporting rules take effect Changes in cross-border harmonization rules designed to ease regulatory burden for OTC derivatives market participants.

10

MFDA

MFDA publishes CRM2 proposals
Rules to harmonize with those of CSA. Comments close.

12
 
OSFI

Proposed Basel leverage ratios for use by Canadian banks 
Public disclosure of ratios begins in 2015, first quarter. Comments close on proposed regulations, designed to harmonize with Basel

19

OSC

Regulator to consider feedback on trading rule changes Following close of this comment period, set by CSA in May, the OSC will hold a roundtable in the fall to review proposed changes to market structures, including trading rebates.

19

CSA

Fundamental changes in trading rules
Proposals include caps on trading fees. Comments close.

22

CSA

Final amendments to new mutual fund rules come into force
The rules are aimed at modernizing investment fund regulation. Subject to transition periods.

24

IIROC

Dealers could use unaudited numbers
Clients that request a firm's financials to assess its financial condition. Comment period closes.

30

CSA

Final amendments to auditor oversight rule published
Triggers changed for informing securities regulators about remedial actions required by the Canadian Public Accountability Board.

 

 

 

 

August 2014

1

OBSI

CSA expands OBSI mandate
All registered dealers must be members of OBSI by August 1.

20

CSA

Easier rules for early stage firms
Proposals to relax disclosure requirements for start-ups. Comments close.

22 OSFI

Changes proposed for minimum continuing capital and surplus requirements (MCCSR)
Further changes to the MCCSR, which come into effect January 1, 2015. Comments close on new proposals.

29

CCMRS

Deadline for memorandum of agreement for the proposed Cooperative Capital Market Regulatory System (national securities regulator)
Initial draft regulations are due December 19. Provinces are targeting June 30, 2015, to get all of the required legislation passed.

     

 

July 2014

1

 

OSC

OSC releases draft statement of priorities, 2014-2015
Includes plans for ruling on embedded commissions, comments invited.

1

CRA/
FATCA

Enhanced International Tax Reporting in force
Canadian rules on information collection begin.

1

FPSC

FPSC to launch new path to CFP certification
The Financial Planning Standards Council launches new program for CFPs.

1

CASL

New anti-spam law to have big impact on advisors Sweeping federal law prohibiting unsolicited email in force. Strict penalties.

3

IIROC

IIROC proposes marketplace thresholds
Comments due on volatility controls to prevent "fat finger" trades.

9

IIROC

Leveling the playing field
Comments due on proposals for lower minimum capital requirements.

11

OSFI

Draft guidelines for CDOR submissions
Regulator's expectations for banks' internal controls. Comments close.

15

IIROC/
CRM2

Pre-trade disclosure in force under CRM
Key CRM 2 rules come into force for IIROC members.

15

CSA/
CRM2

Performance benchmarks disclosure in force
Disclosure of performance benchmarks and how they are arrived at.

21

OSC

Ontario registrants must complete risk assessment questionnaire
OSC to use data for further attention and oversight.

23

CSA

Proposed guidance for proxy advisory firms
Comment period extended from June 23 to July 23.

25

BCBS/
IOSCO

Global banking and securities regulators to conduct survey
Market participants encouraged to participate. Survey closes.

28

FCNB

Issuers to report to New Brunswick
Regulators want issuers with a connection to NB to report to them, to track capital raising efforts. Comments close.

31

BC
Trustees Act

Updates to laws governing trustees
Affects wills and estates, investing, pension funds. Comments close.

 

 

 

 

June 2014

1

OSC

OSC releases draft statement of priorities, 2014-2015
Includes plans for ruling on embedded commissions, comments invited.

2

IIROC

Guidance sets out expectations for part-time CFOs
Comments due on issues such as managing conflicts of interest.

3, 5

NSSC

Crowdfunding
Nova Scotia Securities Commission hosting public information sessions on crowdfunding proposals at NS community colleges.

4

IIROC

IIROC issues guidance on underwriting
Comments due on guidelines for common underwriting due diligence standards.

9

IIROC

Proposed changes to IIROC fee model guidelines
Comments due June 9.

13

CSA

Revised Fund Facts delivery by dealers
Delivery of Fund Facts to investors must occur two days after purchase.

18

NSSC

Securities regulators in Nova Scotia to explain proposed rules on equity crowdfunding
Deadline for comments on the proposals.

18

OSC

OSC proposes four new prospectus exemptions
Comment closes for proposed exemptions; including OMs and crowdfunding.

18

BCSC

Proposals on crowdfunding exemptions modeled on Saskatchewan model
Comment period closes for exemptions to restrictions on crowdfunding for startups.

20

OSFI

Revised guidelines on internal management of regulatory compliance risk
Comment period closes on best practices, including independent oversight, to better align with recent reforms.

23

IIROC

Revised proposals on oversight of all active traders, regardless of how they access securities markets
Comments close.

23

IIROC

Proposals to ease restrictions on brokers personal financial dealings with clients
Comments close.

23

CSA

New guidance for proxy advisory firms re conflicts of interest, transparency and accuracy
Comments close.

24

CSA

Proposed changes to marketplace operation and trading rules
Various technical changes. Comments close.

27

OSFI

Canada's big banks will have to start disclosing their liquidity coverage ratios (LCR) in the second quarter of 2015
OSFI published its draft guidelines for the new requirements. Comments close.


© 2014 Investment Executive. All rights reserved.

September 2014

October 2014

> October 17
Non profits: Charitable corporations get new rules
Non-profits to apply for a certificate of continuance. Penalties.

2015

> First quarter
OSFI: Disclosure rules for big banks beefed up
Globally active banks, including Big five, must disclose required data during first quarter.

Bring Forward

A changing selection of ongoing initiatives which may be of interest to advisors.

> CRA: Gifting tax shelter claims stopped until after audits
The Canada Revenue Agency said it will continue its practice of not processing tax returns that claim credits under gifting tax shelters until it first audits the shelter.

> CSA: CSA answers CRM 2 questions
The CSA issued a notice that answers some of the most common questions regarding new cost and performance reporting and account statement requirements under CRM 2.

> CRA: CRA warns of phishing scams
During tax season, tax officials warn taxpayers about phishing attempts.

> CRA: CRA kicks off RTPP consultations
The CRA launched cross-country consultations on a proposed program to improve tax compliance by small corporations, the Registration of Tax Preparers Program RTPP. The consultations take place across Canada. The CRA will accept input on the proposals until May.

© 2014 Investment Executive. All rights reserved.

- See more at: http://www.investmentexecutive.com/c/journal/view_article_content?cmd=preview&groupId=10175&articleId=6286328&version=1.4#sthash.NhXDQZU0.dpuf> September 22
CSA:Final amendments to new mutual fund rules.
The rules are aimed at modernizing investment fund regulation. They come into force, subject to transition periods.
http://www.investmentexecutive.com/-/csa-adopts-amendments-to-modernize-investment-fund-rules