Updated Dec. 18, 2015.

Investment Executive editors have prepared this listing of upcoming regulatory deadlines of interest to financial advisors, with links to further information. Deadlines are listed by date and grouped by month, based on the calendar year.

A changing selection of ongoing initiatives that may be of interest to advisors appears at the bottom of the calendar list, under the heading Bring Forward.

The calendar will be updated weekly each Friday, with additions made in the current week flagged with the notation, New or Updated. Recent, past deadlines are retained for one month.

New deadlines can be found in February, March, and Bring Forward.

We welcome submissions to the calendar. Please email us at: pchisholm@investmentexecutive.com.

The next update will be posted on Jan. 4, 2016.


Nov. 1 IIROC

New fees for debt oversight in effect
The Investment Industry Regulatory Organization of Canada received approval from the Canadian Securities Administrators for fees to finance new debt market oversight. Starting Nov. 1, IIROC’s new rule for debt transaction reporting takes effect, as does its new fee model.

Nov. 1 CSA

New rule proposals for fixed income markets
The Canadian Securities Administrators announced proposals to bolster transparency in Canadian fixed-income markets, including making all corporate debt trading data public by the end of 2017.

Nov. 1 IIROC Firms must report debt transactions to IIROC
Investment dealers will have to report debt security transactions to the Investment Industry Regulatory Organization of Canada starting Nov. 1, 2015.
Nov. 18 IIROC

Proposals on clock synchronization for markets and dealers
The Investment Industry Regulatory Organization of Canada proposed new guidance on clock synchronization requirements for marketplaces and dealers. Comments close.


Early Dec. IIROC

Changes to membership disclosure rules
Investment dealers would be required to alert clients to their membership in the Investment Industry Regulatory Organization of Canada under proposals released Nov. 5. The proposals are out for a 30-day comment period.

Dec. 4

MFDA New proficiency standards for planners
The Mutual Fund Dealers Association of Canada issued a consultation paper proposing rule amendments to establish proficiency requirements for fund dealer reps that market themselves as “financial planners.” Comments close.
Dec. 13 IIROC

Unwinding trustee, executor, POA arrangements
The Investment Industry Regulatory Organization of Canada pushed back the deadline for unwinding certain trustee, executor, and power of attorney arrangements under rules limiting personal financial dealings with clients. New deadline in force.

Dec. 14 FSCO

Regulators should be merged
The Financial Services Commission of Ontario should be merged with the Deposit Insurance Corp. of Ontario into a single regulatory agency, with an independent tribunal, according to a government review panel. Comments close.

Dec. 23 CCMR

Milestone reached
Five provinces and the Yukon published a revised draft of the uniform provincial securities law that would create the Co-operative Capital Markets regulator (CCMR). The aim is to have the CCMR running by the fall of 2016. Comments close.

Dec. 31


Extension of time for CRM2 compliance
Members of the Canadian Securities Administrators issued parallel orders granting an extension to dealers from certain CRM2 requirements that were scheduled for July 15: they now have until December 31 to comply.

January 2016


New members for SAC sought
The Ontario Securities Commission is seeking four new securities industry regulatory experts to sit on its Securities Advisory Committee (SAC). Their term begins in January.


Final MCCSR deadline issued
The Office of the Superintendent of Financial Institutions published the final version of the 2016 Minimum Continuing Capital and Surplus Requirements guideline for life insurance companies. The updated rules, which take effect on Jan. 1, 2016, make changes to insurer’s capital requirements that aim to improve regulatory transparency.



Amendments to mortgage loan insurance
New regulations would create new eligibility requirements for mortgage loans to qualify for mortgage loan insurance. In force.



Largest banks must hold more capital
Large, systemically importantbanks in the U.S. must hold additional capital, or shrink their businesses,under new rules approved by the U.S. Federal Reserve Board.

12 OSC

Whistleblower reward to be hiked to $5 million
The Ontario Securities is proposing the adoption of a new whistleblower program that will pay up to $5 million for tips that generate significant enforcement action. Comments close.

13 CSA

New OM exemption to be available
Six provincial regulators issued a notice indicating that the OM exemption will be introduced in Ontario and that the existing exemption in Alberta, Quebec, New Brunswick, Nova Scotia and Saskatchewan will be revised to strengthen investor protection.

Ontario’s new exemption takes effect Jan. 13, 2016 while the revised exemptions in the other provinces kick in on April 30, 2016.

18 ASC

Fees to rise in Alberta
Regulatory fees are on the way up for both registered firms and individual reps in Alberta under a proposed new fee schedule published by the Alberta Securities Commission. Comments on proposed increases close. New fees in force, Dec. 1, 2016.

22 ESA

Anti-money laundering guidelines proposed
The Joint Committee of European Supervisory Authorities launched public consultations on two anti-money laundering and countering the financing of terrorism (AML/CFT) guidelines. Comments close.

25 CSA

Provinces publish crowdfunding exemption
Securities regulators in Ontario, Quebec, Manitoba, New Brunswick and Nova Scotia published in final form a new rule that introduces a crowdfunding prospectus exemption. Pending ministerial approval, the new exemption takes effect.

29 ESA

Europe proposes new retail disclosure documents
The Joint Committee of the European Supervisory Authorities, including banking, insurance and securities, has proposed new contents for retail disclosure documents, known as Key Information Documents (KIDs). The deadline for comments is Jan. 29, with KIDS in force Jan. 1, 2017.

February 2016


OTC rules for derivatives need improvement
The European Securities and Markets Authority proposed rule changes designed to enhance the functionality provided by trade repositories. ESMA says that the current comparability of the data being reported is not adequate and ESMA’s access to those data isn’t good enough. Comments close.


New requirements for clearing agencies
The Canadian Securities Administrators introduced new requirements for clearing agencies and formalizing their oversight arrangements to bolster the integrity and oversight of financial market infrastructure. Comments close.


Proposed changes to trade repositories rule
The Ontario Securities Commission published proposed amendments to the derivatives trade reporting regime that aim to reduce the compliance burden for certain market players. New rules in force July 29, 2016 may be affected. Comments on the proposals close.


U.S. infrastructure firms to improve cybersecurity
The U.S. Commodity Futures Trading Commission issued proposals aimed at improving cybersecurity safeguards for the automated systems used by infrastructure firms, such as derivatives clearing organizations, markets, swap execution facilities, and data repositories. Comments close.



Cyber resilience proposals
The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures released proposed guidance on cyber resilience for organizations that make up the financial market infrastructure (FMIs). Comments close.

March 2016



Requiring insurers to include previous year premiums on renewals
The U.K. Financial Conduct Authority proposed that insurers be required to publish the details of the previous year’s premiums on renewal notices that are sent to consumers. Comments close.


U.K. calls for comment on investor protection reforms
The Financial Conduct Authority is consulting on forthcoming regulatory reforms in Europe that aim to bolster investor protection and reduce systemic risks. Comments close.


New risk rating for funds proposed
The Canadian Securities Administrators has proposed a standardized methodology for assigning risk levels to mutual funds for use in the Fund Facts documents and for exchange-traded funds to use in ETF Facts documents. Comments close.


Expanded CRM2 disclosure considered
The Mutual Fund Dealers Association of Canada published a bulletin contemplating a possible expansion of the cost and compensation reporting required under the second phase of the client relationship model (CRM2) reforms. Comments close.



Revisions to credit risk standards
The Basel Committee on Banking Supervision published updates to the capital rules for large, global banks, which restores the use of external credit ratings, among other changes. Comments close.


Proposed dark rules anti-avoidance provision scrapped
Securities regulators are turning to guidance, rather than new rules, to address concerns about firms systematically sending their retail order flow south of the border for execution in U.S. dark pools. Comments close.

Mar. 31 IIROC

Personal corporations for advisors
The Investment Industry Regulatory Organization of Canada issued a white paper that considers allowing investment dealer representatives to use personal corporations and allow firms to employ reps whose business is limited to trading mutual funds and exchange-traded funds. Comments close.

Further Ahead

May 2016 CSA

Point of sale delivery of Fund Facts comes into force
Mutual fund dealers must deliver Fund Facts documents to investors who buy mutual funds before they buy the fund.

May 4

Exempt market filings to be made on SEDAR
The CSA announced rule changes doing away with paper-based filing for exempt-market reports. Certain filings, including offering memorandums and reports of exempt distribution, will have to be made in electronic format on SEDAR. The requirements do not include Ontario or British Columbia, which already have their own electronic filing systems for the exempt markets. New rules in force.

July 1


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. Amendments come into force.

July 3


Alternative performance measures
Final guidelines encouraging European issuers to publish more transparent, unbiased, comparable information on their financial performance was published by the European Securities andMarkets Authority. Guidelines in effect.

Sept. 2016 FCA

Tougher whistleblower rules in U.K.
Financial firms in the U.K. will have to install “whistleblower champions” to encourage internal reporting of possible misconduct, under new rules introduced by the Financial Conduct Authority and the Prudential Regulation Authority (PRA). New rules in effect.

Sept. 2016 IOSCO

Margin requirements for derivatives delayed
Global policymakers delayed implementation of margin requirements for non-cleared over-the-counter (OTC) derivatives until the fall of 2016.

Sept. 13,

Nine more months to unwind control arrangements
Investment dealers have another nine months to unwind arrangements that put advisors in full control of the financial affairs of clients, either by serving as trustees, executors, or having powers of attorney (POAs). The original deadline was Dec. 13.

Jan. 1,


Higher loan loss provisions coming for banks
International Accounting Standards Board issues new loan loss provisions for banks using “expected-loss” approach. Changes come into force.


Dec. 31 CRA

Swiss bank accounts, voluntary disclosure or liquidation
Prior to the automatic international exchange of tax information beginning in 2018, Swiss banks are asking Canadian clients to disclose their holdings to the Canada Revenue Agency. If they have not done so by the end of the year, Swiss banks will liquidate the accounts and mail cheques to the account holders.

Dec. 31 CRA

Final deadlines, section 156 elections
For taxpayers that made an election under section 156 of the Excise Tax Act before January 1, 2015, the final deadline for filing Form RC 4616 is Dec. 31. These filing requirements are new.

Dec. 9 CRA

Simplified form for foreign property reporting
The Canada Revenue Agency released a revised Foreign Income Verification Statement, known as Form T1135, that now includes a simplified reporting regime for Canadians.

Nov. 16 Finance

Letter released dealing with life interest trusts
New provisions dealing with life interest trusts come into force Jan. 1, 2016 and may have unintended consequences for testators and their estates. Tax officials released a letter addressing these concerns.

July 30 SCBC

Child support takes priority for claims against tax-sheltered accounts
The Supreme Court of British Columbia has ordered that $600,000 in assets held in RRSPs and tax-free savings accounts seized by Okanagan Court Bailiffs Inc. should go to the “director of maintenance enforcement” to collect child and spousal support arrears the original owner of the accounts, owed rather than to pay back other secured debts.

July CRA

GST/HST for related corporations: Filing requirements altered
The rules for elections under section of the Excise Tax Act dealing with payment of sales taxes between related corporations have been changed. In some cases, it may be necessary to make changes to tax years prior to 2015.

June 19 CRA

Clarification on graduated rate estates
The Canada Revenue Agency confirmed that only one estate can be created on the death of an individual, resolving confusion arising from new rules for testamentary trusts.

June 10 CRA

CRA warns of phone scams
The Canada Revenue Agency is warning taxpayers about telephone scams in which callers claim to be from the CRA.

June 5 Federal

CRA request for tax accrual working papers granted
The taxpayer was required to produce the tax accrual working papers, even though the papers were apparently not required to complete a tax audit.

June 4 CRA

More money for anti-terrorist financing detection
The Canada Revenue Agency will invest approximately $10 million over the next five years to bolster efforts to detect and suppress terrorist financing activities in the charitable sector.

May 26 Tax Court

Mark to market for foreign exchange options denied
The TCC has ruled that, when computing taxable income, a taxpayer could not value its foreign exchange option contracts on a mark to market basis.

May 22


Review of partnership definition
The CRA cancelled IT-90 and released a new Income Tax Folio outlining factors that relate to the definition of a partnership. Comments close August 5.

Bring Forward

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

Dec. 18 MFDA

Seniors and DSC funds
The Mutual Fund Dealers Association of Canada issued a bulletin that details the results of a compliance sweep earlier this year; it includes best practices guidance on DSC funds for seniors, among other matters.

Dec. 17 NASAA

New seniors-focused website
The North American Securities Administrators Association launched a new website that aims to help the fight against the financial exploitation of seniors. ServeOurSeniors.org.

Dec. 17 IOSCO

Possible new guidance on fund liquidity
Investment fund managers may face additional guidance on properly managing liquidity, including stress testing these abilities, the International Organization of Securities Commissions said.

Dec. 17 IIROC

Revised CRM FAQ document addresses suitability
The Investment Industry Regulatory Organization of Canada issued a revised version of its frequently asked questions document that clarifies firms’ obligations under the first phase of the Client Relationship Model rules, particularly in relation to suitability.

Dec. 17 ESMA

Market risks remain elevated, European regulators say
Financial markets continue to face elevated risks heading into 2016, according to an evaluation by the European Securities and Markets Authority.

Dec. 16 IOSCO

Harmful conduct is top risk for retail investors
A report by the research department of the International Organization of Securities Commissions indicates “harmful conduct” is the top investor-protection risk. That risk, it says, damages the markets and undermines investor confidence.

Dec. 9 IIROC

HFT impacts mostly positive
A study into high frequency trading in Canada by the Investment Industry Regulatory Organization of Canada has not uncovered any issues that justify regulatory intervention.

Dec. 8 FSB

Stability risks at global asset managers studied
A project of the Financial Stability Board is studying how to uncover inherent vulnerabilities in the asset management industry that could represent global financial stability concerns.

Dec. 8 CCMR

Transition framework spelled out
The policy-makers working on the Co-operative Capital Markets Regulator published a paper with their planned approach to the new regulatory framework for firms in participating jurisdictions, including British Columbia, New Brunswick, Ontario, Prince Edward Island, Saskatchewan and the Yukon territory.

Dec. 7 FSB

Bloomberg to head task force on climate risks
The Financial Stability Board will create a task force to develop disclosure standards for companies’ climate-related financial risks. Chaired by Michael Bloomberg, the task force will develop voluntary, climate-related financial risk disclosure standards. FSB chairman Mark Carney announced the task force.


Update for revised memorandum of understanding for OBSI
Canadian securities regulators are updating the agreement that sets out oversight arrangements for the Ombudsman for Banking Services and Investments.

Nov. 27 CCIR

Insurance regulators to increase collaboration
A paper published by the Canadian Council of Insurance Regulators spells out how the various provincial insurance regulators are increasing information sharing and supervisory co-operation.

Nov. 25 U.S. Fed

Final rule changes for stress testing
The U.S. Federal Reserve Board announced that it has approved a final rule to modify its requirements for the 2016 capital plan and stress testing cycle.

Nov. 24 CFTC

New U.S. risk controls for automated trading
The U.S. Commodity Futures Trading Commission proposed new rules, known as Regulation Automated Trading (Reg AT), intended to reduce potential risks arising from algorithmic trading activity. There is a 90-day comment period.

Nov. 23 FCA

Consultation sought on “RegTech”
The U.K. Financial Conduct Authority issued a consultation paper seeking feedback on how the regulator can support the development of new technology to help financial firms meet their regulatory obligations — an emerging sector that the FCA refers to as “RegTech”.

Nov. 20 NSSC

Amendments harmonize N.S. securities legislation to national standard
The Nova Scotia government has introduced amendments to the Securities Act, which aim to improve investor protection.

Nov. 19


IIROC, CSF collaborate to strengthen investor protection
A new agreement between the investment industry’s self-regulatory organizations for Quebec and the rest of Canada means discipline imposed by one regulator will automatically generate a review, and possible enforcement action, by the other.

Nov. 18 Basel III

Higher capital requirements for banks
Global banks will likely face higher capital requirements under proposed revisions to regulators’ approach to trading risk. The Basel Committee on Banking Supervision is aiming to finalize its approach by the end of the year.

Nov. 18 FCA

Asset management industry study
The U.K. Financial Conduct Authority announced the terms of reference for its planned asset management industry study, which aims to examine the impact of competition in the sector.

Nov. 12 IAP, OSC

Risk assessment tools not adequate
The Ontario Securities Commission’s Investor Advisory Panel released a study examining investor risk assessment. The report finds that questionnaires used for this purpose are often flawed.

Nov. 10 FCA

U.K. to create “regulatory sandbox”
The U.K. Financial Conduct Authority plans to establish a “regulatory sandbox” that would allow financial firms to test new products and services in the marketplace without going through the full regulatory approval process. It’s anticipated that the sandbox will be open for testing in the spring of 2016.

Nov. 10 IOSCO

Custody standards for investment funds
The International Organization of Securities Commissions issued guidance on measures to ensure assets held in collective investment schemes, such as investment funds, are kept safe for clients.

Nov. 9 NASAA

Investor advisory on “next big thing”
The North American Securities Administrators Association warned investors to be cautious when considering products that have recently been making news, such as marijuana-related investments, binary options and digital currency.

Nov. 9 FSB

Disclosure of climate-related risks
The Basel-based Financial Stability Board submitted a proposal to the G20 that calls for the creation of an industry-led disclosure task force on climate-related risks, the FSB announced on Monday.

Nov. 9 FSB

Final standards for Total Loss-Absorbing Capacity issued
The Financial Stability Board issued its final standard that sets Total Loss-Absorbing Capacity requirements for global banks. The measure aims to further guard against taxpayer bailouts, in the wake of the financial crisis.

Nov. 4 FFIEC

Cyber attack extortion attempts
The U.S. Federal Financial Institutions Examination Council, which sets standards for the federal examination of financial institutions, issued a statement alerting financial institutions to “the increasing frequency and severity” of cyber attacks involving extortion.

Nov. 2 FSB

Too big to fail
The Basel-based Financial Stability Board announced the latest list of global systemically important banks (G-SIBs), which includes 30 of the world’s biggest banks.

Oct. 30 SEC

New form of crowdfunding approved in U.S.
A new form of crowdfunding has been approved in the U.S. that will allow startups to raise money by selling stock to Main Street investors.

Oct. 30 OSC

New investor office announced
The Ontario Securities Commission announced its rebranded Investor Office, which will spearhead the commission’s efforts at retail investor protection, education, and outreach.

Oct. 23 CSA

Fund commissions seem to influence sales
A new report from the Canadian Securities Administrators appears to confirm the theory that mutual fund commissions influence mutual fund sales and impact investors’ returns.

Oct. 20 CSA

Warnings on using apps for pump and dump
Fraudulent stock promotions are using popular messaging apps, such as WhasApp, to carry out pump-and-dump schemes, nine Canadian securities regulators warn. The warnings follow similar U.S. action.

Oct. 16 SEC

Aggregate numbers for hedge funds published for first time
The U.S. Securities and Exchange Commission provided aggregate statistics and trends on the private fund industry, including hedge funds. Most of the data is being made public for the first time.

Oct. 16 OSC

Regular reporting of exempt market deals starts
The Ontario Securities Commission announced that, beginning in October, it will start regular reporting of deals that raise capital in the exempt market.

Oct. 15 UK

Extension of personal responsibility in financial industry
The U.K. Treasury has introduced legislation to extend the principle of regulators’ personal responsibility throughout the financial industry, along with other reforms.

Oct. 14 BCSC

Impact of HFT on venture markets
The British Columbia Securities Commission (BCSC) reported that concerns about the impact of high-frequency trading (HFT) on the venture market are not supported by data.

Oct. 8 FINRA

All OTC equity volume to be published
The U.S. Financial Industry Regulatory Authority will publish data on all equity volume executed over-the-counter by FINRA members, in addition to the alternative trading system volume it already publishes.

Oct. 8 IOSCO

Guidance on crowdfunding coming
The International Organization of Securities Commissions intends to develop guidance on crowdfunding, and to continue examining the financial stability risks posed by the asset management industry.

Oct. 1 FSB

Room for improvement in FX markets
The global financial industry has made strides in enhancing the integrity of the foreign exchange market, but there is still room for improvement, particularly among the market’s smaller players, says the Financial Stability Board in a new report.

Sept. 29 NASAA

New proposals for dealing with seniors out for comment
The North American Securities Administrators Association proposes a model act to address issues faced by broker-dealers and investment advisors when they suspect financial exploitation of seniors and other vulnerable adults. There is a 30 day comment period.

Sept. 17 FINRA

Protecting seniors
The U.S. Financial Industry Regulatory Authority approved a rulemaking proposal allowing a brokerage firm to place a temporary hold on a disbursement of funds or securities in cases where the firm reasonably believes that financial exploitation, particularly of seniors, may be occurring. FINRA will issue a notice seeking comment within the next few weeks.

Sept. 17 IIROC/

Mystery shop results find deficiencies
Canadian securities regulators released the results of their “mystery shop” exercise. Deficiencies were found in several areas: regulators asked industry members to review the results and whether their firms could benefit from changes to their own practices.

Sept. 15 IOSCO

Educating investors about risk
The International Organization of Securities Commissions published a report setting out best practices for investor education. The report focuses on the challenge of educating investors aboutinvestment risk. Howard Weston, vice-chair of the IOSCO board and chairman of the OSC, cited the report.

Sept. 15 FCA

U.K. should rate financial firms’ behaviour
The U.K. Financial Services Consumer Panel, a consumer advocacy group, called for a simple rating system by the U.K. Financial Conduct Authority to help consumers decide which financial services firms would be likely to treat them well.

Sept. 10 IIROC

Call for stronger enforcement of fines
The Investment Industry Regulatory Organization of Canada called on governments to give IIROC greater powers to collect fines from securities violators who leave the industry.

Sept. 3 IOSCO Securitization risks and investors
A new report from the International Organization of Securities Commissions calls for better alignment of incentives between issuers in the securitization market and investors’ interests. The problem of issuers not having skin in the game arose after the 2008 financial crisis.
Sept. 2 MFDA Guidance on CRM2
The Mutual Fund Dealers Association of Canada published a revised frequently asked questions document providing guidance to fund dealers on CRM2 requirements for reporting compensation to clients.
Aug. 27 CFTC

Canadian exchanges allowed access in the U.S.
The U.S. Commodity Futures Trading Commission ruled that ICE Futures Canada, Inc. and Montreal Exchange Inc. can provide U.S.-based firms with direct access to their trading systems.

Aug. 26 FINRA

U.S. issues market alert on risks
The U.S. Financial Industry Regulatory Authority re-issued an investor that explains market risk to nervous investors.

Aug. 25 IIROC

Final guidance on price thresholds
The Investment Industry Regulatory Organization of Canada published final guidance requiring trading venues, including dark pools, to adopt price thresholds to prevent excessively violent trading events. The guidance took effect Aug. 25.

Aug. 13 FCA

U.K. standards to apply to foreign banks
British regulators published rules to raise the standards of behaviour of foreign banks that operate in the U.K. Among other changes, senior managers will be held accountable. Final rules will be published later this year.

Aug. 12 OSFI

Capital planning at banks needs to improve
Banks’ internal capital planning efforts are getting better, but need to keep improving, says The Office of the Superintendent of Financial Institutions (OSFI) in a letter.

Aug. 4 FCA Financial advice review by U.K.
The U.K.’s Financial Conduct Authority and the British Treasury have launched the Financial Advice Market Review (FAMR), which may result in a radical reshaping of the market for advice in that country. Among other issues, the FCA will examine the “advice gap.”
July 29 FSCO

Fraud checklist for mortgage brokers
The Financial Services Commission of Ontario released the Checklist on Detecting and Preventing Fraud to licensed mortgage brokerages, administrators, brokers and agents in July. The new checklist is aimed at detecting and preventing fraud.

July 27 FCA

New guidance on selling strategies
New guidance from British regulators aims to help firms ensure that a subtle focus on sales does not create excess pressure on frontline staff that leads to consumer harm.

July 17 IFIC

Fund volatility risk guidelines
The Investment Funds Institute of Canada (IFIC) on Friday released the latest update to its voluntary guidelines for fund managers that aim to improve their assessment and disclosure of the historic volatility risk of their funds to clients on a consistent basis.

July 16 CSA

Disclosure failings report
More than one-fifth of continuous disclosure (CD) reviews that Canadian regulators carried out last year resulted in issuers re-filing their disclosure, the Canadian Securities Administrators (CSA) announced on Thursday.

July 14 OSC

Final OM exemption and crowdfunding due in the fall
The Ontario Securities Commission intends to publish the OM exemption and crowdfunding regime in final form and deliver the rules to the Minister of Finance this fall.

July 9 OSC

Index funds must meet certain criteria
Investment funds whose sponsors want to call them index funds must meet two conditions, the Ontario Securities Commission says: an absence of discretion; and transparency of the index. Removal of the term may be required.

July 8 BCBS

New corporate governance principles
The Basel Committee on Banking Supervision issued revised principles for the safe functioning of banks, especially risk management, strong boards and board committees.

July 6 IIROC

SRO to review its direction
The Investment Industry Regulatory Organization of Canada is reviewing its strategic direction. It is seeking public feedback.

June 30 Privacy

Transparency reporting guidelines released
Industry Canada released new guidelines to help firms when they report to clients that their personal information has been shared with a government agency.

June 29 OSC

Compliance reviews for OTC derivatives rules
Investment dealers will be reviewed for compliance with the new rules designed to improve transparency in the over-the-counter derivatives market.

June 25 CSA

Failings found at exempt market issuers
The Canadian Securities Administrators say some exempt-market issuers are not properly disclosing the fees and commissions on their offerings, and are relying on exemptions that are not available in all provinces, among other failings.

June 25 OSC

Stress testing and illiquid securities
Fund managers who deal in illiquid securities need to stress-test their portfolios for liquidity concerns, fair value securities that are rarely traded and disclose all of this to investors, the Ontario Securities Commission says.

June 24 IIROC

More leeway for insider order marking
Securities firms are allowed greater flexibility in flagging orders from insiders, under new guidance issued by the Investment Industry Regulatory Organization of Canada.

June 10, 18 OPC Digital Privacy Act in Force; Guidance Bulletin
The Office of the Privacy Commissioner of Canada published long-awaited amendments to the Personal Information Protection and Electronic Documents Act; the changes are known as the Digital Privacy Act. The OPC also issued “Interpretation Bulletin – Safeguards” to provide guidance on complying with statutory obligations to protect personal information.
June 19 OSC

Peer to peer lending sites
Canadian businesses planning to operate a peer-to-peer lending website would do well to speak with the Ontario Securities Commission first before opening up shop.

June 18 OSC

National regulator a key priority for OSC
The Ontario Securities Commission set out its priorities for the next two years; these include consideration of a best interests duty and formation of a national regulator.

June 16 ESMA

Regulatory emphasis shifts to enforcement
The European Securities and Markets Authority published its strategy for 2016-20. It sets out its planned evolution into a new phase of operations for the regulator.

June 11 CSA

CSA report calls for action on commissions
Commissions-based compensation creates enough of a policy problem to justify regulatory action, says new research from the Canadian Securities Administrators.

June 3 SIFMA

Best interests standard proposed
The U.S. securities industry proposed a best interests standard for U.S. broker-dealers as an alternative to the fiduciary standard that was put forward by the U.S. Department of Laborearlier this year.

May 29 BCSC BCSC flags improper use of personal corporations
The BSC 2015 Compliance Report Card lists top five deficiencies found at B.C.-based portfolio managers, investment fund managers, and exempt market dealers this past year.
May 28 OSC/OSFI Joint arrangement announced
The Ontario Securities Commission established an arrangement with the Office of the Superintendent of Financial Institutions for the big six banks to report certain information about their derivatives activity to OSFI, which will, in turn, pass it along to the OSC.
May 28 FCA

Capital requirements for advisory firms in U.K.
British regulators are looking to follow through on new capital requirements for advisory firms that were put on hold amid changes to compensation structures and advisor proficiency requirements.

May 27 FINRA Head of FINRA favours best interest standard
Imposing a best interest standard on U.S. brokers is the way to go, but proposals put forth earlier this year by the U.S. Department of Labor are not the way to do it, says Richard Ketchum, chairman and CEO of U.S. self-regulatory organization (SRO), the Financial Industry Regulatory Authority (FINRA).
May 26 FSCO Onsite reviews of insurance agents begin in June
The Financial Services Commission of Ontario is embarking on in-depth, on-site reviews of life insurance agents to gauge their compliance with industry regulations and best practices. The reviews will begin in June and will be both random and targeted.
May 20 SEC

New rules for mutual fund reporting
The U.S. Securities and Exchange Commission proposed new rules to modernize the reporting and disclosure of information by mutual funds, exchange-traded funds and other registered investment funds. On publication the proposals will be out for a 60 day comment period.

May 13 Moody’s

Moody’s offers new private ratings
Moody’s Investors Service hasbegun offering private ratings of infrastructure and project finance debt for investors.

May 12 BIS/ECB/

New guide for collecting securities statistics
The Bank for International Settlements, the European Central Bank, and the International Monetary Fund released a handbook on securities stats to improve the collection of data on securities designed to harmonize the presentation of these statistics.

May 12 IIAC

Help with cyber security for small firms
The Investment Industry Association of Canada is planning to provide small Canadian brokerage firms with free access to real-time information on cyber attacks as a way of increasing industry preparedness.

May 11 AFM

Quebec joins global insurance agreement
Quebec’s Autorité des marches financiers (AMF) has signed onto the information sharing agreement among global insurance regulators, which aims to improve supervision and enhance consumer protection.


New president’s first speech
New president and CEO of the Investment Industry Regulatory Organization of Canada, Andrew Kriegler saidIIROC got it right on amendments to curb dark trading. He also flagged other areas for discussion.

May 7 AMF Quebec issues warning on binary options
The Autorité des marchés financiers (AMF) urged Quebec investors to exercise caution given the recent rise in suspicious schemes by unregistered foreign companies encouraging them to invest in binary options via on-line trading platforms.
May 7 SEC

Approval given for tick size pilot
The Securities and Exchange Commission says U.S. markets will experiment with a plan to enhance trading in smaller companies by widening their trading spreads, starting in spring 2016.

May 1 MFDA

MFDA release 2014 enforcement report
The Mutual Fund Dealers Association of Canada is focusing its efforts on cases involving vulnerable clients.

April 30 SSG

Risks of algorithmic trading flagged
The Senior Supervisors Group — regulators from Canada, the U.S., Japan, the U.K. and Europe —reported on the risks of algorithmic trading, including high-frequency trading (HFT). A primary concern is whether risks have outpaced controls.

April 30 CSA

Guidance on proxy advisory firms
The Canadian Securities Administrators published new guidance that sets best practices for the firms that provide voting recommendations to institutional investors on a range of issues that appear on corporate proxies.

April 28 IIROC

Priorities for the year announced
The Investment Industry Regulatory Organization of Canada priorities for the year ahead include: brokerage firms can expect a review of their approach to conflicts of interest; an examination of their use of social media; and the results of a recent mystery shopping exercise.

April 23 OSC

Fairness in debt markets
The Ontario Securities Commission issued a report, The Canadian Fixed Income Market Report, concluding that publicly available market data is limited and direct retail participation in the market is low.

April 22 NASAA

Advisory on broker-dealer fees
A new advisory from the North American Securities Administrators Association aims to help raise investor awareness about fees charged by broker-dealer firms for account services and maintenance.

April 16 MFDA

FAQ about CRM2
To help firms gear up for thefinal implementation of various new disclosure requirements as part of the Client Relationship Model reforms, the Mutual Fund Dealers Association of Canada issued a notice detailing its responses to frequently asked implementation questions.

April 16 TSXV

Blanket order for junior issuers on TSX Venture and Santiago
Several provincial securitiesregulators have granted relief to allow junior issuers to be listed on both the TSX Venture Exchange (TSXV) and the new Santiago Venture Market. Order takes effect.

Apr. 7 MFDA Seniors group to be created
The Mutual Fund Dealers Association is looking for representatives from fund dealer firms to participate in a ‘seniors consultation group’, being formed to provide MFDA staff with input from the industry.
Apr. 2 OSC

April Investment Funds Practitioner released
Fund managers must ensure that assets posted as collateral in derivatives transactions are only held as collateral, and are not sold. The direction is included with other issues in the most recent edition of the newsletter from the Investment Funds and Structured Products branch of the Ontario Securities Commission.

Apr. 1 IFIC

Dealer checklist for CRM2
The Investment Funds Institute of Canada produced a new checklist to help dealers prepare for Client Relationship Model Phase 2 (CRM2) disclosure rules coming into effect at the end of 2015.


Standards agreed on for financial planners
The Financial Planning Standards Council (FPSC), which administers the CFP designation, and the Institut québécois de planification financière (IQPF), which administers the F.Pl. designation in Quebec, have agreed on common ethical and practice standards for planners.

Mar. 26 CSA

U.S. brokers in Canada need not register
The Canadian Securities Administrators will exempt U.S. broker-dealers and U.S. advisers from Canadian registration requirements as long as they are only servicing U.S. clients, and are subject to the oversight of U.S. regulators.

Mar. 25 IOSCO

Updating code of conduct for credit rating agencies
The International Organization of Securities Commissions is revising its code for credit rating agencies to strengthen the code in areas such as managing conflicts of interest, transparency, and safeguarding non-public information.

Mar. 19 JRC/OBSI

Joint regulators committee calls for good faith with OBSI
National securities regulators are monitoring the trend of firms refusing compensation recommendations from the Ombudsman for Banking Services and Investments. It will be monitoring these refusals.

Mar. 17 OSFI

Bank stress testing, loss-absorbency, capital standards for insurers
Recent speech by Superintendent Jeremy Rudin includes observations on stress testing for Canadian banks, an initiative on loss-absorbency requirements and minimum capital standards for insurers.

Mar. 13 FCA

UK guidance on use of social media released
The UK Financial Conduct Authority issued guidance on financial promotions over social media, such as Twitter and Facebook. It stresses all communications (including financial promotions) must be fair, clear and not misleading.

Mar. 11 IOSCO

Review of stress testing of counterparties
Global regulators launched a review of stress testing by central counterparties (CCPs). The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures are reviewing stress testing by CCPs, which are must show they can manage credit and liquidity risks in a wide range of hypothetical scenarios.

Mar. 10 OSC

Investor advisory report released
Fundamental flaws in Canada’sinvestor protection regime continue to unaddressed by regulators, according to an Ontario Securities Commission advisory panel.

Mar. 9 CSA

Warnings on binary options
The Canadian Securities Administrators warned investors to exercise caution when considering an investment in binary options, which are essentially “bets” on how a particular underlying asset will perform in a limited amount of time. Many are based overseas and not registered to conduct business in Canada.

Mar. 6 FCA

Explaining structured products
New research from the UK Financial Conduct Authority suggests more needs to be done to ensure consumers aren’t exploited by structured products. The report says consumers overestimated the expected returns on structured products, such as index-linked deposits, on average, by almost 10% over five years.

Mar. 6 FSB/

Methodology for identifying key brokers released
The Financial Stability Board and the International Organization of Securities Commissions proposed methodologies for identifying the financial services firms — other than banks and insurers — considered systemically important financial services institutions. FSB chairman Mark Carney said the proposals are an important step in addressing the ‘too big to fail’ issues raised by the financial crisis.

Feb. 26 CSA

Fund Facts for ETFs
The Canadian Securities Administrators will publish proposals later this spring, or early summer, mandating a new disclosure document for ETFs, modelled on the Fund Facts documents in use by mutual funds.

Feb. 26 N.Y. state

Rewards for whistleblowers
New York state proposes the Financial Frauds Whistleblower Act to reward employees who report on illegal activity in the banking, insurance, securities, and financial services industries.

Feb. 26 IOSCO/

Global regulators propose more disclosure for counterparties
The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures published more quantitative disclosure standards for central counterparties.

Feb. 26


Insurance advisors to be screened
The insurance industry is developing a new database to aggregate information that insurers and MGAs need for advisor screening and compliance monitoring responsibilities, including licensing and errors and omissions (E&O) insurance details.

Feb. 24 OBSI

Annual report includes concern over low-ball settlements
In its latest annual report, the Ombudsman for Banking Services and Investments says it is still concerned about firms refusing its recommendations and that client acceptance of ‘low-ball’ settlements is an emerging.

Feb. 20 MFDA

2015 compliance priorities
Key priorities include new proficiency standards for fund dealers who are able to trade exchange traded funds, seniors, fee arrangements and pre-trade disclosure.

Feb. 12 CSA

New regime for alternative investment funds
An update on plans for a new regime for alternative investments was released by the Canadian Securities Administrators. Regulators anticipate releasing proposals for a new regime for these funds by the end of 2015.

Feb. 5 IIROC

Financial educational content improved
The Investment Industry Regulatory Organization of Canada has added content to existing courses for institutional advisors instead of creating new courses.

Feb. 4 FIA

Better OTC infrastructure
The Futures Infrastructure Association published recommendations for improving the efficiency of the new clearing infrastructure that has emerged for the OTC derivatives market.

Jan. 29 CSA/Fund Facts

New risk rating for mutual funds
The Canadian Securities Administrators will establish a new, uniform method for reporting mutual fund risks for use in Fund Facts documents. This will replace the discretion currently given to fund managers. The new method is expected later this year.

Jan. 29 OSC

Related party transactions
The OSC published a staff notice on disclosure of related party transactions, following random reviews of 100 companies. The notice says half of companies should make changes to their disclosure practices. Many disclosures were described as too generic.

Jan. 29 CSA

Proxy voting reforms
The Canadian Securities Administrators reported on its review of the proxy voting process and plans for reform, to improve vote counting. It includes five required improvements, to be implemented in 2016 proxy voting season.

Jan. 28 NASAA

Cybersecurity risks and investors
The North American SecuritiesAdministrators Association, which includes Canadian securities commissions,called on investors to press firms for more information about protection of client information.

Jan. 28 BCBS

Disclosure of risk-weighted assets
The Basel Committee on Banking Supervision issued the final version of revised disclosure standards under the new Basel III capital adequacy regime. The higher standards aim to allow the market to more easily compare banks’ disclosures of their risk-weighted assets.

Jan. 28 IOSCO

Standards for OTC derivatives
The International Organization of Securities Commissions published a final report that sets out nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets.


Top priorities for U.S. securities regulators
Sales practices, suitability, and fee structures relating to retail investors will be top priorities for the U.S. Securities and Exchange Commission in 2015.


Ontario probate rules tightened
Estate trustees in Ontario will be required to report much more detailed information about the value of assets in an estate. The new legislation came into force at the beginning of the year.


Priorities for 2015 published by U.S. regulators
Brokerage firms need to do a better job of putting clients’ interests first, U.S. regulators say. The U.S. Financial Industry Regulatory Authority published its priorities for the coming exam cycle, saying it will focus on sales practices and market conduct issues that are serious risks to both investors and market integrity.


Comments on new national regulator released
The comments submitted on the proposed legislation to create a cooperative capital markets regulator between five provinces and the federal government are available.


Guidance on underwriting due diligence
The Investment Industry Regulatory Organization of Canada published revised guidance for dealers on the elements of due diligence.


Impact of HFT
The Investment Industry Regulatory Organization of Canada published three of the papers it has commissioned on high frequency trading. IIROC has invited comment on the papers.


No trailer fees in fee-based accounts
The Ontario Securities Commission says investment funds meant for fee-based accounts should not carry trailerfees. Trailers in fee-based accounts are dual compensation and can mislead clients, it says.


Financial regulators sign MOU
To fight fraud and increase investor confidence, the Ontario Securities Commission signed a deal with the Competition Bureau to facilitate cooperation between the agencies.


Investors warned about high yield investment programs
The North American SecuritiesAdministrators Association published an investor alert about high-yield investment programs (HYIPs), which it calls “Ponzi schemes sold by unlicensed individuals.”


NASAA issues list of 2015 investor threats
Many of the top threats facing investors involve new products in classic schemes.


FSCO monitoring other regulators’ disciplinary actions
Misconduct by a dually licensed agent may result in having the agent’s insurance license revoked or suspended


MFDA releases payment of fines status report
The report aims to increase transparency relating to the MFDA’s fine collection rate. It will be updated quarterly.


OSC introduces ‘Topical Guide for Registrants’
The goal is to provide tools to assist registrants with maintaining effective compliance.


MFDA boosts investor education
The Mutual Fund Dealers Association of Canada launched an investor education section on its website.


New private mortage industry association launched
The goals of the Association of Mortgage Investment Professionals are to better protect investors, set higher industry standards, and provide mortgage practitioners with greater education and certifications.


Disclosure to clients by firms not uniform
Securities regulators caution that they are finding notable differences in the disclosure that firms are providing to clients about their processes for assessing suitability and for managing conflicts of interest.


CCIR outlines top priorities
The Canadian Council of Insurance Regulators published its new strategic plan for 2014 through 2017. It highlights an increased focus on consumer protection, including the potential for regulatory arbitrage.


New U.S. system to keep track of 100 million accounts
The U.S. self-regulatory organizations and exchanges have filed a plan for the creation of a new consolidated audit trail (CAT) system. National U.S. exchanges and the Financial Industry Regulatory Authority, Inc. (FINRA) filed a plan for creation, maintenance and implementation of the CAT system and central repository with the U.S. Securities and Exchange Commission (SEC).


OSC releases registration compliance report
The OSC released a comprehensive report on a wide range of emerging issues, including enhancing the initial registration process and tying it to compliance, its stance on “robo advice” models, the CSA’s consideration of a best interest statutory test for advisors.


OSFI issues revised capital test guideline for P&C insurers
OSFI released a revised minimum capital test guideline for P&C insurers, which updates the capital regime for the sector. The guideline, which takes effect Jan. 1, 2015, updates the risk factors and margins that go into firms’ capital calculations, and revises the definition of available capital. The new rules are to be phased in over three years.

Joint Forum

Self-assessment survey results find gaps
The Joint Forum — the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors — issued a report detailing a survey of regulators from various countries (including Canada). The survey found both progress since 2011 and gaps in regulatory supervision. It plans to revisit the issues and gaps in a year’s time.


New rules for asset backed securities, credit rating agencies
The U.S. Securities and Exchange Commission will adopt several new requirements. They deal with internal controls, conflicts of interest, the disclosure of credit rating performance statistics, procedures to protect the integrity and transparency of rating methodologies, the transparency of credit ratings, and proficiency standards for credit analysts. Some of the amendments will become effective 60 days after publication in the Federal Register, others take effect after nine months, and certain requirements will be implemented in 2015.

NASAA creates new committee to focus on seniors’ issues

The board level committee includes Deborah Gillis, counsel at the N.B. Financial and Consumer Services Commission, securities division. The issue will be discussed at NASAA’s conference in September in Indianapolis.


Leave granted to hear securities class action cases

The Supreme Court of Canada granted leave to appeal in three securities class action cases dealing with the three-year limitation period for launching statutory secondary market securities class action claims in Ontario.

Pensions and benefits

New obligation for Ontario employers and long term disability benefits
The Ontario government will require employers to insure the LTD benefits of its employees, to ensure protection of these benefits. The measures are contained in the Ontario budget and will come into force on a future date.


Key tax changes in Ontario
Three new tax measures of note in the JUly 24 budget deal with a new personal tax on highincome taxpayers, changes to the small business deduction and a new anti-avoidance rule under the Land Transfer Tax Act.


Draft guidelines for banks on leverage ratios published on June 30
Obligations on Canadian banks to disclose, based on Basel III capital regime, begins Jan. 1, 2015.


Capital rules for mortgage insurers
Mortgage insurers to follow the latest capital rules for property and casualty (P&C) insurers while specific rules for mortgage insurers are being developed. Requirements take effect in first reporting period in 2015.


Longevity insurance and longevity swaps
Policy advisory for federally regulated defined benefit pension plans considering longevity insurance or longevity swap contracts to hedge longevity risk.


Code of conduct for CDOR submission panel
On June 2, the regulator announced the final code of conduct for banks on the submission panel for the interest rate benchmark known as the Canadian Dollar Offered Rate (CDOR). The voluntary code was developed by the submitting banks, along with IIROC and the Bank of Canada.


OSFI to review senior hires at banks, insurers
The Office of the Superintendent of Financial Institutions issued the final version of an advisory, outlining proposed requirements to notify OSFI about changes in the boardroom and executive suite at the major banks, life insurers, and other federally regulated firms.


ACPM proposes new model to address DB pension challenges
The Association of Canadian Pension Management (ACPM) has released a discussion paper, which argues for a new funding regime to preserve Defined Benefit (DB) pension plans. The ACPM paper explains why funding requirements for private sector single employer DB pension plans should be changed, why solvency funding no longer works and why a new funding model is needed.


OSC review concludes fund managers could be doing a better job of disclosing fees and expenses
The survey of 18 fund firms, including exchange traded funds and closed end funds, was conducted last year.

Next: Previous months
Previous Months

October 2015



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.



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.


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.


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.


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


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
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.

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.


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.


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.



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.


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.

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



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


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.


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.


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


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.



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.


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.



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.


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



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.


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


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.


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.


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.



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


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.



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



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.


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.


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


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.



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.


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/

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



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.


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.


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



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).


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.


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.



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.


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.


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.


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.


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



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.



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.



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.


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.


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.


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.


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


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.



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.



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


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.



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.



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


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.


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.



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.


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.


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.



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.


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.



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/

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


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



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.


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


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.


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.



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.



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


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


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.


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.



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



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


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


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.


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.



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


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.


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



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



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.



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



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


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



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.



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



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



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



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



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



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


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.



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



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



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



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



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



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



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



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



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



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



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



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



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



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.


Trustees Act

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

June 2014



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



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

3, 5


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



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



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



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



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



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



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



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



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



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



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



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



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.


> 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.