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Canadian Securities Administrators goes increasingly digital in fight against investment misconduct: Fiscal Year 2018/19 Enforcement Report
by FCNB on 


Canadian Securities Administrators goes increasingly digital in fight against investment misconduct: Fiscal Year 2018/19 Enforcement Report  

Securities regulators detect, disrupt and deter securities misconduct amid emerging technologies and threats

The Canadian Securities Administrators (CSA) today released its fiscal year 2018/19 Enforcement Report, which outlines how securities regulators are protecting the integrity of Canada’s capital markets.
The report highlights the cross-jurisdictional collaboration and technology investments that have enabled CSA members to detect and deter misconduct amid the emergence of new technologies and threats.

“As our world becomes increasingly digital, enforcement of securities laws must also evolve,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “This year’s Enforcement Report shows that by deploying sophisticated investigative tools and techniques and by continuing to strengthen our connections – with each other, global enforcement partners and other regulators – we are keeping pace with emerging trends in Canada’s capital markets.” 

Recognizing that securities misconduct goes beyond borders, CSA members continued to strengthen efforts to collaborate with each other and securities regulators in other countries by sharing best practices and aligning on enforcement priorities. This included advancing the multijurisdictional response to emerging pump-and-dump threats as part of the Cross-Border Market Fraud Initiative and hosting global representatives at the annual Insider Trading and Market Manipulation Conference.

The CSA also continued the development of a data repository and analytics system that will help CSA members improve efficiencies and identify market misconduct faster and earlier.

Highlights from the fiscal year 2018/19 Enforcement Report include:
  • 42 cases involving collaboration between CSA member jurisdictions;
  • 100 cease-trade and asset-freeze orders issued;
  • 32 fraud cases tried, resulting in over $24 million in penalties;
  • 63 individuals banned from participating in the capital market;
  • 12 offenders received a combined 36 years of jail time under the Criminal Code and
  • 46 Investor Alerts issued to warn the public about possible investment scams.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Click here to view the Canadian Securities Administrators fiscal year 2018/19 Enforcement Report.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries about the 2018/19 CSA Enforcement Report, contact:

Stephanie Ronson
Edelman
647-252-2856

For other media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators set out suggested practices for working with older or vulnerable clients
by FCNB on 


Canadian securities regulators set out suggested practices for working with older or vulnerable clients


The Canadian Securities Administrators (CSA) today published a notice that outlines suggested practices that registered firms can consider when engaging with older or vulnerable clients. Clients may be or become vulnerable due to changing needs and risks as they age, an illness or injury, or a physical, cognitive or psychological limitation. 


“We’ve heard that registrants are looking for guidance on how to address the issues and changing needs of older or vulnerable clients,” said Louis Morisset, CSA Chair and President and Chief Executive Officer of the Autorité des marchés financiers. “Registrants could be one of the first to recognize the challenges faced by older or vulnerable clients, including potential financial exploitation or diminished mental capacity. This notice outlines suggested practices that firms and representatives can use to address the individual needs of their clients with the objective of protecting them from potential financial harm.”


The notice includes suggestions as to how registrants can identify and respond to situations involving financial exploitation and diminished mental capacity. It also reminds firms of their know-your-client and suitability obligations, and discusses specific practices firms can consider when assessing their policies and procedures in areas such as:

• account supervision,

• complaint handling,

• handling of powers of attorney and limited trading authorizations,

• communicating with older or vulnerable clients,

• reporting and escalating of issues, and

• identifying trusted contact persons.


The notice is part of the CSA’s ongoing work to develop a flexible and responsive regulatory approach to address financial exploitation and diminished mental capacity among older and vulnerable clients. The CSA will continue to monitor these issues and consider additional measures to assist registrants in serving their older or vulnerable clients.


CSA Staff Notice 31-354 Suggested Practices for Engaging with Older or Vulnerable Clients can be found on CSA members’ websites.


The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.


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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045
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Canadian securities regulators release report on 2016-2019 Achievements and 2019-2022 Business Plan
by FCNB on 


The Canadian Securities Administrators (CSA) today released two publications: the CSA Business Plan 2016-2019 Achievement Highlights and the CSA Business Plan 2019-2022. Both documents demonstrate the CSA’s commitment to investor protection, fostering fair and efficient capital markets, reducing risks to market integrity, streamlining regulation and effective enforcement.

The CSA Business Plan 2019-2022 sets out the priorities of its members over the course of the next three-year period. This new plan re-affirms the CSA’s commitment to responsive and harmonized regulation at the national level and alignment with international standards, where appropriate. The CSA members have highlighted forty initiatives that continue to address industry participants’ needs and promote market integrity and investor confidence in Canada’s capital markets. 

The new business plan includes projects such as the elimination of undue regulatory burden and the streamlining of regulatory requirements without reducing investor protection or impeding the efficient functioning of capital markets. It also includes projects to better manage the impact of new and emerging technologies and communication tools on Canadian capital markets.

“The initiatives outlined in the 2016-2019 Achievement Highlights demonstrate the collaborative efforts of CSA members to successfully deliver on our objectives. Many of these initiatives, both completed and on-going, have led us to understand, evolve and sharpen our strategic objectives outlined in the CSA Business Plan 2019-2022,” said Louis Morisset, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers.

As outlined in its CSA Business Plan 2016-2019 Achievement Highlights, the CSA has completed the majority of the planned initiatives and is working towards finalizing the remaining ones in the coming months. The report showcases the strong collaborative work undertaken by CSA members in a rapidly changing and complex financial landscape. As an example, the CSA’s Regulatory Sandbox was created to gain a better understanding of how technology innovations across the country are impacting capital markets, and to assess the scope and nature of regulatory implications and steps required for the modernization of the securities regulatory framework to accommodate fintech and other novel financial products and services. Within its scope of work, the Regulatory Sandbox informs the industry of the CSA’s approach to innovative business models. The Regulatory Sandbox recently published guidance on cryptocurrency offerings and launched a public consultation on a proposed framework for crypto-asset trading platforms. In addtion, the Regulatory Sandbox has facilitated the granting of time-limited registrations and exemptive relief to ten firms with innovative business models.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Click here to view the CSA Business Plan 2016-2019 Achievement Highlights and the CSA Business Plan 2019-2022.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Securities Regulators Encourage Canadians to Help Identify and Stop Senior Financial Abuse
by FCNB on 


The Canadian Securities Administrators (CSA) is encouraging Canadians to be aware of the signs of financial abuse of seniors as part of World Elder Abuse Awareness Day (WEAAD) on June 15, 2019.
Through a variety of online resources and activities across Canada, the CSA, its members and other senior-focused groups are highlighting the issue and the need to recognize, report and stop financial abuse of seniors.

“Awareness is the first step in recognizing and stopping financial abuse of seniors,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “With a growing senior population, it is more important than ever to help safeguard our aging communities who may become increasingly susceptible to financial exploitation and fraud.”

Canadians can help prevent financial abuse of seniors by:

  • Talking about financial matters with aging parents and friends.
  • Attending a local WEAAD event or seminar to highlight the issue with others.
  • Learning to recognize and avoid investment scams. Visit the CSA website to find important information and helpful resources about fraud prevention.
  • Taking time to investigate every investment opportunity or sales pitch as well as the person promoting the investment before handing over money. If unsure about an investment, consider seeking out independent, third-party advice.
  • Reporting investment fraud to their provincial or territorial securities regulator. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

“Abuse of the elderly is a serious problem,” said Mr. Morisset. “Elderly people are particularly vulnerable to abuse and challenges like isolation, cognitive decline and fear can be major barriers to seeking and getting help. All Canadians have a role to play in raising awareness of financial abuse and preventing it whenever and wherever possible.”

Across Canada, the CSA and its members are working on various initiatives to help Canadians detect, prevent and respond to the financial abuse of seniors:

British Columbia: The B.C. Securities Commission (BCSC) believes it is important for everyone to know how to identify, prevent, avoid and report elder financial abuse. To raise awareness, the BCSC launched a new Elder Financial Abuse webpage on InvestRight.org that includes blog posts, an online newsletter issue and social media posts using the hashtag #RejectFinancialAbuse throughout June, highlighting WEAAD and Elder Financial Abuse.

Alberta: The goal of the Alberta Securities Commission’s (ASC) WEAAD campaign is to help seniors improve their financial literacy, empower them to make wise investment decisions and encourage all Albertans to be aware of the signs and symptoms of elder financial abuse. The ASC’s activities in June aim to connect directly with seniors and their caregivers through community events, a financial literacy quiz and seniors resources on Checkfirst.ca, including the Spot and Stop Seniors Investment Fraud fact sheet. The ASC also sponsored the THIRD ACTion Film Festival, which was focused on celebrating aging and the accomplishments of older adults to promote elder empowerment and an age-positive culture shift. 

Saskatchewan: The Financial and Consumer Affairs Authority (FCAA) is helping Saskatchewan investors be proactive when working with registered financial representatives. Through social media and advertising, the FCAA is reminding investors to take an active role in their investing including: reviewing their trades and statements; understanding how their account is managed; and knowing to whom they should be writing their cheques.

Manitoba: The Manitoba Securities Commission (MSC) is working with Prevent Elder Abuse Manitoba (PEAM) to distribute literature and resources on elder abuse to seniors across the province, including Identifying and Preventing Financial Abuse, Protect Your Money: Avoiding Frauds and Scams, The ABCs of Senior Investment Fraud and Financial Concerns Checklist. MSC is also giving away free tote bags and information packages on senior fraud and financial abuse throughout the month.

Ontario: The Ontario Securities Commission (OSC) is working to promote a stronger and more secure financial future for all Ontario seniors. The OSC’s investor website, GetSmarterAboutMoney.ca, has free tools and resources for older Ontarians as well as information on how caregivers and family members can recognize, respond to and protect their loved ones from financial exploitation. As part of its OSC in the Community program, OSC staff are holding in-person seminars across the province and a telephone townhall on June 12, 2019, to educate people on fraud prevention, working with advisors, and making informed financial decisions. The OSC also continues implementing its Seniors Strategy, including the development of new tools and resources for the financial industry and older investors.

Québec: Seniors are a priority for the Autorité des marchés financiers (AMF). The AMF is taking an active role in the Governmental Action plan to Counter Mistreatment of Older Adults 2017-2022. A practical guide for the financial services industry, launched by the AMF, proposes possible courses of action to protect vulnerable clients. Its purpose is to provide the financial sector with guidance on the steps they can take to help protect clients’ financial well-being, prevent and detect financial abuse and assist clients. The AMF will continue its outreach efforts to seniors throughout the year with fraud prevention conferences, including social media posts on WEAAD to raise awareness about elder abuse.

New Brunswick: The Financial and Consumer Services Commission (FCNB) will launch a campaign on June 15 to raise awareness about senior financial abuse. FCNB’s campaign will use social media, videos, posters, presentations and advertisements to encourage New Brunswickers to have conversations about money and estate planning with their friends and family as a way to protect themselves and the seniors in their lives against financial abuse and fraud. It will also promote tools and brochures found on its website, including Recognizing Financial Abuse, The Record Keeper and Early Signs of Financial Decline.

Nova Scotia: The Nova Scotia Securities Commission (NSSC) launched a new page on their website focused on Investing Information for Seniors, that includes new information sheets called Protecting Seniors from Investment Fraud and Financial Elder Abuse: Know the Signs, Know What to Do, and a new online guide called Safe Investing for Seniors: Recognizing fraud and financial elder abuse. The website also has content for seniors on investing for retirement, investment fees, registration and investment risk. Throughout June, the NSSC revealed a new animated video series highlighting financial elder abuse, which can be found on the NSSC’s website or on its YouTube channel (Nova Scotia Informed Investor).

WEAAD was launched by the International Network for the Prevention of Elder Abuse in 2006 and is recognized by thousands of international organizations and communities around the world.
Canadian WEAAD activities, resources and tools can be found on the Canadian Network for the Prevention of Elder Abuse. In addition, the CSA has a number of investor tools and resources available at on its website designed to help Canadians be informed investors. Investors can stay informed of the latest investor tips, news and developments by following @CSA_News on Twitter and @CSA.ACVM on Facebook.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. 

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 For investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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IIROC and CSA provide update on conflicts of interest arising from soliciting dealer arrangements
by FCNB on 


The Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA) today published an update about the management of conflicts of interest arising from soliciting dealer arrangements.

Following initial targeted consultation in 2018, the CSA published CSA Staff Notice 61-303 and Request for Comment Soliciting Dealer Arrangements, inviting further feedback from stakeholders. After the comment period ended and after reviewing the feedback, IIROC and the CSA determined that the publication of the guidance contained in IIROC Notice 19-0092 Managing Conflicts of Interest arising from Soliciting Dealer Arrangements (the Notice) would provide the most appropriate and effective means of addressing regulatory concerns associated with soliciting dealer arrangements.

IIROC consulted with IIROC Dealer Members (Dealers), its advisory committees, the CSA and considered the comments received in response to the CSA’s Staff Notice and Request for Comment, when drafting the guidance.

The Notice sets out IIROC’s view that in some cases, conflicts of interest arising from soliciting dealer arrangements can be managed through appropriate policies and procedures. In other cases, where conflicts are or appear to be unmanageable, they should be avoided. For example, Dealers should avoid arrangements that contemplate one-sided or success-based fees in contested director elections.

 “Today’s guidance provides our Dealers with greater clarity about the circumstances where conflicts of interest associated with soliciting dealer arrangements can be managed or should be avoided,” said Irene Winel, Senior Vice-President, Member Regulation and Strategy, IIROC.

“We welcome IIROC’s guidance concerning soliciting dealer arrangements,” said Louis Morisset, CSA Chair and President and Chief Executive Officer of the Autorité des marchés financiers. “We’re pleased with the collaborative work carried out by IIROC and the CSA under this initiative.”

Soliciting dealer arrangements are agreements that incentivize Dealers to encourage securityholders of an issuer to vote their securities or take action in connection with an acquisition or other transaction involving the issuer. For instance, an issuer may agree to pay a Dealer a fee for each vote solicited from securityholders in respect of a securityholder meeting. These arrangements can raise regulatory concerns about the ability of a participating Dealer to comply with IIROC’s conflicts rule and related guidance. The Notice is available on IIROC's website.

IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC carries out its regulatory responsibilities under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators (CSA). 

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

Investment Industry Regulatory Organization of Canada:

Andrea Zviedris
Manager, Media Relations and Public Affairs
416-943-6906
azviedris@iiroc.ca

For CSA media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators seek comment on proposed amendments for at-the-market shelf distributions
by FCNB on 


The Canadian Securities Administrators (CSA) today published for comment proposed amendments to CSA National Instrument 44-102 Shelf Distributions (Proposed NI 44-102), which would replace exemptive relief that reporting issuers have generally required to conduct at-the-market (ATM) distributions of equity securities.

“The proposed changes, which codify existing CSA exemptions, will result in faster and easier access to capital for reporting issuers,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “No longer having to apply for exemptive relief for ATM distributions will ultimately reduce reporting issuers’ regulatory burden.”

An ATM distribution is a distribution of securities by an issuer under a base shelf prospectus into the secondary market using a registered investment dealer acting as an agent. ATM distributions have become more common as issuers seek alternatives to traditional more costly methods of raising capital.

The proposed amendments include:

  • An exemption for the underwriter from the requirement to deliver a prospectus to purchasers in a distribution of securities; and
  • An exemption for the issuer and underwriter from certain prospectus form requirements, including an alternative statement of statutory rights and alternative certificate forms.

These proposals contemplate two different approaches to conducting ATM distributions and align with the ATM model that currently exists in U.S. markets. The comment period will close on August 7, 2019.
Proposed NI 44-102 and its related Companion Policy, which provides guidance, can be found on CSA members' websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Canadian securities regulators outline next steps on the development of an integrated information system
by FCNB on 


The Canadian Securities Administrators (CSA) today set out next steps for a new integrated national information and filing system (the Renewed System) for Canada’s capital markets. The Renewed System will replace the System for Electronic Document Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI), the National Registration Database (NRD), and various local records filing systems.

“We are creating a single point of access for market participants that is simplified, more user-friendly and cost-effective,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The new system will have several improved features, including a modern, browser-based interface and better search capabilities.”

To lay the groundwork for the Renewed System, the CSA has published two notices for comment that propose a new system fee structure and filing requirements. The CSA is proposing to revise Multilateral Instrument 13-102 System Fees for SEDAR and NRD to implement a flat-fee model, rather than the current model where system fees are based on the number of jurisdictions where documents are filed. The model has been designed to reflect the costs of using the new system, allow for future enhancements, and reduce the administrative burden for market participants.

The CSA is also proposing a new rule, National Instrument 13-103 [System Replacement Rule], which would require filers to electronically transmit all documents to securities regulators through the new system, subject to certain exceptions. Those exceptions include documents delivered in connection with a hearing, compliance review or investigation, or certain documents that are filed infrequently. In addition, the proposed rule would not apply to certain documents that would be required to be filed or delivered in the Renewed System in future phases of the project, as outlined in the Appendix.

The Renewed System will be rolled out in phases. The first phase, with an expected launch in early 2021, will replace issuer-related systems and filings: SEDAR, the National Cease Trade Order Database, the Disciplined List, and certain filings made in paper format or in local electronic filing systems. Later phases will replace SEDI, NRD, the National Registration Search, and the remaining filings in local systems.

The CSA expects to propose further changes to National Instrument 13-103 [System Replacement Rule] in future phases of the Renewed System.

The notices can be found on the websites of participating jurisdictions, and comments for both must be submitted by July 31, 2019.

Market participants can visit the CSA’s website here for updates on the project.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Regulators sign an agreement with the Financial Conduct Authority
by FCNB on 


The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the United Kingdom Financial Conduct Authority (FCA).

The agreement extends the work of the CSA Regulatory Sandbox Initiative and the FCA Innovate project. These innovation functions provide a controlled environment for businesses to develop and test innovative solutions that promote efficiency and consumer choices in the financial sector.

“This co-operation agreement with the FCA is in addition to agreements we have reached with other regulatory organizations,” said Louis Morisset, CSA Chair and President and CEO of Québec’s Autorité des marchés financiers. “Since FinTech businesses are not constrained by national borders, it is in our best interest to share views and exchange information in connection with their activities so we can evaluate market trends and adapt our regulatory framework appropriately.”

CSA members have also signed agreements with the Abu Dhabi Global Market Financial Services Regulatory Authority, the Australian Securities and Investments Commission and the French Autorité des marchés financiers. Co-operation agreements are subject to the domestic laws and regulations of each authority and do not modify or supersede any applicable laws or regulatory requirements in force in, or applicable to, any such authority’s respective jurisdiction.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The Financial Conduct Authority is the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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Joint Forum of Financial Market Regulators continues work on collaboration and information sharing at its Annual Meeting
by FCNB on 


The Joint Forum of Financial Market Regulators (Joint Forum) has concluded its Annual Meeting. The Joint Forum brings together members of the Canadian Council of Insurance Regulators (CCIR), the Canadian Securities Administrators (CSA), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representation from the Canadian Insurance Services Regulatory Organizations (CISRO).  Representatives of the Financial Services Regulatory Authority of Ontario (FSRA) and the Mortgage Broker Regulators’ Council of Canada (MBRCC) also attended the meeting.

The dynamic nature of the financial services landscape was reflected in the Plenary Session, during which CAPSA introduced its Strategic Plan for 2019-22 and the CSA and CCIR provided highlights on their key initiatives. Themes included enhancing consumer protection and a focus on market conduct and efficiencies.

Angela Mazerolle, CAPSA Chair and Superintendent of Pensions and Insurance with the Financial and Consumer Services Commission (New Brunswick), shared CAPSA’s proposed initiatives which take into account the changing environment that has created opportunities for new plan designs, products, processes and requirements. CAPSA has considered the resulting complexities to develop a Strategic Plan that can assist pension plan administrators in meeting their fiduciary duty while protecting the entitlements of pension plan beneficiaries. The new Plan also includes a review and update of the Capital Accumulation Plans Guideline. CAPSA will collaborate with CCIR and CSA as it leads this initiative.

Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers presented an update on CSA members’ participation in the International Monetary Fund (IMF) Financial Sector Assessment Program (FSAP). The goals of this assessment are to gauge the stability and soundness of the financial sector and to assess its potential contribution to growth and development. The IMF assessment of the securities sector covered the analysis and review of securities and derivatives market intermediaries in Canada. Additionally, Mr. Morisset provided updates on the status of ongoing enhanced investor protection regulatory initiatives.

On behalf of CCIR, Patrick Déry, CCIR Chair and Superintendent, Solvency of the Autorité des marchés financiers brought forward two major milestones since last year’s Joint Forum meeting. In support of its priority of building cooperative supervision and aligning with best international practices, the Fair Treatment of Customers Guidance (Guidance) was released in September 2018, in partnership with CISRO. The Guidance sets out the overarching expectations of insurer and intermediary regulators across the country. CCIR also released its full fee disclosure requirements for segregated funds and is currently working with industry towards implementation. These initiatives will provide more information for consumers to make better decisions while strengthening confidence in the financial services sector. Mr. Déry also presented an update on the IMF FSAP assessment of the insurance sector.

This year’s meeting provided opportunities for focused discussion through break-out sessions on topical issues such as the integration of environmental, social and governance factors in investment decisions, international focus on consumer protection, financial exploitation of vulnerable investors and cybersecurity. Members were able to provide valuable insights on these issues in the cross-sectoral context.

While discussing the complexities their sectors face in these areas, they were able to learn about each others’ experiences and challenges. Members also shared updates on ombudservice oversight across banking services and investments, life, health and general insurance sectors.

FSRA CEO, Mark White, provided an update on the implementation of Ontario’s new financial services regulator, including highlights of FSRA’s transformation mandate. Mr. White highlighted that FSRA’s objectives include national collaboration and harmonization of regulation, and FSRA welcomed the opportunity to engage with members of the Joint Forum.

MBRCC Chair and Director of Consumer Affairs with the Financial and Consumer Services Commission (New Brunswick), Alaina Nicholson, introduced the MBRCC and indicated that the MBRCC welcomed the opportunity to participate. Ms. Nicholson noted the broader, and often common challenges faced by financial services regulators, including the management of conflicts of interest, appropriate disclosures to consumers, product suitability, the emergence of digital service models, fintech and, of course, the increasing complexity of products.

For more information: 

Malon Edwards
Financial Services Commission of Ontario(for English media ‐ Toronto)
416-590-7536

Sylvain Théberge
Autorité des marchés financiers (for francophone media ‐ Montréal)
514-940‐21761-877-525‐0337, extension 2341

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Canadian securities regulators publish IIROC oversight review report
by FCNB on 


The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC). The report evaluates whether IIROC has complied with the terms and conditions of its Recognition Orders, and whether specific regulatory processes are effective, efficient and applied consistently and fairly.

Following an annual risk-based assessment of IIROC’s functional areas and key processes, CSA staff selected key regulatory processes in the following functional areas for review: business conduct compliance, trading conduct compliance, policy, and membership and registration.

CSA staff identified three low priority findings in the trading conduct compliance department, policy department and registration department. IIROC has already taken steps to resolve these findings. Additionally, CSA staff note that IIROC has resolved findings cited in previous oversight reports.

The review was conducted jointly by CSA staff of seven of the provincial securities regulators that recognize IIROC: the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; the Nova Scotia Securities Commission; and the Ontario Securities Commission. IIROC is also recognized by the Alberta Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Prince Edward Island Office of the Superintendent of Securities, the Northwest Territories Office of the Superintendent of Securities, the Nunavut Securities Office, and the Office of the Yukon Superintendent of Securities.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

For more information:
Sara Wilson
Financial and Consumer Services Commission
506-643-7045

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