New rules on reporting the dismissals of brokers to start on December 12th.The New York Times reported that, in an effort by securities regulators to make background information about brokers more accessible to consumers, new rules will significantly shorten the window of time within which brokerage firms have to report the details of a broker’s departure from their firm. Starting December 12th, brokerage firms will have to report the details of a broker’s termination in three business days, which is down from 15 business days. (12/1/2015) Dismissals.
OSC requests applications for its Small and Medium Enterprises Committee.The Ontario Securities Commission (OSC) is seeking members for its Small and Medium Enterprises Committee (SMEC). Interested parties should submit their application, indicating their relevant experience, by December 21, 2015. (12/7/2015) OSC press release.
Canadian securities regulators publish new requirements for clearing agencies. The Canadian Securities Administrators (CSA) published National Instrument 24-102 Clearing Agency Requirements (NI 24-102) and its Companion Policy, which adopt international standards for recognized clearing agencies that operate as a central counterparty, central securities depository or securities settlement system. Provided all necessary Ministerial approvals are obtained, the majority of NI 24-102 provisions will come into force on February 17, 2016 and the remaining provisions will come into force on December 31, 2016. (12/3/2015) OSC press release.
Canadian securities regulators adopt cooperative oversight model for clearing agencies and trade repositories. Eight provincial securities regulators signed a Memorandum of Understanding Respecting the Oversight of Clearing Agencies, Trade Repositories and Matching Service Utilities, which formalizes the manner in which the jurisdictions cooperate and coordinate their efforts to oversee clearing agencies, trade repositories and matching service utilities in order to promote their safety and efficiency, as well as contribute to the management of systemic risk. (12/3/2015) OSC press release.
CSA Staff Notice - Conflicts of interest in distributing securities of related or connected issuers. The CSA published CSA Staff Notice 31-343 Conflicts of interest in distributing securities of related or connected issuers. (11/19/2015) OSC staff notice.