The 2016 Investment Executive Regulators’ Report Card polled 109 CCOs and other company executives from firms regulated by self-regulating organizations (IIROC and MFDA), and by provincial regulators. Although the participants’ perceptions of their regulators marginally improved from last year, they fared poorly across the board in the “awareness of dealers’ regulatory burden” category. Survey participants felt that the recent, rapid pace of reform surpasses firms’ abilities to meet compliance obligations. On a more favourable note, regulators received praise for their improved industry consultation process when introducing new policy and rules, and for making themselves more available to enquiries.
You should know…
The Canadian Securities Administrators (CSA) are encouraging investors to “check before they invest”, to ensure they are obtaining investment advice from firms or individuals registered to provide such advice. Of particular concern is unregistered advice around binary options, as many of these platforms are based overseas and are not registered to conduct business in Canada. To check on the registration status of a firm or individual, investors can contact their local securities regulator or visit AreTheyRegistered.ca. This is a good opportunity for registrants to check their own registrations and ensure their accuracy.
The OSC recently announced that a Barrie, Ontario man was sentenced to 15 months in jail by the Ontario Court of Justice after an investigation by the OSC’s Joint Serious Offences Team. The man was convicted on two counts of unregistered trading, one count of unregistered advising and four counts of breaching cease trade orders imposed by the OSC.
Did you know?
There is a legal requirement to provide notice of changes affecting insurance. Changes may relate to:
- claim(s) made under the policy
- cancellation of policy
Although there is no legal requirement to file evidence that the insurance has been renewed, instructions on the OSC’s electronic portal imply that evidence of renewal should be submitted nonetheless.