OSC Appoints New Enforcement Director

Earlier this month, the Ontario Securities Commission (OSC) announced the appointment of Jeff Kehoe as Enforcement Director. Mr. Kehoe joins the OSC after a decade as Director and Vice President of Enforcement at IIROC.

Common Reporting Standard to Exclude TFSAs

The Canadian government recently introduced legislation that will implement the Common Reporting Standard (CRS), with certain provisions excluding TFSAs and other types of accounts from the CRS.

As a result, Financial Institutions will not have to report TFSA account information to the CRA, or obtain self-certifications from TFSA account holders. According to IFIC, the decision is a welcome one, as the financial services industry actively appealed for TFSAs to be excluded from the CRS.

Survey Says…

Several surveys have been circulated by Canadian securities regulators as of late. In addition to the Cybersecurity Questionnaire addressed more fully in this month’s Bulletin, the BCSC recently released a CRM2 Survey and the OSC distributed a Compensation and Incentives Survey.

Though the deadline for the CRM2 Survey has now passed, responses to the Compensation Survey will be accepted until November 11, 2016.