United States

Barclays investment bank head to retire. DealBook reported that Thomas King, the head of investment banking at Barclays, will retire in March, one in a series of changes in senior management under the bank’s new chief executive, James E. Staley. (2/19/2016) DealBook.


OSC reminds mortgage investment entities of registration requirements. The Ontario Securities Commission announced that it recently entered into settlement agreements with mortgage investment entities (MIEs), mortgage brokers, administrators and their principals involved in trading in securities without registration, contrary to the Securities Act (Ontario). These settlements involved substantial penalties and costs being levied against businesses and individuals, as well as the requirement to reimburse investors where the investment was not suitable. (2/19/2016) OSC press release.

OSC publishes Summary Report for Investment Fund and Structured Product Issuers. The OSC published its Summary Report for Investment Fund and Structured Product Issuers, which provides an overview of the key activities and initiatives of the OSC for 2015 that impact investment fund and structured product issuers and the fund industry, including key policy initiatives; emerging issues and trends; continuous disclosure and compliance reviews; and recent developments in staff practices. (2/18/2016).

National Instrument 24-102 Clearing Agency Requirements comes into force.The OSC announced that the Minister of Finance’s National Instrument 24-102 Clearing Agency Requirements (Instrument), which was approved as a rule under the Securities Act on January 18th, came into force on February 17th subject to certain transitional provisions. The Instrument imposes ongoing requirements on recognized clearing agencies, and formalizes a framework for the recognition or exemption of clearing agencies seeking to carry on business in a Canadian jurisdiction. (2/18/2016) OSC press release.

OSC releases results of insider reporting compliance review. The OSC published OSC Staff Notice 51-726 Report on Staff’s Review of Insider Reporting and User Guides for Insiders and Issuers, which sets out the results of its review of the continuous disclosure records and insider filings of 100 reporting issuers whose principal regulator is Ontario. (2/18/2016) OSC press release.

Investor Office launches fact cards to continue modernizing investor education. The OSC’s Investor Office introduced Fact Cards, which are free digital cards that contain unbiased information on investment topics that can be embedded on third-party websites. The Fact Cards cover topics ranging from the red flags of investment fraud to understanding mutual funds to checking the registration of a financial advisor. They are all identified with the OSC’s consumer education website GetSmarterAboutMoney.ca. (2/17/2016) OSC press release.

Maureen Jensen comments on her appointment as OSC Chair and CEO.Maureen Jensen issued a statement in response to her appointment as OSC Chair and Chief Executive Officer for a term of two years, effective February 10th. (2/11/2016) OSC press release.