Canadian securities regulators propose gender diversity amendments. The securities regulatory authorities in Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Northwest Territories and Nunavut (the Participating Jurisdictions) published for comment proposed amendments to Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 “Disclosure of Corporate Governance Practices.” These amendments were previously published for comment by the Ontario Securities Commission on January 16, 2014. The Proposed Amendments would require all TSX-listed issuers and other non-venture issuers reporting in the Participating Jurisdictions and in Ontario to make disclosure regarding the representation of women on their boards and in their executive officer positions using a “comply or explain” approach. Comments should be submitted by September 2, 2014. (7/3/2014) CSA press release.
OSC amends derivatives reporting rules. The Ontario Securities Commission published amendments to OSC Rule 91-507 “Trade Repositories and Derivatives Data Reporting (TR Rule)”, which alleviate certain reporting burdens on Ontario OTC derivatives market participants and enhance the clarity and utility of data reported to the OSC. The amendments permit certain market participants to report under the US CFTC swap data reporting rules and to use the International Swaps and Derivatives Association Canadian methodology. The methodology will assist market participants in determining the reporting counterparty for a derivatives transaction and avoid double reporting. (6/26/2014) OSC press release.
OSC adds outreach sessions. The Ontario Securities Commission announced the addition of two new sessions to the Registrant Outreach program, which is designed to assist Ontario registrants in strengthening their compliance practices. The program will feature an overview of the Ombudsman for Banking Services and Investments (OBSI) process, related to the requirement that all registered dealers and advisers join OBSI as “Participating Firms” by August 2, 2014. The OSC will also hold a session on calculating participation fees in accordance with OSC Rule 13-502 prior to the December 1, 2014 OSC participation fee filing deadline. (6/25/2014) OSC press release.
CSA amends investment fund rules. The Canadian Securities Administrators published final amendments to “National Instrument 81-102 Mutual Funds” and related consequential amendments, as part of the CSA’s Modernization of Investment Fund Product Regulation Project. The amendments introduce fundamental investment restrictions and operating requirements for non-redeemable investment funds and enhanced disclosure requirements regarding securities lending by all investment funds in Canada. The amendments are effective September 22, 2014, and are subject to certain transition periods. (6/19/2014) CSA press release.
FSB advisory notice concerning Venezuela. The Financial Stability Board advised financial institutions to be aware that Venezuela has been determined by the FSB to be a non-cooperative jurisdiction with respect to regulatory and supervisory standards on international cooperation and information exchange. Financial institutions should therefore exercise appropriate caution in conducting business in Venezuela or with financial institutions supervised by the Venezuelan authorities. (6/19/2014) FSB press release.