United States

Investors continue to be slow to act on climate change. Although they are more aware of risks to their portfolios, investors continue to be slow to act on climate change. Reuters reported that several fund managers are still unsure about how to manage climate change risks and how that subject fits into their fiduciary responsibility. (4/14/2016) Reuters.


CSA releases staff notice with FAQs and additional guidance on Cost Disclosure, Performance Reporting and Client Statements. The CSA has published Staff Notice 31-345, with frequently asked questions and updated guidance on Cost Disclosure, Performance Reporting and Client Statements. (4/14/2016) CSA Staff Notice 31-345.

OSC announces Small and Medium Enterprises Committee members. The OSC announced the new membership of its Small and Medium Enterprises Committee, which advises OSC staff on matters related to small and medium enterprises, including the challenges they face in operating their businesses and raising capital. (4/13/2016) OSC press release.

CSA releases staff notice on next steps in its work to enhance obligations of advisers, dealers and representatives toward clients. The CSA provided advance notice of the upcoming publication of CSA Consultation Paper 33-404 - Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives Toward Their Clients. The Consultation Paper, anticipated to be published toward the end of April 2016, will seek comment on proposed regulatory action aimed at strengthening the obligations that advisers, dealers and representatives owe to their clients. (4/7/2016) CSA Staff Notice 33-317.

CSA introduces harmonized reporting for the prospectus-exempt market. The CSA has published amendments to National Instrument 45-106 Prospectus Exemptions and its companion policy to introduce a new harmonized report of exempt distribution. The new report will apply to all issuers that distribute securities under certain prospectus exemptions. It will require additional disclosure about the issuer and its insiders, securities distributed, prospectus exemptions relied on and persons compensated for the distribution. Provided all necessary approvals are obtained, all issuers must use the new report for distributions that occur on or after June 30, 2016. A transition period is available for investment fund issuers that file reports annually. The new report must be filed electronically in all CSA jurisdictions as paper submissions will no longer be accepted, except from foreign issuers in certain cases. (4/7/2016) CSA press release.