United States

Paul Volcker comments on the future of his rule. Bloomberg reported that Paul Volcker is not concerned that the current administration will undermine the overall principle of the financial rule that was named after him. Volcker remarked that the “basic premise” of the Volcker Rule “is hard to fight against.” (7/7/2017)

Commodity trading is going the digital route. The Financial Times reported on how computer models and algorithmic programs are exerting a greater influence on commodities prices, while traders are trying to keep up with the digital forces that are changing how raw materials are bought and sold. Pursuant to a recent report on the digitization of commodity trading, market participants who want to compete in this new environment must invest in trading infrastructure and personnel who focus on software development and mathematics. (6/6/2017)


Summary report for dealers, advisers and investment fund managers. The OSC announced that it has published OSC Staff Notice 33-748 Annual Summary Report for Dealers, Advisers and Investment Fund Managers. (7/11/2017)

Comments sought on designated rating organizations. The CSA announced that it has published for comment proposed rule amendments and policy changes related to designated rating organizations (DROs) and credit ratings of DROs. CSA staff is proposing to amend National Instrument 25-101 Designated Rating Organizations(NI 25-101) to reflect new EU requirements for credit rating organizations, to ensure the EU continues to recognize the Canadian regime as “equivalent” for regulatory purposes after these new requirements go into effect on June 1, 2018. The proposed amendments would allow credit ratings of a Canadian office of a DRO to continue to be used for regulatory purposes in the EU. Stakeholders must submit their comments in writing by October 4, 2017. (7/6/2017)

IIROC oversight review report. The CSA announced the release of its Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC), which evaluates whether specific regulatory processes are operating effectively and outlines findings that require corrective action. (7/4/2017)

CSA proposes a new prospectus exemption for the resale of securities of a foreign issuer. The CSA announced the publication for comment of proposed amendments to National Instrument 45-102 Resale of Securities (NI 45-102) that would introduce a new prospectus exemption for the resale of securities of a foreign issuer. Comments on the proposal should be submitted in writing by September 27, 2017. (6/29/2017)

Roundtable on the option of discontinuing embedded commissions. The OSC announced that it will host a roundtable to facilitate further stakeholder input on Canadian Securities Administrators (CSA) Consultation Paper 81-408 Consultation on the Option of Discontinuing Embedded Commissions. The roundtable will take place on September 18, 2017, from 12:30 p.m. to 4:30 p.m. at the OSC’s offices in Toronto, Ontario. (6/19/2017)