United States

Department of Labor releases more fiduciary rule FAQs. ThinkAdvisor reported on the Department of Labor’s release of a second set of frequently asked questions (FAQs) for advisors and workers concerning its fiduciary rule, which becomes effective on April 10th. Following its October release of FAQs on the Prohibited Transaction Exemptions, the DOL’s second set of FAQs covers the provisions of the fiduciary law that “draw lines between fiduciary and non-fiduciary communications.” The DOL also released “Consumer Protections for Retirement Investors - FAQs on Your Rights and Financial Advisers”, which focuses on questions “especially for workers and retirement investors.” (1/17/2017) Canada

Investor Advisory Panel issues risk profiling roundtable report. The Investor Advisory Panel, an independent committee established by the OSC, announced that it has released a report on the risk profiling roundtable that it jointly organized with the OSC Investor Office on September 28, 2016. The roundtable was held to explore the findings of the IAP’s research report on the risk profiling used in the retail investment advice process and provide recommendations on possible next steps to improve risk profiling. (1/23/2017)

Findings of CSA review of disclosure of cyber security risks and incidents. Staff from the British Columbia Securities Commission, the OSC, and the Autorité des marchés financiers announced the publication of Multilateral Staff Notice 51-347 Disclosure of cyber security risks and incidents, which reports the findings of a review announced by the CSA in Staff Notice 11-332 Cyber Security and provides disclosure expectations for reporting issuers based on those findings. (1/19/2017)

Rules adopted for OTC derivatives clearing. The CSA announced two new national instruments affecting over-the-counter derivatives trading in Canada. (1/19/2017)

Agenda for cybersecurity roundtable. The CSA announced additional details regarding the roundtable that it will host to further explore cybersecurity issues and opportunities for greater collaboration, communication and coordination in the event of a cybersecurity incident. The CSA roundtable will take place Monday, February 27, 2017, on the 22nd floor of the OSC’s offices, located at 20 Queen Street West, Toronto, Ontario. (1/18/2017)