Canadian securities regulators seek comment on proposals to enhance the obligations of advisers, dealers and representatives toward their clients. The Canadian Securities Administrators (CSA) published for a 120-day comment period CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients, which proposes regulatory action to improve the client-registrant relationship. Comments should be submitted in writing by August 26, 2016. (4/28/2016) CSA press release.
CSA outlines next steps in the implementation of enhancements for regulation of the fixed income market. The CSA published CSA Staff Notice 21-317 Next Steps in Implementation of a Plan to Enhance Regulation of the Fixed Income Market, which provides an update on several elements of the CSA’s fixed income regulation plan. (4/21/2016) CSA press release.
Canadian securities regulators offer guidance for making prospectus-exempt market offering and disclosure filings on SEDAR. Members of the CSA, except for the Ontario and British Columbia Securities Commissions, have published guidance related to amendments to National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) and Multilateral Instrument 13-102 System Fees for SEDAR and NRD. Multilateral CSA Staff Notice 13-323Frequently Asked Questions About Making Exempt Market Offering and Disclosure Filings on SEDAR is designed to assist issuers who will be required to make certain prospectus-exempt market filings on SEDAR when the amendments come into force on May 24, 2016. These filings include the report of exempt distribution and the required filings under the offering memorandum and start-up crowdfunding prospectus exemptions. The amendments will also require issuers to pay a SEDAR system fee of US$25 per filing of a report of exempt distribution. (4/21/2016) CSA press release.
OSC’s Investor Advisory Panel releases 2015 Annual Report. The Investor Advisory Panel has submitted its 2015 Annual Report to the Ontario Securities Commission. The Report summarizes the Panel’s recommendations, activities, submissions, consultations and meetings during the calendar year. (4/20/2016) OSC press release.