WHAT'S
HAPPENED |
|
WHAT'S NEXT? |
Canadian Securities
Regulatory Authority |
Government of Canada Moves to Protect Canadian Investors:
Backgrounder, Fact Sheets and Proposed Canadian Securities Act
Department of Finance Canada May 2010.
Transition Plan For the Canadian Securities Regulatory
Authority Canadian Securities Transition Office July
2010.
In the matter of a Reference by the Governor in Council
concerning the proposed Canadian Securities Act, as set out in
Order in Council P.C. 2010-667 dated May 26, 2010. 2011
Supreme Court of Canada 66 (December 21, 2011).
Order in Council P.C. 2012-341 March 27, 2012 Order Setting
July 12, 2013 as the Date of Dissolution of the Canadian Securities
Regulation Regime Transition Office.
House of Commons, Ministry of Finance, Jobs, Growth and
Long-Term Prosperity: Economic Action Plan 2013 (March 21,
2013) (Ministry of Finance: Hon. James M Flaherty).
|
Ø
|
Canadian Securities Transition Office (CSTO) commenced work in
July 2009 with a mandate from the Government of Canada to lead and
manage the transition from the current system of
provincial/territorial regulation to a single, national securities
regulator. The Government of Canada referred to the Supreme Court
of Canada the question of whether the proposed Canadian Securities
Act is within the constitutional jurisdiction of parliament. The
Supreme Court of Canada heard submissions on this question in April
2011 and in December 2011 released its decision that the proposed
Canadian Securities Act as drafted was not within the
constitutional jurisdiction of the Canadian government.
See Implications of the Supreme Court Decision in the
Securities Act Reference Securities & Capital Markets
Bulletin January 2012 Borden Ladner Gervais LLP.
The mandate for the CSTO will be extended beyond July 2013 for a
further period as referred to in the 2013 Federal Budget
proposals.
The Federal Government also indicated its continued support for a
"cooperatively established common securities regulator"
agreed to by willing provinces and territories.
If no agreement can be reached, the Federal Government may propose
legislation that would be consistent with the Supreme Court of
Canada decision, specifically legislation creating a federal
capital markets regulatory framework that would focus on systemic
risks emerging from capital markets.
|
International
Financial Reporting Standards (IFRS) – for Investment
Funds |
Proposed amendments to National Instrument 81-106 Investment
Fund Continuous Disclosure October 2009.
CSA Staff Notice 81-320 (revised) Update on International
Financial Reporting Standards for Investment Funds March
2012.
|
Ø
|
IFRS for investment funds in place on January 1, 2014.
Amendments to NI 81-106 expected to be finalized shortly.
|
Registrant
Regulation – General |
CSA Staff Notice 31-317 (revised) Reporting Obligations
Related to Terrorist Financing July 2010.
OSC Staff Notice 34-701 Publication of Decisions of the
Director on Registration Matters under Part XI of the Securities
Act (Ontario) ("Opportunities to be Heard") May
2011.
CSA Staff Notice 31-326 Outside Business Activities July
2011.
CSA Consultation Paper 33-403: The Standard of Conduct for
Advisers and Dealers: Exploring the Appropriateness of Introducing
a Statutory Best Interest Duty When Advice is Provided to Retail
Clients October 2012.
OSC Staff Notice 33-738 OSC Annual Summary Report for Dealers,
Advisers and Investment Fund Managers November 2012.
CSA Notice and Request for Comments Proposed Amendments to National
Instrument 31-103 Registration Requirements, Exemptions and
Ongoing Registrant Obligations and Companion Policy 31-103CP
concerning the requirement on registered firms to provide an
independent dispute resolution service November 2012.
OSC Staff Notice 33-739 Termination of the Ontario Contingency
Trust Fund December 2012.
CSA Notice of Amendments to National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant
Obligations and Companion Policy 31-103CP (Cost Disclosure,
Performance Reporting and Client Statements) March 2013.
|
Ø
|
Various reports from the CSA and the OSC staff highlight
compliance issues significant to registered firms.
See Canadian Securities Regulators Renew Focus on
Registrant Compliance – The New Normal – Being
Review Ready Investment Management Bulletin June 2012 Borden
Ladner Gervais LLP.
Comment period ended on the proposed "dispute resolution"
amendments to NI 31-103 on February 15, 2013. Comment letters,
including comments from Borden Ladner Gervais LLP
being considered by the CSA and available on the OSC website. Final
rules expected to be published later in 2013, so that any new rules
can come into force by September 2014.
Comment period ended on the CSA Consultation Paper 33-403 (best
interest) on February 22, 2013. Comment letters, including comments
from Borden Ladner Gervais LLP being considered by
the CSA and available on the OSC website. Roundtable discussions
scheduled for June 2013 at the OSC.
Amendments to NI 31-103 in respect of cost disclosure, performance
reporting and client statements (CRM-2) come into effect over a
3-year period commencing July 15, 2013.
See The Canadian Securities Regulators' Proposals
for a "Best Interest" Standard for Dealers and Advisers:
the Long Road Ahead Investment Management Bulletin April 2013
Borden Ladner Gervais LLP.
See Canadian Securities Administrators Finalize Rules
Requiring Enhanced Account Level Disclosure by Registrants:
Effective July 15, 2013. Investment
Management Bulletin April 2013 Borden Ladner Gervais
LLP.
|
Registrant
Regulation – IIROC Members |
IIROC Rules Notices Requests for Comments Plain language
rule re-write project March 2010 – June 2012.
IIROC Notice 11-0150 Request for comments on draft Guidance Notice
Disclosure and Approval of Outside Business Activities
July 2011.
IIROC Notice Request for Comments 11-0269 Proposed guidance on
"Insider" Order Marking September 2011.
IIROC Rules Notice 11-0344 Request for comment –
Requirement to Disclose Membership in IIROC as Dealer
Member December 2011.
IIROC Rules Notice Guidance Note 11-0349 Guidelines for the
review, supervision and retention of advertisements, sales
literature and correspondence December 2011.
IIROC Rules Notice Notice of Approval/ Implementation 12-0107
Client Relationship Model – Implementation March
2012.
IIROC Rules Notice Guidance Note 12-108 Client Relationship
– Guidance March 2012.
IIROC Rules Notice Guidance Note 12-0109 Know-your-client and
Suitability Guidance March 2012.
IIROC Rules Notice 12-0207 Concept Paper Request for comments
Restricted Dealer Member Proposal July 2012.
IIROC Rules Notice 12-0253 Request for comments on draft
guidance regarding compensation structures for retail investment
accounts August 2012.
IIROC Rules Notice Request for Comments 12-0311 Draft Guidance
Regarding Outsourcing Arrangements October 2012.
IIROC Rules Notice 12-0379 The Role of Compliance and
Supervision December 2012.
IIROC Rules Notice 12-0384 Sale of principal protected notes by
Approved Persons of IIROC Dealer Members December 2012.
IIROC Rules Notice Request for Comments 13-0053 Use of Business
Titles and Financial Designations – Proposed Guidance
Note January 2013.
IIROC Rules Notice 13-0042 Update to IIROC Rules Notice 12-217,
July 2012 – Concept Proposal Restricted Dealer Member –
Summary of Comments February 2013.
|
Ø
|
IIROC has issued guidance and proposed guidance on various
compliance issues significant to its members. IIROC has undertaken
a project to rewrite its Rules in plain language primarily to make
the Rules more clear, concise and organized, although some
substantive changes will also be made.
IIROC's rule amendments and guidance relating to its
implementation of the Client Relationship Model were finalized in
March 2012. Various implementation dates apply. IIROC's rules
regarding account performance reporting are being reviewed to
determine how to conform them to the CSA's "CRM-2"
final rules published in March 2013.
See Proposals for a New "Restricted Dealer"
IIROC Member Category Released for Comment Investment
Management Bulletin August 2012 Borden Ladner Gervais
LLP.
|
Registrant
Regulation – MFDA Members |
Consultation Paper on the Harmonization of Mutual Fund
Distribution Regulations Autorité des marchés
financiers October 2010.
Consultation Paper on the Use of Third Party Back-Office
Service Providers MFDA Bulletin #0484-P June 2011. Summary
of Comments MFDA Bulletin #0511-P December 2011.
MFDA Bulletin #0507-P (Final) Amendments to MFDA Rule 5.3
(Client Reporting) and Form 1 December 2011.
MFDA Bulletin #0508-P MFDA Rule 5.3.5 (Performance Reporting):
Suspension of June 2012 Implementation December
2011.
MFDA Draft Member Regulation Notice – Sale of Principal
Protected Notes by Approved Persons of MFDA Members November
2012.
MFDA Bulletin 0554-P Proposed Amendments to Section 1
(Definitions) of MFDA By-law No. 1, Rule 2.5.5 (Branch Manager) and
Policy No. 2 Minimum Standards for Account Supervision January
2013.
Revised Member Regulation Notice MR-0057 The Role of Compliance
and Supervision February 2013.
MFDA Bulletin 0561-P Policy Instrument Review Project
March 2013.
MFDA Bulletin 0562-P Client Disclosure Sweep March
2013.
|
Ø
|
Comment period on the AMF consultation paper ended November 30,
2010. AMF later announced that it is working towards a later
deadline than September 28, 2011 to achieve harmonization.
See AMF Consultation on Harmonizing Regulation of
Quebéc Mutual Fund Dealers Investment Management
Bulletin October 2010 Borden Ladner Gervais LLP.
MFDA consultation on the use of third party service providers ended
on September 30, 2011. MFDA has confirmed it will not impose any
new requirements, but will continue to monitor the issues.
Amendments to MFDA Rule 2.2.1 ("Know-your-client"), Rule
2.2.4 (Updating Client Information) and Policy No. 2 (Minimum
Standards for Account Supervision) became effective on December 3,
2011. MFDA Rule amendments have been finalized to implement certain
client relationship model requirements specifically, quarterly
client reporting obligations for MFDA members. MFDA is reviewing
MFDA Rule 5.3.5 (which is suspended) on performance reporting to
determine if any changes are required to ensure harmonization with
performance reporting standards under NI 31-103.
|
Registrant
Regulation – Exempt Market Dealers |
CSA Staff Notice 33-315 Suitability Obligation and Know Your
Product September 2009.
CSA Staff Notice 31-323 Guidance Relating to the Registration
Obligations of Mortgage Investment Entities February
2011.
OSC Staff Notice 33-735 Sale of Exempt Securities to
Non-Accredited Investors May 2011.
CSA Staff Notice 31-324 Exempt Market Dealers and Account
Statement Requirements in NI 31-103 June 2011.
CSA Staff Notice 31-327 Broker-Dealer Registration in the
Exempt Market Dealer Category September 2011.
ASC Staff Notice 33-704 Review of Exempt Market Dealers Alberta
Securities Commission January 2012.
CSA Staff Notice 31-331 Follow-up to Broker- Dealer
Registration in the Exempt Market Dealer Category July
2012.
CSA Staff Notice 31-333 Follow-up to Broker- Dealer
Registration in the Exempt Market Dealer Category February
2013.
B.C. Notice 2013/01 Notice and Request for Comment Proposed
Revocation of BCI 32-513 Registration Exemption for Trades in
Connection with Certain Prospectus Exempt Distributions and BC
Instrument 32-572 Exemption for Dealer Registration Requirements
for Trades in Securities of Mortgage Investment Entities
January 2013.
|
Ø
|
Various reports from the CSA and the OSC staff intended to
highlight compliance issues significant to firms registered as
EMDs. The 2012 annual report of the OSC staff referred to above
provides additional discussion about issues specific to EMDs.
See Securities Regulators Provide Guidance on
Registration Obligations for Mortgage Investment Entities
Investment Management Bulletin March 2011 Borden Ladner Gervais
LLP.
|
Registrant
Regulation – Portfolio Managers |
10 Most Common Deficiencies Among Portfolio Managers
OSC October 2008.
CSA Staff Notice 33-315 Suitability Obligation and Know Your
Product September 2009.
CSA Staff Notice 31-325 Marketing Practices of Portfolio
Managers July 2011.
CSA Staff Notice 31-332 Relevant Investment Management
Experience for Advising Representatives and Associate Advising
Representatives of Portfolio Managers January 2013.
|
Ø
|
CSA staff report on marketing practices of portfolio managers
updates and replaces earlier 2007 report from the OSC staff on the
same topic. The 2012 annual report of the OSC staff referred to
above provides additional discussion about issues specific to
PMs.
|
Registrant
Regulation – Investment Fund Managers |
OSC Staff Notice 11-760 Report on Mutual Fund Sales
Practices under Part 5 of National Instrument 81-105 Mutual Fund
Sales Practices April 2007.
OSC Staff Notice 11-763 A Focused Review of the Securities
Valuation and Expense Allocation Practices of Fund Managers
July 2008.
Multilateral Policy 31-202 Registration Requirement for
Investment Fund Managers Securities regulators in British
Columbia, Alberta, Saskatchewan, Manitoba, PEI, Nova Scotia, New
Brunswick and the three territories July 2012.
Multilateral Instrument 32-102 Registration Exemptions for
Non-Resident Investment Fund Managers Securities regulators in
Ontario, Québec and Newfoundland and Labrador July 2012.
|
Ø
|
OSC staff notices outline common compliance issues for fund
managers in connection with management and distribution of
investment funds. The 2012 annual report of the OSC staff referred
to above provides additional discussion about issues specific to
IFMs.
See OSC Provides Guidance on Complying with Mutual Fund
Sales Practices Rule Investment Management Advisory May 2007
Borden Ladner Gervais LLP.
New IFM registration instruments came into force on September 28,
2012 and required filings by specific deadlines.
See Two Distinct Regulatory Approaches for Non-Resident
Investment Fund Managers Finalized in Canada – Effective
September 28, 2012 Investment Management Bulletin July 2012
Borden Ladner Gervais LLP.AC
|
Incorporated
Representatives (Dealers and Advisers) |
Consultation on Possible Options for the Incorporation of
Individual Representatives of Registered Dealers and Advisers in
Canada Working Group of Provincial/Territorial Government
Officials December 2010.
Consultation on Possible Options for the Incorporation of
Individual Representatives of Registered Dealers and Advisers in
Canada: Summary of Consultation Responses Working Group of
Provincial/Territorial Government Officials June 2011.
Bill 14 An Act to Amend The Securities Act, 1988
Legislative Assembly of Saskatchewan May 2012 (as amended).
|
Ø
|
A working group of representatives of various provincial and
territorial governments is developing a proposed legislative model
which would allow representatives of dealers and advisers to set up
personal corporations and operate their securities businesses
through these corporations. Bill 14 of the Saskatchewan government
is the first legislative model that would so permit incorporated
representatives (dealers and advisers). It has received royal
assent in Saskatchewan, but has not been proclaimed in force. The
working group of provincial/territorial governments requested
comments on both Bill 14 and their "key elements"
document (which was based on Bill 14) by April 30, 2012. Further
consultation is expected.
|
Point of Sale
Disclosure for Mutual Funds |
CSA Staff Notice 81-319 Status Report on the Implementation
of Point of Sale Disclosure for Mutual Funds June 2010.
CSA Staff Notice 81-321 Early Use of the Fund Facts to Satisfy
Prospectus Delivery Requirements. February 2011.
Proposed (revised) Amendments to National Instrument 81-101
Mutual Fund Prospectus Disclosure and related policy and forms
and related instruments. July 2012.
|
Ø
|
Comment period on the revised CSA proposals relating to delivery
of fund facts documents post-trade ended September 6, 2012.
Comments, including those of Borden Ladner Gervais
LLP being considered by CSA and available on OSC
website.
See Fund Facts Mandatory for Canadian Mutual Funds in
2011 Investment Management Bulletin October 2010 Borden Ladner
Gervais LLP.
See Canadian Securities Regulators Release Second
Request for Comments on 'Stage 2' of Point of Sale
Disclosure Investment Management Bulletin July 2012 Borden
Ladner Gervais LLP.
|
Modernization of
Investment Fund Rules |
CSA Staff Notice 81-322 Status Report on the Implementation
of Investment Fund Product Regulation Project and Request for
Comment on Phase 2 Proposals. May 2011.
Notice of (final) Amendments to NI 81-102 Mutual Funds, NI
81-106 Investment Fund Continuous Disclosure, NI 81-101 Mutual Fund
Prospectus Disclosure and NI 41-101 General Prospectus
Requirements CSA February 2012.
CSA Notice and Request for Comments Proposed Amendments to
National Instrument 81-102 Mutual Funds and Companion Policy
81-102CP Mutual Funds and Related Consequential Amendments and
other Matters Concerning National Instrument 81-104 Commodity Pools
and Securities Lending, Repurchases and Reverse Repurchases by
Investment Funds – Modernization of Investment Fund Product
Regulation (Phase 2) March 2013.
|
Ø
|
Comment period on proposals for Phase 2 of the investment fund
modernization project ended July 25, 2011. Comment letters,
including comment letter of Borden Ladner Gervais
LLP, available on the OSC website.
See Canadian Regulators Propose to Modernize Investment
Fund Regulation Investment Management Bulletin June 2011
Borden Ladner Gervais LLP.
The first phase of the CSA's modernization project was
finalized with the amendments to NI 81-102, NI 81-101, NI 81-106
and NI 41-101 which came into force on April 30, 2012. The
amendments affecting money market funds came into force on October
30, 2012.
See Updated Mutual Fund Rules Finalized in Canada for
ETFs, Money Market Funds, Short Selling and Fund of Funds
Investment Management Bulletin February 2012.
Comment period on the proposals for closed-end funds and
alternative funds ends June 25, 2013.
See Moving Beyond Mutual Funds – New Proposed
Regulations for Public Closed-End Funds and "Alternative
Funds" Investment Management Bulletin April 2013 Borden
Ladner Gervais LLP.
|
Investment Fund
Fees |
CSA Discussion Paper and Request for Comment 81-407 Mutual
Fund Fees December 2012.
|
Ø
|
Comment period on the CSA Discussion Paper ended April 11, 2013.
Comment letters, including comments from Borden Ladner Gervais LLP
being considered by the CSA and available on the OSC website.
Roundtable discussions scheduled for June 2013 at the OSC.
|
Investment Fund
Governance |
OSC Staff Notice 81-713 Focussed Disclosure Review National
Instrument 81-107 Independent Review Committee for Investment
Funds March 2011.
|
Ø
|
OSC Staff Notice describes the results of OSC staff's review
of IRC and NI 81-107 related disclosure and makes suggestions for
improvements.
See Additional Regulatory Guidance for Canadian Fund
Managers and Independent Review Committees Investment
Management Bulletin April 2011 Borden Ladner Gervais
LLP.
|
Securitized
Products |
Proposed National Instrument 41-103 Supplementary Prospectus
Disclosure Requirements for Securitized Products, Proposed
National Instrument 51-106 Continuous Disclosure Requirements
for Securitized Products and Proposed Amendments to National
Instrument 45-106 Prospectus and Registration Exemptions.
April 2011.
|
Ø
|
CSA propose a specific securitized products regime, including
new restrictions on distribution in the exempt marketplace. Comment
period ended August 31, 2011, comments being considered by the CSA
and available on OSC website.
See New Securitized Products Rules Proposed
Securities & Capital Markets Alert April 2011 Borden Ladner
Gervais LLP.
|
Scholarship Plan
Regulation |
CSA Implementation of a New Tailored Prospectus Form for
Scholarship Plans – Notice of Amendments to National
Instrument 41-101 General Prospectus Requirements, Form 41-101F2,
Form 41-101F3 and Companion Policy 41-101CP Companion Policy to
National Instrument 41-101 General Prospectus Requirements.
January 2013.
|
Ø
|
Amendments to National Instrument 41-101 come into force on May
31, 2013 and will require scholarship plans to renew their
prospectuses filed after that date according to the new form
requirements (Plan Summary and Detailed Plan Disclosure).
|
Hedge Funds and
other Alternative Investment Products |
OSC Staff Notice 33-733 Report on Focused Reviews of
Investment Funds, September 2008 – September 2009.
January 2010.
CSA Notice Multilateral Staff Notice 46-306 Third Update on
Principal Protected Notes August 2012.
|
Ø
|
OSC Staff Notice reports on findings from focused reviews of
money market funds, hedge funds and structured products
(nonredeemable investment funds) conducted from September 2008
– September 2009. See also the discussion in the OSC's
2011 Compliance and Registrant Regulation Branch report regarding
the linkages between systemic risk and hedge funds.
See Hedge Fund Managers: Your 2012 Annual Compliance
Check-up – Quick Tips on Doing a Self-Diagnosis
Investment Management Bulletin April 2012 Borden Ladner Gervais
LLP.
|
Compliance Issues
for Publicly Offered Investment Funds |
OSC Staff Notice 33-733 Report on Focused Reviews of
Investment Funds, September 2008 – September 2009.
January 2010.
OSC Staff Notice 81-710 Approvals for Change in Control of a
Mutual Fund Manager and Change of a Mutual Fund Manager under
National Instrument 81-102 Mutual Funds May 2010.
OSC Staff Notice 81-711 Closed-End Investment Fund Conversions
to Open-End Mutual Funds October 2010.
OSC Staff Notice 81-715 Cross-Listings by Foreign Exchange
Traded Funds August 2011.
OSC Staff Notice 81-718 2012 Summary Report for Investment Fund
Issuers January 2013.
OSC Staff Notice 81-719 Effect of Proposed Income Tax Act
Amendments on Investment Funds – Character Conversion
Transactions April 2013.
|
Ø
|
Various reports from the OSC staff highlight compliance issues
significant to publicly offered investment funds. Various editions
of the OSC's Investment Funds Branch Practitioner are also
available on the OSC website and point out compliance and other
issues noted by OSC staff.
|
Prospectus
Disclosure for Investment Funds |
OSC Staff Notice 81-714 Compliance with Form 41-101F2
– Information Required in an Investment Fund Prospectus
March 2011.
Amendments (final) to National Instrument 41-101 General
Prospectus Requirements and related instruments, including
National Instrument 81-101 Prospectus Disclosure for Mutual
Funds February 2013.
|
Ø
|
New technical amendments to NI 81-101 and NI 41-101 to reflect
updated practice rules effective May 14, 2013.
|
Continuous
Disclosure for Investment Funds |
OSC Staff Notice 33-733 Report on Focused Review of
Investment Funds, September 2008 – September 2009
January 2010.
OSC Staff Notice 81-707 Report on Staff's Continuous
Disclosure Review of Portfolio Holdings by Investment Funds
August 2012.
Activity Report for the Continuous Disclosure Review Program
AMF October 2012.
|
Ø
|
OSC and AMF staff reports outline common deficiencies with
investment fund continuous disclosure and highlight staff's
continued focus on continuous disclosure reviews.
|
Use of Prospectus
Exemptions – Exempt Market-Place |
CSA Staff Consultation Note 45-401 Review of Minimum Amount
and Accredited Investor Exemptions Public Consultation CSA
November 2011.
Multilateral CSA Staff Notice 45-309 Guidance for Preparing and
Filing an Offering Memorandum under National Instrument 45-106
Prospectus and Registration Exemptions April 2012.
CSA Staff Notice 45-308 Guidance for Preparing and Filing
Reports of Exempt Distribution under National Instrument 45-106
Prospectus and Registration Exemptions April 2012.
CSA Staff Notice 45-310 Update on CSA Staff Consultation Note
45-401 Review of Minimum Amount and Accredited Investor
Exemptions. June 2012.
OSC Staff Consultation Paper 45-710 Considerations for New
Capital Raising Prospectus Exemptions December 2012.
|
Ø
|
Comment period on Staff Consultation Note about the use of the
minimum amount prospectus exemption and the accredited investor
prospectus exemption contained in National Instrument 45-106
Prospectus and Registration Exemptions ended February 29,
2012. Comments are available on OSC website. The OSC also held
several round table public discussions.
Comment period on the OSC Staff Consultation Paper 45-710 ended
March 8, 2013. Comment letters are available on the OSC website.
OSC
held consultation sessions during January and February 2013.
Additional roundtable scheduled for June 2013.
See Canadian Regulators Commence a Review of Minimum
Amount and Accredited Investor Prospectus Exemptions
Securities & Capital Markets Bulletin November 2011 Borden
Ladner Gervais LLP.
See Preparation and Filing of Offering Memoranda and
Reports of Exemption Distribution under National Instrument
45-106 Securities & Capital Markets Bulletin May 2012
Borden Ladner Gervais LLP.
See The OSC Examines Four New Capital Raising
Prospectus Exemptions Securities & Capital Markets
Bulletin February 2013 Borden Ladner Gervais LLP.
|
Capital
Accumulation Plans and Mutual Funds |
Joint Forum of Financial Market Regulators Guidelines for
Capital Accumulation Plans May 2004.
Amendments to National Instrument 45-106 Prospectus and
Registration Exemptions and Adoption of Local Prospectus and
Registration Exemptions for Certain Capital Accumulation Plans
October 2005.
|
Ø
|
All Canadian regulators, other than the OSC and the
Québec regulator, granted "blanket" prospectus and
registration exemptions to allow mutual funds to be used as
investment options for CAPs. No action taken by the CSA for several
years on moving forward with this initiative.
|
Proxy
Voting |
CSA Consultation Paper 25-401 Potential Regulation of Proxy
Advisory Firms June 2012.
|
Ø
|
Comments on the CSA consultation paper were due by September 21,
2012. Comments available on the OSC website.
|
Beneficial Owners
and Meetings |
OSC Staff Notice 54-701 Regulatory Developments Regarding
Shareholder Democracy Issues January 2011.
(Final) National Instrument 54-101 Communication with
Beneficial Owners of Securities of a Reporting Issuer and
Companion Policy 54-101CP, National Instrument 51-102
Continuous Disclosure Obligations and its related forms and
Companion Policy November 2012.
|
Ø
|
Comment period on OSC Staff Notice 54-701 ended March 31, 2011.
Comments available on OSC website.
The revised amendments to NI 54-101, introduce, among other things
a "notice and access" regime for all meetings other than
meetings for investment funds and enhanced disclosure regarding the
beneficial owner voting process. The new rules came into force in
February 2013.
|
Early Warning and Take-over Bids
|
CSA Notice and Request for Comment Proposed Amendments to
Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and
National Policy 62-203 Take-Over Bids and Issuers Bids and National
Instrument 62-103 Early Warning System and Related Take-over bid
and Insider Reporting Issues. March 2013.
|
Ø
|
Comment period on proposed amendments to early warning and
take-over bid requirements ends June 12, 2013.
See Expanded Early Warning Reporting Proposed by
Canadian Securities Regulators Securities & Capital
Markets Bulletin March 2013 Borden Ladner Gervais
LLP.
|
Regulation of
Derivatives |
OSC Staff Notice 91-702 Offerings of Contracts for
Differences and Foreign Exchange Contracts to Investors in
Ontario October 2009.
CSA Consultation Paper 91-401 Over-the-Counter Derivatives
Regulation in Canada CSA Derivatives Committee November
2010.
CSA Consultation Paper 91-402 Derivatives: Trade
Repositories June 2011.
CSA Consultation Paper 91-403 Derivatives: Surveillance and
Enforcement November 2011.
CSA Consultation Paper 91-404 Derivatives: Segregation and
Portability in OTC Derivatives Clearing February 2012.
CSA Consultation Paper 91-405 Derivatives: End-User
Exemptions April 2012.
CSA Consultation Paper 91-406 Derivatives: OTC Central
Counterparty Clearing June 2012.
CSA Staff Consultation Paper 91-301 Model Provincial Rules
– Derivatives: Product Determination and Trade Repositories
and Derivatives Data Reporting December 2012.
CSA Consultation Paper 91-407 Derivatives: Registration
April 2013.
|
Ø
|
Comment periods on CSA Derivatives Committee's first seven
consultation papers have ended. Comments available on OSC website.
Comment period on the Derivative Registration Consultation Paper
ends June 17, 2013.
See OSC Issues Staff Notice 91-702 Offerings of
Contracts for Difference and Foreign Exchange Contracts to
Investors in Ontario Securities & Capital Market Alert
October 2009 Borden Ladner Gervais LLP.
See Over-the-Counter (OTC) Derivatives market in
Canada: On the Road to Reform and Regulation Financial
Services Client Update November 2010 Borden Ladner Gervais
LLP.
See Model Provincial Rules – Derivatives Product
Determination and Trade Repositories and Derivatives Data Reporting
Canadian Securities Administrators Release Consultation Paper
91-301 Derivatives Client Alert January 2013 Borden Ladner
Gervais LLP.
See Derivatives: Registration Canadian Securities
Administrators Release Consultation Paper 91-407 Derivatives
Client Alert April 2013 Borden Ladner Gervais LLP.
|