The Ontario Securities Commission (OSC) recently released its
Annual Summary Report for Dealers, Advisers and Investment Fund
Managers (the Report), providing a summary of new and proposed
rules, initiatives and current compliance trends resulting from the
OSC's review of registrants and their activities. The Report
provides a detailed overview of the OSC's views with respect to
many topics, and registrants are recommended to thoroughly review
the Report and use it as a self-assessment tool to strengthen their
Certain items included in the Report are highlighted below.
Information for dealers, advisers and investment fund
Inadequate referral arrangements
Incomplete or inadequate books and
Failure to provide notice of
ownership changes or asset acquisitions
Incomplete applications for exemptive
Changes to participation fee
Outside business activity
Failure to complete KYC, KYP and
Inappropriate "renting out"
of EMD registrations
Inadequate supervision of dealing
Failure of EMDs to provide adequate
disclosure of underwriting conflicts
Failure to provide adequate
Inadequate written policies and
procedures on portfolio management
Inadequate updating of client's
KYC and suitability information
Inadequate collection of client's
Commingling of client assets by
Registration of firms and individuals
Update on pre-registration
Voluntary surrenders of
Peer-to-peer lending (P2P)
Common deficiencies in firm
Changes to firm registration
Common deficiencies in individual
registration filings, including with respect to the improper use of
reinstatement notices and reactivations of registrant
Non-disclosure or late disclosure of
information previously submitted by individuals on their Form
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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