The Canadian Securities Administrators (CSA) recently published
CSA Staff Notice 31-317 Reporting Obligations Related to
Terrorist Financing for Registrants, Exempt International Dealers
and Exempt International Advisers[available here] regarding
monthly reporting obligations and other matters relating to
terrorist financing and United Nations Act sanctions on
certain countries under the Criminal Code of Canada and related
regulations. While the Notice confirms the CSA's view that the
reporting obligations apply to registrants and entities relying on
the international dealer exemption and/or the international adviser
exemption in National Instrument 31-103 Registration
Requirements and Exemptions, we understand that these
reporting obligations also apply to firms that rely on other
exemptions from registration requirements – for example
– the exemption from the exempt market dealer
registration requirement that is available in the western provinces
and territories. We are seeking clarification from the CSA on this
The Notice provides
information on the new consolidated reporting form to be used
for all reports filed with principal regulators on and after May
information regarding the submission of monthly reports
including the acceptability of e-mail submissions of reports
summary information on the Canadian laws which impose the
monthly reporting requirements.
There are two types of reporting to their principal regulator
required by dealers and advisers that were previously addressed by
several CSA jurisdictions in two separate reporting forms. These
forms have been revised into a new single CSA consolidated form
that should be used by a firm for reporting by e-mail to the
firm's principal regulator starting with the reporting due May
The Notice summarizes the applicable Canadian laws that, among
other things, are intended to combat terrorist financing and that
permit the listing of persons and entities ("designated
persons") in respect of which dealers and advisers must report
dealings. A consolidated list of "designated persons" is
available on the OSFI website [http://www.osfi-bsif.gc.ca].
We note this list is revised frequently.
These reporting obligations are in addition to the obligations
dealers and advisers have under the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada).
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