My Blog List

Thursday, 20 September 2018

Regulatory Standards for Registrants: IIROC v. Sutton - Torys


This is an interesting case where a CFO for an IIROC dealer carried out a pricing activity on the one hand and was also responsible to ensure that the same activity met the IIROC dealer member rule. What is the standard expected of a dealer employee who is tasked with pricing securities for client reporting, and the compliance standard for reviewing that work? Can seniority affect the standard expected by regulators?

The complete article can be viewed here.

Friday, 14 September 2018

Embedded Commissions – The CSA Expected Proposal & Ontario’s Surprise Announcement


On September 13 the CSA published its long awaited proposed amendments that would prohibit upfront sales commissions (DSC) and trailing commissions (trailers) to dealer accounts where there is no advice provided (discount brokerage accounts).  

The Ontario Minister of Finance in response issued a statement not anticpated that they do not support the CSA proposal as currently drafted. If implemented it would discontinue a payment option purchasing mutual funds that has enabled Ontario families and investors to save towards retirement.  



Thursday, 6 September 2018

Proposed NI 52-112 Non-GAAP and Other Financial Measures Disclosure – CSA


The CSA today published for comment Proposed National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (the Proposed Instrument), which establishes disclosure requirements for issuers that disclose non-GAAP and other financial measures. These measures often lack standardized meanings, resulting in potentially misleading or confusing disclosure.

More details can be found as follows:



Wednesday, 5 September 2018

Cryptocurrency and Blockchain - Recent News and Developments – BLG

BLG has summarized some of the more interesting or significant developments in the Cryptocurrency and Blockchain space over the past few months. Regulators have bee working hard to respond to these developments with rules, decisions, guidance and advisories.

The article can be viewed here.

Tuesday, 4 September 2018

OSC Annual Summary Report – AUM Law Analysis & Comments


AUM Law has prepared an excellent discussion of the recently published OSC Staff Notice 33-749, Annual Summary Report for Dealers, Advisers and Investment Managers.

Items of interest to Asset Managers are clearly highlighted by reference to IFM’s.

The AUM Law bulletin can be viewed here.

The original OSC staff notice is available at this link.

Friday, 31 August 2018

2018 Global Economic Crime and Fraud Survey - PWC

PWC has just released their 2018 Global Economic Crime and Fraud Survey. As noted businesses need to recognize the true nature of these threats, not as just a nuisance or cost of doing business but as a shadow industry with tentacles in every country, sector and function.

The complete article can be read at this link.

Saturday, 25 August 2018

GST/HST Issues for an LP Investing in Real Estate – PWC


In the 2018 federal budget, the Department of Finance confirmed its intention to proceed with legislative proposals that impact investment limited partnerships (ILPs). These proposals have the effect of deeming management or administrative services provided by the general partner (GP) of an ILP to be taxable services, such that the GP is required to collect GST/HST on the fair market value of the services. This PWC article discusses when a LP is considered to be an ILP, with a focus on limited partnerships that invest in real estate.

The complete article can be viewed at this link.