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Welcome to SBG's Regulatory Calendar

We try to keep the calendar current to within a week.   Please let us know if we have missed anything of importance by  calling Larry Boyce at 416-644-6590 or sending an e-mail .

Organization

The Recent Additions Section includes all items added in the past month by date of addition.

All current entries are then listed by the sector of the industry we think is most interested, then by the upcoming dates (comments due, implementation date or event) followed by recently implemented rules, recently issued guidance or reports and then proposals that have been through a comment period but have not yet been implemented.  

Links

Each entry contains a link to the source document.  Links are set to show in a new window.  Please let us know if you have a problem with any of the links.


 

Recent Additions and Changes

 

January 15, 2016

CSA Consultation Paper 81-408: Consultation on the Option of Discontinuing Embedded Commissions.  Comments are due by June 9, 2017.

MFDA Request for CommentsBulletin #0711-P: Request for Comments on the Development of Continuing Education Requirements.  Comments are due by April 28, 2017.

IIROC Rules Notice 17-0006:Client Relationship Model - Phase 2: Decisions of the Board of Directors - Exemption applications concerning the implementation of requirements to annually report on account performance and fees / charges

IIROC Rule Notice 17-0010: Compliance Priorities

IIROC Rules Notice 17-0012: Extension of comment period on Rules Notice 16-0251: Guidance on Order Execution Only Services and Activities.  The comment period has been extended to February 3, 2017.

OSC Registrant Outreach Seminar - CRM2 Reporting to Clients and Portfolio Manager - IIROC Dealer Member Service Arrangements.  February 21, 2017 Webinar or February 23, 2017 in person.  Registration.

CSA Multilateral Staff Notice 45-322:  Potential Concerns with the Structure of Rights Offering

Canadian Securities Exchange Notice 2017-001: Request for Comments on proposed amendments to Policy 2 Qualifications for Listing and Policy 3 Suspension Halts and Delistings.  Comments are due by February 6, 2017.  

Comment Received from Liquidnet Inc. on OSC Request for Comments on a Proposal and Request for Comments by Liquidnet to introduce of a trading functionality that would allow Liquidnet’s marketplace participants to send and receive targeted invitations to trade. 

ICE Futures Canada Rule Amendment Notice #111: Amendments introducing a process for administrative penalties.  The amendments are effective January 16, 2017.

 

December 26, 2016 

MFDA Bulletin #0709-M: Transfers and Proprietary Investment Products

TSX Request for Comments: Proposed changes to the TSX Rule Book and to certain TSX marketplace functionality to accommodate trading of US-listed securities in Canadian dollars on a new TSX International Board.  Such US listed securities will likely be included in the S&P 500.  They wil not be listed by TSX, but will only be posted for trading similar to how a Canadian ATS posts TSX-listed securities for trading today. Further, they always exclude those that are or become interlisted on an exchange in Canada.  Comments are due by January 31, 2017.

TSX Notice of housekeeping amendments to the TSX Company Manual and Exhibit 1 of Reporting Form 3 – Change in Officers / Directors / Trustees, Reporting Form 4 – Personal Information Form ("PIF"), Reporting Form 4B – Declaration ("Declaration"), and Reporting Form 12 – Notice of Intention To Make A Normal Course Issuer Bid ("Form 12").  The changes are effective immediately; however, the previous versions of Forms 3, 4 and 4B will continue to be accepted until March 31, 2017.

CDS Notice of effective date: Technical Amendments to CDS Procedures for NASDAQ CXD Bring-On.  The amendments are effective immediately.

Canadian Derivatives Clearing Corporation Notice to Members No. 2016-162: proposed amendments to CDCC's Rules and Risk Manual to properly reflect the change of administrator, calculation agent and publication agent for the Canadian Dollar Offered Rate (CDOR) and for the Canadian Repo Rate Average (CORRA).  Comments are due by January 31, 2017.

Liquidnet Canada Inc. Notice of extension of comment period on Request for Comments on a Proposal by Liquidnet Canada Inc. to introduce a trading functionality that would allow Liquidnet’s marketplace participants to send and receive targeted invitations to trade.  The comment period has been extended from December 26, 2016 to January 9, 2017. 

 

December 18, 2016 

IIROC Guidance Notice 16-0287: Managing Conflicts in the Best Interest of the Client – Status Update 

Comments Received on IIROC Rules Notices 16-0233 and 16-0234: Republication of Proposed Amendments to UMIR and IIROC Dealer Member Rules and Guidance respecting best execution.  Comments were due on December 12, 2016.

Comments Received on IIROC Rules Notice 16-0251: Guidance on Order Execution Only Services and Activities.

CSA Staff Notice 33-218: Review of Practices Firms Use to Compensate and Provide Incentives to their Representatives

CSA Update on Consultation on Option of Discontinuing Embedded Commissions

OSC Transcript of the Roundtable Re: CSA Consultation Paper 33-404 - Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives toward their Clients held on December 6, 2016.  The transcript is as received from the transcriber.MFD

MFDA Bulletin 0705-C: Review of Compensation, Incentives and Conflicts of Interest

CDS Clearing and Depository Services Inc. Request for Comments: Material amendments to CDS procedures and securities eligibility criteria - cessation of eligibility of physical certificates for deposit at CDS.  Comments are due by January 14, 2017.

FINTRAC Operational Alert OA003: Indicators: The laundering of illicit proceeds from human trafficking for sexual exploitation

FINTRAC Advisory: Financial transactamendments (the Amendments) to National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101) and Form 58-101F1 Corporate Governance Disclosureions related to countries identified by the Financial Action Task Force (FATF)

Alberta Securities Commission Notice of amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure to disclosure requirements with respect to the representation of women on the boards of directors and in executive officer positions of Alberta’s non-venture issuers as well as with respect to term limits or other mechanisms of board renewal for board directors.  The amendments are effective December 31, 2016.

OSC Amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees to amend the requirements regarding conversion from U.S. funds to Canadian funds relating to a change in the Bank of Canada daily publication of exchange rates.  The amendments are housekeeping in nature and were not published for comment.  They are effective March 1, 2017.

Ice Futures Canada Rule Amendment Notice #109 including amendments to Rule No. 8B:13 to more clearly set out the process by which the Exchange may suspend a Person or Account on an emergency basis.  

__________________________________________________________________

IIROC Dealer Members

Comments Due

3/Feb/17 (extended from 20/Jan/17 after a previous extension from 16/Dec/16) - Rules Notices Rules Notice 16-0251: Guidance on Order Execution Only Services and Activities. See also Comments Received.

22/Mar/17 - Rules Notice 16-0287 (UMIR): Proposed amendments respecting trading supervision obligations that would introduce a more principles-based approach and Rules Notice 16-0288: Guidance on Trading Supervision Obligations. 

Implementation Dates

Note: See also FATCA Implementation Dates in All Registered Dealers and Advisers Section    

1/Jan/17 - Rules Notice 16-0133: Amendments Requiring Disclosure of Membership in IIROC, except for the requirement relating to the inclusion of the IIROC Logo on client account statements, which will be effective on July 1, 2018.  See Amendments  to Rules 700, 22, 29.14 and 29.28 and IIROC Membership Disclosure Policy.  See also Rules Notice 16-0271: Disclosure of Membership in IIROC - Additional versions of the IIROC Logo and Rules Notice 16-0272: Disclosure of Membership in IIROC - IIROC Offical Brochure

Recently Issued

Rule Notice 17-0010: Compliance Priorities

Rules Notice 17-0006: Client Relationship Model - Phase 2: Decisions of the Board of Directors - Exemption applications concerning the implementation of requirements to annually report on account performance and fees / charges

Guidance Notice 16-0287: Managing Conflicts in the Best Interest of the Client – Status Update

Upcoming

21/Feb/17 (Webinar) and 23/Feb/17 (in person) - OSC Registrant Outreach Seminar - CRM2 Reporting to Clients and Portfolio Manager - IIROC Dealer Member Service Arrangements. Registration.

Pending - Comment Period Closed

Administrative Notice 16-0277: New Debt Information Processor Fee Model.  Comments were due by January 1, 2017

Rules Notices 16-0233 and 16-0234: Republication of Proposed Amendments to UMIR and IIROC Dealer Member Rules and Guidance respecting best execution.  Comments were due on December 12, 2016.  See also Comments Received.

Rules Notice 16-0177 : Amendments to faciliate the Investment Industry's move to T+2.  Comments were due on October 6, 2015.

Rules Notice 16-0141 : Material amendments to the Notes and Instructions to Schedule 12 of Form 1.  Comments were due on August 22, 2016

Rules Notice 16-0142: Non-material amendments to Schedule 12 of Form 1 and its Notes and Instructions.Comments were due by July 25, 2016.

Rules Notice 16-0052 : Re-Publication of Proposed IIROC Dealer Member Plain Language Rule Book. See also Rules Notice 16-0118 : Minor technical revisions to previously published blacklined versions of the 4000, 5000 and 9000 series of the Plain Language Rule Book (Appendix 2 to Rules Notice 16-0052).  Comments were due on July 8, 2016.

Rules Notice 16-0090 : Proposed amendments to Dealer Member Rule 1200 and to Form 1 relating to the client  free credit cash usage limit and client free credit segregation requirements.  Comments were due on May 30, 2016.

Rules Notice 16-0038 : Proposed amendments to Dealer Member Rule 300.2(a)(vii) regarding the audit  requirement to send second positive confirmation requirests.  Comments were due on May 25, 2016.

Rules Notice 15-0260: IIROC White Paper - The Public Policy Implications of Changes to Rules Regarding  Proficiency Upgrade Requirements and Directed Commissions on the IIROC  Platform. The proficiency changes would permit IIROC Dealer Members to have permanent mutual fund only representatives. Comments were due by April 29, 2016.  See also: Comments Received

Rules Notice 15-0277 : Proposed Provisions and Rules Notice 15-0278: Proposed Guidance Respecting Best  Execution.  The proposals would consolidate current UMIR rules on best execution and Dealer Member rules  on fair pricing  of over-the-counter securities into a single Dealer Member rule on best execution.  Comments were due by March 24, 2016.

Rules Notice 15-0248 : Re-Publication of Proposed Amendments of Requirement to Disclose Membership  in IIROC as a Dealer Member.  The comment period ended 12/Dec/15.  See also Comments Received

Rules Notice 14-0298: Proposed amendments to Dealer Member Rules 100 and 1200 and Form 1 relating to the client free credit cash usage limit, client free credit segregation requirements and securities concentration  test.  Comments were due by April 17, 2015.  See also Comments Received

Rules Notice 14-0124: Proposed amendments to the Universal Market Integrity Rules  respecting the  Order Protection Rule.  See also CSA Proposed Amendments  to National Instrument  23-101 and Companion Policy 23-101P Trading Rules to amend the order protection rules.  Comments were due by September 19, 2014.                  

Rules Notice 14-0103 : Proposed personal financial dealing amendments.  Comment period ended 23/Jun/14.  See also  Comments Received     

Rules Notice 14-0077 : Proposed Amendments to the Definition of Basis Order. Comment period ended  25/Jun/14.  See also Comments Received  

Rules Notice 14-0089 : Proposed Guidance on Marketplace Thresholds.  Comment period ended 3/Jul/14.

Rules Notice 14-0065 : IIROC Concept Paper - Lower Minimum Capital Requirements.  Comments were due on July 9, 2014.  See also Rules Notice 16-0030 : Summary of Comments Received

Rules Notice 14-0046 : Proposed Plain Language Rule 9600 - Compliance Fees.  Comment period ended 21/Apr/14    

Rules Notice 13-0275 : Republication of proposed consolidation of IIROC Enforcement, Procedural, Examination and Approval Rules.  Comment period ended Feburary 12, 2014.  See also Comments Received       

B.C. Securities Commission Notices BCN 2013/09  and BCN 2012/20 : Proposed Amendments to Conditions of Registration for Investment Dealers with a BC Office that Trade in the U.S. Over-the-Counter  Markets.  Comment periods ended December 30, 2013 and October 30, 2012 respectively Rules Notice 12-0253 : Draft guidance regarding compensation structures for retail investment accounts. Comment period ended November 12, 2012.  See also Comments Received

Rules Notice 12-0057 : Amendments to Dealer Member Rules to permit partial swap offset strategies and corresponding housekeeping amendments.  Comment perioed ended March 19, 2012.  No comments. 

Rules Notice 12-0021 : Amendments to Schedule 12 of Form 1 and the Notes and Instructions to Schedule  12 of Form 1.  Comment period ended March 21, 2012.  No comments received.

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IIAC Members

Upcoming

See FATCA Implementation Dates in All Registered Dealers and Advisers Section.

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Marketplaces, Clearing Agencies and Participating Organizations

Upcoming  

UMIR

22/Mar/17 - Comments due: Rules Notice 16-0287 (UMIR): Proposed amendments respecting trading supervision obligations that would introduce a more principles-based approach and Rules Notice 16-0288: Guidance on Trading Supervision Obligations. 

Bourse de Montréal

20/Jan/17 - Comments due - Circular 155-16: Call for applications for the Regulatory User Group, a new consultative body.  Applicants must be authorized representatives of Bourse participants.

Canadian Derivatives Clearing Corporation

31/Jan/17 - Comments due: Notice to Members No. 2016-162: proposed amendments to CDCC's Rules and Risk Manual to properly reflect the change of administrator, calculation agent and publication agent for the Canadian Dollar Offered Rate (CDOR) and for the Canadian Repo Rate Average (CORRA).

Liquidnet Canada Inc.

9/Jan/17 (extended from 26/Dec/16) - Comments due:

31/Jan/17 - Comments due: Request for Comments on Proposed changes to the TSX Rule Book and to certain TSX marketplace functionality to accommodate trading of US-listed securities in Canadian dollars on a new TSX International Board.  Such US listed securities will likely be included in the S&P 500.  They wil not be listed by TSX, but will only be posted for trading similar to how a Canadian ATS posts TSX-listed securities for trading today. Further, they always exclude those that are or become interlisted on an exchange in Canada.

Recently Issued

CDS

22/Dec/16 - Notice of effective date: Technical Amendments to CDS Procedures for NASDAQ CXD Bring-On.  The amendments are effective immediately.

Ice Futures Canada

Rule Amendment Notice #109 including amendments to Rule No. 8B:13 to more clearly set out the process by which the Exchange may suspend a Person or Account on an emergency basis.

Rule Amendment Notice #111: Amendments introducing a process for administrative penalties.  The amendments are effective January 16, 2017.

TSX

22/Dec/16 - Notice of housekeeping amendments to the TSX Company Manual and Exhibit 1 of Reporting Form 3 – Change in Officers / Directors / Trustees, Reporting Form 4 – Personal Information Form ("PIF"), Reporting Form 4B – Declaration ("Declaration"), and Reporting Form 12 – Notice of Intention To Make A Normal Course Issuer Bid ("Form 12").  The changes are effective immediately; however, the previous versions of Forms 3, 4 and 4B will continue to be accepted until March 31, 2017.

Pending - Comment Period Closed

CSA Proposed Amendments to National Instrument 24-101 and Companion Policy 24-101CP: Institutional Trade Matching and Settlement and CSA Consultation Paper 24-402: Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Environment.  The proposed amendments to NI 24-101 and NI 24-101CP include amendments related to the change to T+2 settlement as well as amendments to clarify and modernize certain provisions.  Comments were due on November 16, 2016.

CSA Proposed amendments  to National Instrument 23-101: Trading Rules to lower the active trading fee cap  applicable to trading in certain securities.  Comments were due on July 6, 2016.

Aequitas Neo Exchange

Proposed amendments  to the trading policies to introduce functionality that will  allow Designated Market Makers to choose to auto-execute up to a pre-set size, against orders that meet certain criteria under certain  circumstances. Comments were due on July 4, 2016.

Bourse de Montréal Inc.

Circular 146-16: Request for comments on a proposed process to impose fines for minor violations.  Comments were due on December 23, 2016.

Circular 118-16 : Introduction and Deletion of Classes and Series of Options - Amendments to Articles 6394, 6605 and 6606 of Rule Six of Bourse de Montréal Inc.  Comments were due by 31/Oct/16.

Circular 087-16 : Proposed amendments to articles 4002, 4103, 6377, 6651 and 14157 of the Rules of the Bourse and the abrogation of Policy C-1 in order to clarify recordkeeping requirements for approved participants, to simplify the Rules by incorporating now separate Policy C-1 into the Rules, to align the Rules with other exchanges’ practices as appropriate and to modernize the language of the Rules. Comments were due on September 2, 2016.

Circular 88-16 : Proposed general updates to the Rules, as follows:

Introduction of Rule 6663: to clarify that the Market Operations Department will act upon the oral communications of an Approved Participant’s Designated Representatives, and any person providing a valid trader ID and matching account number of an Approved Participant or authorized client

  • Amendments to Articles 6121, 6369, 6369a  and 6370 to centralize the definitions of order types and order duration into a single article.
  • Amendments to Article 6373 and repeal of Article 6378 to clarify the obligations of approved participants regarding records of orders, including the recording of the time of receipt and execution of an order.
  • Amendment to Article 6654 to remove all references to areport on exchange-traded option positions that is already required under another provision so that Article 6654 will only pertain to OTC options transactions reports.

Comments were due on September 2, 2016.

Circular 090-16 : Proposed amendments to Article 5002 to update requirements for clock synchronization and to Article 6652 to clarify exercise limits.  Comments were due on September 2, 2016.

Circular 056-16 : amendments to Articles 6395 and 6820of Rule Six and ancillary rules, in order to modernize the rules governing market making activities on its equity and fixed income products. The most significant changes proposed include expanding market maker eligibility to include clients of approved participants that have been authorized to electronically transmit orders to the Bourse through the systems of an approved participant, clarifying the application and selection process, and subjecting all market making assignments to Market Maker Agreements that will contain all specific obligationsand contractual remedies in case of default, while keeping in the rules themselves only general terms and conditions applicable to all market making programs. Comments were due on July 11, 2016.

Proposed amendments to the trade execution rules to ament the procedures applicable to cross transactions; prearranged transactions; block trades; riskless basis cross transactions in futures contracts on S&P/TSX indices and share futures; cancellation or adjustment of trades and the execution; and execution and reporting of exchange for physical, exchange for risk and substitution of OTC derivate instruments for futures contracts transactions.

Proposed amendments to Rule 6 including housekeeping amendments, new article 6024 (Suspension of Trading), new article 6376A (Open or close transaction indication), amendment of Article 6392 (Opening  Time) and repeal of Article 6633 (Members' Responsibility on Spread Orders). Comments were due on May 23, 2016.

Proposed amendment   of Rule 6 to modify the expiry time of serial and quarterly mid-curve options on three-month Canadian Bankers' Acceptance futures contracts (OBW, OBY and OBZ).  Comments were due by April 29, 2016.

Circular 134-15 : Proposed amendments to Rule 6 - Trading; Rule 15 - Futures Contract Specifications; Procedures applicable to the execution of strategies involving options; and Procedures applicable to the execution of strategies involving futures and futures options.  Comments were due by December 14, 2015. 

Canadian Securities Exchange

CSE Notice 2016-14 : Proposed amendments to trading system functionality and features, including Peg Orders and Market Maker participation.  Comments were due by October 24, 2016.

CSE Proposed change  to fee model related to the guaranteed minimum fill functionality.

CSE Notice 2016-003 : Proposed Amendments to CSE Policy 2: Qualifications for Listing and Policy 8:  Fundamental Changes.  Comments were due by March 26, 2016.

CDS Clearing and Depository Services Inc. 

Request for Comments: Material amendments to CDS procedures and securities eligibility criteria - cessation of eligibility of physical certificates for deposit at CDS.  Comments were due by January 14, 2017.

Request for Comments on proposed procedure amendments is to allow the implementation of an automated web application that changes the current process of communicating information related to entitlement payments for entities that are both DTCC members and CDS participants.  Comments were due by January 3, 2017.

Request for Comments on material amendments to CDS participant rules: Automatic and Discretionary Suspension,  Comments were due by November 19, 2016.

Proposed Material Amendments  to CDS Rules requiring CDS to maintain its own dedicated,  pre-funded resources in the CNS default waterfall for the Continuous Net Settlement function  and a related fee change.  Comments were due on November 9, 2015

Material Amendments  to CDS procedures: Participant Approval Authority.  Comments were due on June 27, 2015.

Material amendments to CDS rules: 

  1. Amendments  related to the introduction of a CNS Participant Default Fund
  2. Amendments related to the extenders of credit and settlement agent category credit rings

Comments were due on December 19, 2014.

LatAm SEF LLC

Application  for exemption from recognition as an exchange.  Comments were due June 20, 2016.

Liquidnet Canada Inc.

OSC Request for Comments on a Proposal and Request for Comments by Liquidnet to introduce of a trading functionality that would allow Liquidnet’s marketplace participants to send and receive targeted invitations to trade.  Comments were due by January 9, 2017.  See also Comment Received from Liquidnet Inc. on the OSC Request for Comments.

TSX

Nodal Clear, LLC

Application to the OSC for exemption from recognition as a clearing agency.  Comments were due on June 6, 2016. 

Toronto Stock Exchange

Proposed Amendments to the TSX Company Manual to introduce website  disclosure requirements for TSX listed issuers and to amend the disclosure requirements regarding security  based compensation arrangements.  Comments were due on June 28, 2016. See also Comments Received.                 

TSX Inc.

Proposed Amendments to the TSX Rules regarding Life Long Orders.  Comments were due on June 22, 2015.  See also Comments received.

UMIR

IIROC Rules Notices 16-0233 and 16-0234: Republication of Proposed Amendments to UMIR and IIROC Dealer Member Rules and Guidance respecting best execution.  Comments were due on December 12, 2016.  See also Comments Received

IIROC Rules Notice 16-0123 : Proposed Provisions Respecting Designators and Identifiers.  Comments were due on August 8, 2016.

IIROC Rules Notice 16-0082 : Proposed Amendments Respecting the  Reporting of Certain Trades  on Acceptable Foreign Trade Reporting Facilities.  Comments were due on June 20, 2016.

IIROC Rules Notice 15-0277: Proposed Provisions and Rules Notice 15-0278 Proposed Guidance  Respecting Best Execution.  The proposals would consolidate current UMIR rules on best execution and Dealer Member rules on fair pricing  of over-the-counter securities into a single Dealer Member rule on best execution.  Comments were due by March 24, 2016.

IIROC Rules Notice 15-0074 : Proposed Guidance on Marketplace Thresholds (Re-Publication). Comments were due on June 29, 2015.  See also Comments received.

IIROC Rules Notice 15-0023: Re-Publication of Proposed Dark Rules Anti-Avoidance Provision (UMIR 6.3).  Comments were due by March 30, 2015.  See also Comments Received .

_____________________________________________________________________________________

MFDA Members 

Upcoming

25/Jan/17 - Comments due: Bulletin 702-P: Proposed Amendments to Rule 1.2.5 (Misleading Business Titles Prohibited)

28/Apr/17 - Comments due: Bulletin #0711-P: Request for Comments on the Development of Continuing Education Requirements.

Note: See FATCA Implementation Dates in All Registered Dealers and Advisers Section

Recently Issued

22/Dec/16 - Bulletin #0709-M: Transfers and Proprietary Investment Products

15/Dec/16: Bulletin 0705-C: Review of Compensation, Incentives and Conflicts of Interest

Pending - Comment Period Closed

Bulletin #0695-P : Proposed New MFDA Policy No. 8: Proficiency Standard for Approved Persons Selling Exchange Traded Funds.  Comments were due on September 28, 2016.

Bulletin #0682-P : Proposed Amendments to MFDA Rule 2.3 (Power of Attorney/Limited Trading Authorization/Discretionary Trading).  Comments were due on June 10, 2016.

Rules Notice 15-0260 : IIROC White Paper - The Public Policy Implications of Changes to Rules Regarding Proficiency Upgrade Requirements and Directed Commissions on the IIROC  Platform. The proficiency changes would permit IIROC Dealer Members to have permanent mutual fund only representatives. Comments were due by April 29, 2016.  See also: Comments Received

Proposed amendment  to Rule 5.3.2 (Content of Account Statement) to  require Members to disclose to clients, on the account statement, that they are Members of, and regulated by, the MFDA. Comments were due on September 16, 2015.  (See also Comments Received )

Bulletin 0656-P - Consultation Paper on Standards for Use of the Title "Financial Planner".  Comments were due by December 4, 2015.  See also Bulletin 0673-P : Summary of Comments Received.

Bulletin 0644-P  - Discussion Paper on Continuing Education.  Comments were due on September 16, 2015.  See also Bulletin 0666-P : Summary of Comments Received

Bulletin #0574-P Proposed amendments to MFDA By-law 1 to bring it into conformity with the Canada Not-for-profit Corporations Act

______________________________________________________________________________________

All Registered Dealers and Advisers 

21/Feb/17 (Webinar) and 23/Feb/17 (in person) - OSC Registrant Outreach Seminar - CRM2 Reporting to Clients and Portfolio Manager - IIROC Dealer Member Service Arrangements. Registration.

1/Mar/17 - Effective Date: OSC Amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees to amend the requirements regarding conversion from U.S. funds to Canadian funds relating to a change in the Bank of Canada daily publication of exchange rates.  The amendments are housekeeping in nature and were not published for comment. 

8/Mar/17 - Expected Effective Date: CSA Amendments to National Instrument 41-101 and Companion Policy 41-101CP: General Prospectus Requirements requiring:

  • ETFs to produce and file a summary disclosure document called “ETF Facts”, which must be made available on the ETF’s or the ETF manager’s website
  • dealers that receive an order to purchase ETF securities to deliver an ETF Facts to investors within two days of the purchase. Delivery of the prospectus will not be required, but there will be a requirement for the prospectus to be made available to investors upon request, at no cost.

8/Mar/17 - Expected Effective Date: CSA Amendments to National Instrument 81-102: Investment Funds and related amendments to Natonal Instrument 81-101 and Companion Policy 81-101CP: Investment Funds to mandate a CSA risk classification methodology for use by fund managers to determine the investment risk level of conventional mutual funds and exchange-traded mutual funds for use in the Fund Facts document and in the ETF Facts document

9/Jun/17 - Comments due: CSA Consultation Paper 81-408: Consultation on the Option of Discontinuing Embedded Commissions

17/Jun/17 - end of transition year from prior methods for ascertaining client identity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (see FINTRAC Guideline 6E ) to new methods in FINTRAC Guideline: Methods to ascertain identity of individual clients 

FATCA Implementation Dates

Note: See CRA Guidance on Enhanced Financial Accounts Information Reporting (Part XVIII of the Income Tax Act - the implementing legislation for the US/Canada FATCA agreement.)

1/Jan/17 – establishment of rules requiring the obtaining of the U.S. Tax Identification Number for each Specified U.S. Person under the U.S./Canada tax information sharing Agreement under FATCA. 

1/May/17 – reporting to CRA of all US Reportable Accounts under the U.S./Canada tax information sharing Agreement, including name, address, US Taxpayer Identification Number (if obtained), account number, account value, gross interest, dividends and other income for previous calendar year, and total gross proceeds for custodial accounts.

Recently Issued

15/Dec/16 - CSA Staff Notice 33-218: Review of Practices Firms Use to Compensate and Provide Incentives to their Representatives 

15/Dec/16 - CSA Update on Consultation on Option of Discontinuing Embedded Commissions

15/Dec/16 - FINTRAC Operational Alert OA003:  Indicators: The laundering of illicit proceeds from human trafficking for sexual exploitation

8/Dec/16 - FINTRAC Advisory: Financial transactions related to countries identified by the Financial Action Task Force (FATF)

OSC Transcript of the Roundtable Re: CSA Consultation Paper 33-404 - Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives toward their Clients held on December 6, 2016.  The transcript is as received from the transcriber.

8/Dec/16 - FINTRAC Advisory: Financial transactions related to countries identified by the Financial Action Task Force (FATF)

Pending - Comment Period Closed 

CSA Proposed Amendments  to National Instrument 31-103 and Companion Policy 31-103CP: Registration Requirements, Exemptions and Ongoing Registrant Obligations; NI 33-109: Registration Information; OSC Rule 33-506: Registration Information Requirements; and related forms.  The amendments include proposals to: 

  • enhance custody requirements applicable to registered firms that are not members of IIROC or the MFDA
  • clarify the activities that may be conducted under the exempt market dealer category of registration in respect of trades in prospectus-qualified securities, and
  • make permanent certain temporary relief granted by the CSA in May 2015 relating to the 2013 CRM2 Amendments.

Comments were due on October 5, 2016.

CSA Consultation Paper 33-404: Proposals to Enhance the Obligations of  Advisers, Dealers, and Representatives toward their Clients.  Comments were due on September 30, 2016. 

OSC Proposed Rule 72-503 and Companion Policy 72-503CP : Distributions Outside of Canada.  Comments were due on September 28, 2016.

CSA Proposed Amendments to Multilateral Instrument 96-101 and Companion Policy 96-101CP: Trade Repositories and Derivatives Data Reporting (Alberta, New Brunswick, Newfoundland  and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon.   Comments were due by April 17, 2016.

_____________________________________________________________________________________

FINRA Members

Upcoming

30/Dec/16 - Effective Date: Regulatory Notice 16-24 : FINRA and ISG Modify Certain Electronic Blue Sheet Elements

9/Jan/17 - Effective Date: Regulatory Notice 16-41: Amendments to rules government communications with the public.

17/Jan/17 -Effective Date: Regulatory Notice 16-32 : Requirement for Member Firms to begin posting short interest on a new Web-based Interface accessible through the Firm Gateway.

17/Jan/17 - Effective Date: Regulatory Notice 16-21 : Rule requiring the registration of Associated Persons involved in the design, development or significant modification of algorithmic trading strategies.

1/Nov/17 (extended from 1/Nov/15) - Effective Date: Regulatory Notice 15-44  compliance with certain data elements for Electronic Blue Sheets (EBS) identified in Regulatory Notice 13-38

Pending - Comment Period Closed

 Regulatory Notice 16-34: Proposal to provide a FINRA-sponsored inter-dealer quotation facility for all OTC equity securities.  Comments were due on November 29, 2016.

Regulatory Notice 16-29 : FINRA Requests Comments on Proposed Amendments to its Gifts, Gratuities and Non-Cash Compensation Rules.  Comments were due on September 23, 2016.

Regulatory Notice 16-09 - Proposed Amendments to FINRA Rules to Support the Industry Initiative to Shorten the Settlement Cycle for Securities in the U.S. Secondary Market From T+3 to T+2.  Comments were due by April 4, 2016.

Regulatory Notice 15-22 : Revised Proposal to Adopt a Consolidated FINRA  Rule Regarding Discretionary Accounts and Transaction.  Comments were due by August 17, 2015.

Regulatory Notice 15-20 : Concept Proposal to Restructure the Representative-Level Qualification Examination Program.  Comments were due by July 27, 2015.

Regulatory Notice 15-19 :   Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring Representative.  Comments were due 13/Jul/15.

Regulatory Notice 15-06 : Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies.  Comments were due on May 18, 2015.

R egulatory Notice 15-04 : TRACE - Proposal to disseminate additional securitized products and to reduce the reporting time frame for these products.  Comments were due on April 10, 2015. Regulatory Notice 14-52 : Proposed rule requiring confirmation disclosure of pricing information in fixed income securities transactions.  Comments were due on 20/Jan/15.

Regulatory Notice 14-51 : Proposed rules requiring the identification of non-member broker-dealers in Order Audit Trading System (OATS) reports and the reporting of additional order information by alternative trading systems.  Comments were due on 13/Jan/15.

Regulatory Notice 14-48 : Proposal to publish OTC equity volume executed outside alternative trading systems. Comments were due on 9/Jan/15.

Regulatory Notice 14-47 : Proposal to tighten business clock synchonization requirements.  Comments were due on 9/Jan/15.

Regulatory Notice 14-46 : Proposal to identify OTC equity trades reported more that two seconds after execution as "out of sequence" and not last sale eligibile.  Comments were due on 9/Jan/15.

Regulatory Notice 14-50 :   proposal to establish a "Pay-to-Play" Rule.  Comments were due on 14/Dec/14.

Regulatory Notice 14-37 :  Rule Proposal to implement the Comprehensive Automated Risk Data System. Comments were due on December 1, ><2014.

Regulatory Notice 14-35 - Revised proposal to adopt Consolidated FINRA Rule 2231  (Customer Account Statements).  Comments were due on October 31, 2014.

Regulatory Notice 14-19 - Revised proposal to require a hyperlink to BrokerCheck on online retail communications withe the public.  Comments were due by June 16, 2014.

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Issuers

Upcoming

31/Dec/16 - Effective date: Alberta Securities Commission Notice of amendments to National Instrument 58-101 Disclosure of Corporate Governance Practices and Form 58-101F1 Corporate Governance Disclosure to disclosure requirements with respect to the representation of women on the boards of directors and in executive officer positions of Alberta’s non-venture issuers as well as with respect to term limits or other mechanisms of board renewal for board directors. 

23/Jan/17 - Comments due - CSA Multilateral Notice and Request for Comment (Alberta, Manitoba and New Brunswick): Proposed adoption of Multilateral Instrument 61-101: Protection of Minority Security Holders in Special Transactions.  The instrument is already in force in Ontario and Quebec.

1/Mar/17 - Effective Date: OSC Amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees to amend the requirements regarding conversion from U.S. funds to Canadian funds relating to a change in the Bank of Canada daily publication of exchange rates.  The amendments are housekeeping in nature and were not published for comment. 

8/Mar/17 - Expected Effective Date: CSA Amendments to National Instrument 41-101 and Companion Policy 41-101CP: General Prospectus Requirements requiring:

  • ETFs to produce and file a summary disclosure document called “ETF Facts”, which must be made available on the ETF’s or the ETF manager’s website
  • dealers that receive an order to purchase ETF securities to deliver an ETF Facts to investors within two days of the purchase. Delivery of the prospectus will not be required, but there will be a requirement for the prospectus to be made available to investors upon request, at no cost.

8/Mar/17 - Expected Effective Date: CSA Amendments to National Instrument 81-102: Investment Funds and related amendments to Natonal Instrument 81-101 and Companion Policy 81-101CP: Investment Funds to mandate a CSA risk classification methodology for use by fund managers to determine the investment risk level of conventional mutual funds and exchange-traded mutual funds for use in the Fund Facts document and in the ETF Facts document

Recently Issued

CSA Multilateral Staff Notice 45-322:  Potential Concerns with the Structure of Rights Offering

24/Nov/16 - OSC Staff Notice 52-723: Office of the Chief Accountant Financial Reporting Bulletin to highlight observations about various financial reporting topics relevant to reporting issuers that prepare financial statements in accordance with International Financial Reporting Standards (IFRS).

Pending - Comment Period Closed

OSC Proposed Rule 72-503 and Companion Policy 72-503CP : Distributions Outside of Canada.  Comments were due on September 28, 2016.

ASC Notice and Request for Comment : proposed adoption of Multilateral Instrument 45-108: Crowdfunding. Comments were due on August 26, 2016

ASC Notice and Request for Comment : proposed adoption of Multilateral Instrument 45-108: Crowdfunding.  Comments were due on August 26, 2016.

CSA Multilateral Staff Notice 54-304 : Final Report on Review of the Poxy Voting Infrastructure and Request for Comments on Proposed Meeting Vote Reconciliation Protocols.  Comments were due on July 15, 2016.

CSA Multilateral Notice MI 45-109 Prospectus  Exemption for Start-up Businesses (Alberta and Nunavut).  Comments were due by December 18, 2015.  The link is to a version that includes comment letters received.

CSA Proposed Amendments  to National Instrument 13-101: System for Electronic Document Analysis and Retrieval (SEDAR) and Multilateral Instruments 13-102: System Fees for Sedar and NRD regarding filing on Sedar of documents relating to exempt distributions.  Comments were due by August 31, 2015.

CSA Proposed Amendments  to Multilateral Instrument 62-104: Take-over Bids and Issuer Bids and National Policy 62-603: Takeover Bids and Issuer Bids and  consequential amendments. Comments were due on June 29, 2015.  See also Comments received .

CSA Proposed Amendments   to Multilateral Instrument 11-102  and Companion Policy MI 11-102CP Passport System to expand the system to applications to cease to be a reporting issuer and to the issuance and recovation of failure-to-tile cease trade orders. The proposal includings two new policies: National Policy 11-206 Process for Cease to be a Reporting Issuer Applications and National Policy 11-207 Failure-to-file Cease Trade Orders and Revocations under Passport.  It also includes withdrawal of NP 12-202 Revocation of a Compliance-Related Cease Trade Order and its replacement with NP 12-202 Revocation of Non-Passport Cease Trade Orders, and the withdrawal of NP 12-203 Cease Trade Orders for Continuous Disclosure Defaults and its replacement with NP 12-203 Management Cease Trade Orders.  Comments were due on June 15, 2015.

New Brunswick Securities Commission proposed Local Rule 51-504 : New Brunswick Corporations Listed or Quoted on Certain Marketplaces requiring filing of certain information  by issuers related to New Brunswick that become listed or quoted on certain marketplaces. Comments were due on July 28, 2014

CSA Proposed Amendments  to National Instrument 52-108 and Companion Policy 52-108CP: Auditor Oversight, National Instrment 41-101: General Prospectus Requirements; National Instrument 51-102 and Companion Policy 51-102CP: Continuous Disclosure Obligations; National Instrument 71-102 and Companion Policy 71-102CP: Continuous Disclosure and Other Exemptions Relating to Foreign Issues.  Comment period ended January 15, 2014.  See also Comments Received   

CSA Consultation Paper 54-401 : Review of the Proxy Voting Infrastructure.   Comment period ended November 13, 2014.  See also Comments Received

AMF Draft Regulation  to amend the Regulation respecting Development Capital Investment Fund Continuous Disclosure. Comment period ended August 26, 2013

AMF Consultation Paper: An Alternative Approach to Securities Regulators' Intervention in Defensive Tactics.  Comment period ended July 12, 2013

AMF Proposed amendments   to Regulation 41-101 respecting prospectus pre-marketing and marketing regime.  Comment period ended June 30, 2013

B.C. Securities Commission Notice BCN 2013/03 : Proposed new prospectus exemption under National Instrument 45-106:  Prospectus and Registration Exemptions to assist capital raising by small businesses. Commentt period ended April 12, 2013

OSC Staff Consultation Paper 45-710 Considerations for New Capital Raising Prospectus Exemptiomment period ended March 8, 2013

CSA Multilateral Notice 45-311 : Exemptions from certain financial statement-related requirements in the offering memorandum exemption to facilitate access to capital by small businesses.  All jurisdictions except British Columbia and Ontario.  Comment period ended February 20, 2013.

CSA Consultation Paper 25-401: Potential Regulation of Proxy Advisory Firms.  Comment period ended September 21, 2012.  See also Comments Received

AMF Draft Regulation 51-105 and Policy Statement to Regulation 51-105 respecting  issuers quoted in the U.S. over-the counter markets.  Comment period ended September 9, 2011

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General Interest

Upcoming

1/Feb/17 - Amendments to certain national, multilateral and local instruments and the companion policy to NI 31-103 related to derivatives regulation in Alberta, New Brunswick, Nova Scotia and Saskatchewan.

27/Feb/17 - CSA Cyber Security Round Table, at the Ontario Securities Commission, 22nd Floor, 20 Queen Street West, Toronto.  Market participants wishing to participate are ask to send an e-mail by December 16, 2016 with contact details, brief description of their role in the marketplace and the value they anticipate adding to the discussion to This e-mail address is being protected from spambots. You need JavaScript enabled to view it with subject "Cyber-security Roundtable."

1/Mar/17 - Effective Date: OSC Amendments to OSC Rule 13-502 Fees and OSC Rule 13-503 (Commodity Futures Act) Fees to amend the requirements regarding conversion from U.S. funds to Canadian funds relating to a change in the Bank of Canada daily publication of exchange rates.  The amendments are housekeeping in nature and were not published for comment. 

Pending - Comment Period Closed

CSA Proposed Amendments to National Instrument 24-101 and Companion Policy 24-101CP: Institutional Trade Matching and Settlement and CSA Consultation Paper 24-402: Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Environment.  The proposed amendments to NI 24-101 and NI 24-101CP include amendments related to the change to T+2 settlement as well as amendments to clarify and modernize certain provisions.  Comments were due on November 16, 2016.

CSA Consultation Paper 95-401 : Margin and Collateral Requirements for Non-Centrally Cleared Derivatives.  Comments weredue by September 6, 2016.

CSA Multilateral Notice and Request for Comments  - Proposed amendments to Multilateral Instrument 11-102 Passport System,  National Instrument 14-101 Definitions,  National Instrument  21-101 Marketplace Operation,  National Instrument 23-102 Use of Client Brokerage Commissions,  National  Instrument 31-103 Registration  Requirements, Exemptions and Ongoing Registrant Obligations,  National  Instrument 55-104 Insider Reporting  Requirements and Exemptions, New Brunswick Financial and Consumer  Services Commission (New Brunswick)  Local Rule 31-502 Supplementary Registration Requirements, and changes to Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations to address local amendments to legislation in Alberta, New Brunswick and Saskatchewan that  were introduced  to provide a platform for the regulation of derivatives.  Comments were due on July 18, 2016.

Proposed Capital Markets Stability Act .  The revised Consultation Draft Capital Markets Stability Act is  available in Plain  and Blacklined  versions on the Cooperative Capital Markets Regulatory System  website along with a Backgrounder  and Table of Concordance  comparing the 2014 and 2016 drafts.  Comments were due on July 6, 2016.  See also Comments Received.

Preliminary Policy Recommendations  of the Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives. Comments were due on June 16, 2016.

CSA Request for Comments : Proposed National Instrument 94-101 and  Companion Policy 94-101CP: Mandatory Central Counterparty Clearing of Derivatives (2nd Publication).  Comments were due on May 24, 2016.

CSA Proposed National Instrument 94-102  and Companion Policy 94-102CP: Derivatives: Customer Clearing and Protection of Customer Collateral and Positions. Comments were due by April 19, 2016.

CSA Proposed Amendments  to NI 81-102: Investment Funds, NI 81-101 and Companion Policy 81-101CP: Mutual Fund Prospectus Disclosure and NI 41-101 and Companion Policy 41-101CP: General Prospectus Requirements mandating a CSA risk classification methodology for determining the investment risk level of conventional mutual funds and exchange traded funds for disclosure  in the Fund Facts document.  Comments were due by March 9, 2016.

OSC Request for Comments  on proposed amendments to OSC Rule 91-507 and Companion Policy 91-507CP: Trade Repositories and Derivatives Data Reporting.  Comments were due on 3/Feb/16.

OSC Request for Comments on Proposed Policy 15-601 : Whistleblower Program.  Comments were due by January 12, 2016.

Alberta Securities CommissionProposed Rule 13-501 : Fees.  Comments were due by January 18, 2016.

Cooperative Capital Markets Regulatory System Request for Comments on theRevised Consultation Draft of the provincial/territorial Capital Markets Act and Draft initial regulations thereunder.  See also Commentary on the Capital Markets Act  and Commentary on the draft initial regulations.  Comments were due by December 23, 2015.  See also Comments Received.

CSA Staff Notice and Request for Comment 21-315 : Next Steps in Regulation and Transparency of the Fixed Income Market.  Comments were due on November 1, 2015.  See also Comments Received

Ontario Ministry of Finance Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives Initial Consultation Document .   Comments were due by September 21, 2015. See also Submissions Received .

CSA Proposed Amendments  to National Instrument 41-101 and Companion Policy 41-101CP: General Prospectus Requirements mandating a summary disclosure document for exchange-traded mutual funds  and its delivery.  Comments were due on September 16, 2015. See also Comments Received .

Proposed amendments  to regulations under the Proceeds of Crime (Money Laundering) and Terrorist  Financing Act. (See Page 1624 of the linked Gazette).  Comments were due on September 2, 2015.

Proposed National Instrument 94-101 and Companion Policy 94-101CP: Mandatory Central Counterparty Clearing of Derivatives.  Comments were due on May 13, 2015.

CSA Consultation Paper 92-401 : Derivatives Trading Facilities.  Comments were due by March 30, 2015. See also Comments Received.

OSC Proposed Rule 24-503: Clearing Agency Requirements and related companion policy.  Comment period ended March 19, 2014.  See also Comments Received     

AMF Draft Regulation 45-107 respecting listing representation and statutory rights of action disclosure exemptions in the context of prospectus exempt financings offered to institutional and other sophisticated investors in Canada.  Comment period ended February 26, 2014 

CSA Request for Comments : Proposed National Instrument 62-105 and Companion Policy 62-105 CP: Security Holder Rights Plans and consequential amendments to National Instrument   62-202: Take-Over Bid Defensive Tactics; National Instrument 62-203: Take-Over Bids and Issuer Bids, Multilateral (All Provinces except Ontario) Instrument Instrument 62-104: Take-Over Bids and Issuer Bids, OSC Rule 62-504: Take-Over Bids and Issuer Bids, National Instrument 41-101:  General Prospectus Requirements and National Instrument 51-102: Continuous Disclosure Obligations.  Comment period ended July 12, 2013.

Letter to the OSC urging reconsideration of the financial statement requirements for IPOs in light of the recent implementation of the US Jumpstart Our Business Startups Act (the JOBS Act).

 
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