On June 5, 2019, the Ontario Securities Commission (the OSC) sent out a notice by means of a broadcast e-mail (the Notice) with respect to certain amendments regarding the suppression of terrorism or Canadian sanctions (STCS) applicable to all registered firms, exempt dealers and exempt advisers (each a Firm).

Under Canadian federal law, Firms are required to file a monthly STCS report by the 14th day of each month (each a Monthly STCS Report) with their principal regulator in order to determine and disclose whether the Firm is in possession or control of property owned or controlled by or on behalf of an entity or person listed or designated in a particular federal provision (each a Designated Person).

Many of these federal provisions required a Firm to file a “Nil” Monthly STCS Report if it was determined that none of the Firm’s clients were Designated Persons.

The Notice confirms that Firms are now only required to submit a “Nil” Monthly STCS Report with their principal regulator with respect to Designated Persons under the Criminal Code (Canada) and the Justice for Victims of Corrupt Foreign Officials Act (Canada).

However, this effectively means that each Firm must still file a “Nil” Monthly STCS Report by the 14th of each month as was the case previously.

For further information regarding the Notice, please view a copy of the STCS Guide, which reflects the changes that have been made.