Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Tag Archives: NI 31-103

OSC finds significant deficiencies at exempt market dealers

Posted in Continuous & Timely Disclosure, Corporate Governance, Securities Regulatory Authorities
The Ontario Securities Commission (OSC) published OSC Staff Notice 33-746 (Notice) on September 21, 2015. The Notice focuses on registered firms and individuals directly overseen by the OSC describing the initiatives within the Compliance and Registrant Regulation Branch (CRR), notices published, rule amendments and regulatory action taken as a result of registrant misconduct.   The OSC encourages… Continue Reading

Relief from certain Client Relationship Model Phase 2 (CRM2) Amendments

Posted in Law & Enforcement, Securities, Securities Regulatory Authorities
The OSC has published decisions relating to certain relief from the CRM2 requirements that were to come into effect during 2015 and 2016.  The relief is consistent with that set out in CSA Staff Notice 31-341 – Omnibus/Blanket Orders Exempting Registrants from Certain CRM2 Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant… Continue Reading

Modifications récentes au Règlement 45-106 : Ce que l’industrie des fonds d’investissement doit savoir

Posted in Investment Funds, Law & Enforcement, Securities, Securities Regulatory Authorities
Les Autorités canadiennes en valeurs mobilières (les ACVM) ont récemment publié les modifications définitives qu’elles entendent apporter au Règlement 45-106 sur les dispenses de prospectus et d’inscription (qui sera d’ailleurs renommé le Règlement sur les dispenses de prospectus) (le Règlement 45-106). Ces modifications concernent les dispenses de prospectus fondées sur l’investissement d’une somme minimale ainsi que… Continue Reading

Recent amendments to NI 45-106 : What the Fund Management Industry Needs to Know

Posted in Investment Funds, Law & Enforcement, Securities, Securities Regulatory Authorities
The Canadian Securities Administrators (CSA) recently published final amendments to National Instrument 45-106 Prospectus and Registration Exemptions (to be renamed Prospectus Exemptions) (NI 45-106) relating to the accredited investor and minimum amount investment prospectus exemptions. Subject to Ministerial approval, the amendments will come into force on May 5, 2015. Key Changes From a fund manager/dealer’s perspective, the key… Continue Reading

OSC Publishes Annual Summary Report for Dealers, Advisers and Investment Fund Managers

Posted in Continuous & Timely Disclosure, Investment Funds, Securities Regulatory Authorities
On September 25, 2014, OSC Staff Notice 33-745 Annual Summary Report for Dealers, Advisers and Investment Fund Managers was published (Report).  The Report is an overview of the main initiatives undertaken by the OSC’s Compliance and Registrant Regulation Branch within the last year and those initiatives underway, with a focus on those registrants directly overseen by the… Continue Reading

OSC Staff Released Guidance for Investment Fund Managers on Sales Practices, Expense Allocation and Other Matters

Posted in Continuous & Timely Disclosure, Investment Funds, Securities Registration & Registrants, Securities Regulatory Authorities
On June 19, 2014, the Ontario Securities Commission (OSC) released Staff Notice 33-743 – Guidance on Sales Practices and Expense Allocation for Investment Fund Managers which resulted from the targeted review of large investment fund managers (IFMs) conducted by Staff of the Compliance and Registrant Regulation Branch of the OSC.  The Notice provides a summary… Continue Reading

Canadian Securities Administrators propose further changes to Registration Rules for Dealers, Advisers and Investment Fund Managers

Posted in Investment Funds, Securities Regulatory Authorities
The CSA announced further changes to NI 31-103 in order to streamline and increase efficiency, with comments due by March 5, 2014.    These changes include the following: Providing guidance on proficiency requirements for those individuals applying as an associate advising representative or as an advising representative Providing guidance on the experience required of a chief… Continue Reading

OSC Staff Notice 33-741 – Report on the Results of the Reviews of Capital Markets Participation Fees

Posted in Investment Funds, Securities Registration & Registrants, Securities Regulatory Authorities
The Form 13-502F4 Capital Markets Participation Fee Calculation (F4) must be filed on December 1 each year by all registered firms, unregistered investment fund managers, and firms operating under the exemptions available in sections 8.18 and 8.26 of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.  This form is used to calculate your firm’s… Continue Reading

Changes to NI 31-103 Cost Disclosure and Performance Reports

Posted in Investment Funds, Securities Regulatory Authorities
The Canadian Securities Administrators (CSA) have now implemented amendments to National Instrument 31-103 Registration Requirements Exemptions and Ongoing Registrant Obligations (NI 31‑103) and to its Companion Policy 31‑103 CP as amended (the Policy Statement). This is the second phase of its long standing project on enhancing a registrant’s relationship with its clients, called the Client Relationship Model (CRM) Project.… Continue Reading