MONTREAL, June 16, 2022 /CNW/ – The Canadian Securities Administrators (CSA) today released their Achievement Highlights Report which summarizes the progress of the strategic initiatives published in the CSA Business Plan 2019-2022.

“I am very proud of what we have accomplished over the past three years. CSA members have worked together to pursue our strategic goals, foster a harmonized approach to securities regulation and improve our regulatory system,” said Louis Morisset, President of the CSA and President and CEO of the Autorité des marchés financiers. “We have proactively responded to the unique challenges and uncertainties brought by the pandemic and other significant market and regulatory developments, such as the rise of do-it-yourself (DIY) and investing in crypto assets.”

Of the 41 initiatives outlined in the 2019-2022 business plan, the vast majority were completed within the three-year period, while the others are ongoing. Key initiatives include:

  • Implementation of the client-focused reformswhich notably introduced new obligations for registrants to resolve material conflicts of interest, puts the interests of clients first when determining the suitability of investments.

  • establish a prohibition of deferred sales charges and related redemption fees and trailing commissions for brokers engaged only in order execution promote transparency of investment fund fees.

  • Implement amendments to improve the protection of elderly and vulnerable customers through Canadaincluding the use of a Trusted contact person in specific situations, as well as a regulatory framework allowing registrants to temporarily suspend transactions, withdrawals or transfers in suspicious circumstances.

  • Regulatory streamlining (of which 9 out of 10 initiatives have been completed) for non-investment fund issuers, investment funds, registrants and marketplaces while maintaining investor protections, such as facilitating greater access to capital through a alternative offering system, the introduction of a single, uniform set of registration rules for securities-based crowdfunding and prospectus exemptions, the streamlining of investment fund disclosure, streamlining reporting requirements and improving system requirements for marketplaces doing business in Canada.

  • Suggest a regulatory regime for crypto asset trading platforms that promotes innovation and flexibility, while improving the quality of disclosures and compliance with appropriate oversight.

  • Examine the regulation of exchange issuers with respect to promotional activities in the venture capital market, reverse takeovers and direct listings, as well as the implications of militant short sale in Canada.

  • Strengthen oversight of OTC derivatives markets mitigate and reduce systemic risk in Canada and make sure that Canada meets its international commitments.

  • Develop and test CSA Market Disruption Coordination Planwhich includes steps for information sharing and coordination among Canadian regulators in the event of a large-scale market disruption.

These significant results were achieved alongside CSA’s unprecedented efforts to respond to the global COVID-19 pandemic. Our actions stemmed from CSA members’ understanding of industry and investor realities as they faced and adapted to weather the crisis. The CSA have balanced the need to lighten the regulatory burden during an extraordinary disruption with their obligation to maintain investor protection in times of market volatility. The CSA has also advanced its enforcement practices during the pandemic, such as conducting virtual investigations and virtual hearings, to further drive collaboration and efficiency.

Notable CSA key initiatives outside of the 2019-2022 business plan include:

  • Leading the creation of a new self-regulatory body for the investment industry which will consolidate the functions of the Investment Sector Regulatory Body of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), as well as the establishment a new investor protection fund.

  • Post proposals and/or advice related to climate-related disclosure, board diversity, environmental, social and governance (ESG) disclosure for investment funds, and non-compliant disclosure GAAP and other financial measures.

  • Establish the CSA Investor Advisory Committee advising the CSA and ensuring that the interests and concerns of retail investors are fully considered.

The CSA’s accomplishments, as described in the Highlights of Achievements report, demonstrate the CSA members’ shared commitment to protecting investors, fostering fair and efficient capital markets, and strengthening the integrity and market confidence in an increasingly complex and dynamic environment.

CSA members continue to work collaboratively on these strategic initiatives and other issues affecting from Canada capital markets, while maintaining and enabling local flexibility and innovation.

The CSA, the Board of Securities Administrators of from Canada provinces and territories, coordinates and harmonizes the regulation of Canadian financial markets.

For investor inquiries, please refer to your respective securities regulator. You can contact them here.

SOURCE Financial Markets Authority

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