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Our first regulatory review of 2023 looks at all releases and notices issued by the Nova Scotia Securities Commission and the Canadian Securities Administrators (CSA) since January. It’s been a busy start to 2023 for securities regulators. In case you missed any of these releases or notices here’s a quick rundown on what they meant for issuers and investors and links to the documents, where you can find the full details.
January 3, 2023 - New Self-Regulatory Organization of Canada and Canadian Investor Protection Fund officially launch
New Self-Regulatory Organization of Canada (New SRO) and new Canadian Investor Protection Fund (CIPF) officially launched in January 3, 2023, marking completion of the CSA’ plan to create a new, single self-regulatory organization and an integrated investor protection fund.
January 8, 2023 - Nova Scotia Securities Commission warns Nova Scotians to protect themselves from crypto-related scams
The Commission issued an urgent warning about a widespread type of scam that is victimizing numerous Nova Scotians, other Canadians and U.S. residents and causing substantial losses, including individual losses of hundreds of thousands of dollars.
January 10, 2023 - CSA Investor Alert: Canadian securities regulators warn the public about impersonation scams
The CSA warned the public to be vigilant for unsolicited communications that come from scammers posing as CSA staff or staff of CSA members.
January 31, 2023 - The CSA Exempts CBCA-Incorporated Reporting Issuers from Director Election Form of Proxy Requirement
The CSA published an exemption for reporting issuers incorporated under the Canada Business Corporations Act (CBCA) from the form of proxy requirement for the uncontested election of directors.
February 21, 2023 - Decision released on Adrian Saturley and Adonis Asset Management’s application for a hearing and review
The Commission delivered its decision on Adrian Saturley and Adonis Asset Management’s application for a hearing and review of a Director’s Decision issued on February 14, 2022. The Director refused to grant registration to Adonis Asset Management (Adonis) as a portfolio manager and Saturley as the sole Advising Representative, Chief Compliance Officer, and Ultimate Designated Person of Adonis. The Commission upheld the Director's Decision.
February 22, 2023 - Canadian securities regulators strengthen oversight, enhance expectations of crypto asset trading platforms operating in Canada
Further to its update on December 12, 2022, the CSA published a notice describing enhanced investor protection commitments it expects from crypto asset trading platforms (CTPs) operating in Canada.
February 23, 2023 - Canadian securities regulators encourage market participants to prepare for the cessation of CDOR
The CSA encouraged market participants to prepare for the upcoming cessation of the Canadian Dollar Offered Rate (CDOR).
March 1, 2023 - Nova Scotia Securities Commission reminds investors about red flags of crypto fraud during Fraud Prevention Month
During Fraud Prevention Month in March, the Commission reminded investors to watch out for the red flags of crypto-related scams. Earlier this year the Commission issued an alert warning Nova Scotians about a crypto-related pig butchering scam that has become very prevalent in Nova Scotia and throughout North America and has led to substantial losses for some Nova Scotians.
March 9, 2023 - Canadian securities regulators remind capital market participants of upcoming deadline as they prepare to transition to SEDAR+
The CSA is launching SEDAR+ on June 13, 2023. SEDAR+ is the new, web-based application for all capital market participants to file, disclose and search for public documents and information filed by issuers in Canada in accordance with applicable securities legislation.
March 13, 2023 - Canadian securities regulators provide tips to avoid online investment scams
During Fraud Prevention Month, the CSA warned Canadians of potentially misleading advice and fraudulent online investment opportunities and reminded them to research the claims before investing.
March 17, 2023 - Canadian securities regulators warn public about unregistered trading platform Nova Tech Ltd
The CSA warned the public that Nova Tech Ltd (NovaTech), which operates the website www.novatechfx.com, is not registered with a securities regulator in any province or territory in Canada. This means they are not authorized to offer trading in any securities or derivatives to anyone located in Canada.
March 23, 2023 - Canadian securities regulators publish detailed data for eighth annual review of representation of women on boards in Canada
The securities regulatory authorities in Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan published the underlying data used to prepare the eighth annual review of women on boards and in executive officer positions.
March 23, 2023 - Canadian securities regulators announce rules to support new SEDAR+ filing system
The CSA published advance notice of adoption of rules requiring market participants to use a new national filing and information system, and to pay system fees for filing.
April 6, 2023 - Canadian securities regulators warn the public about GoldberryCo
The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Quebec, Northwest Territories, Prince Edward Island and Yukon warned the public about GoldberryCo, which is operating an online investment scam targeting Canadians through the websites goldberryco.com and Goldbrco.com. GoldberryCo is not registered to sell investments in Canada.
April 12, 2023 - Canadian securities regulators provide update on pre-registration undertakings for crypto asset trading platforms
The CSA announced that certain unregistered crypto asset trading platforms have filed an enhanced pre-registration undertaking with their principal regulator following the publication of CSA Staff Notice 21-332.
April 13, 2023 - Canadian securities regulators propose changes to corporate governance disclosure practices and guidelines
The CSA is seeking public comment on proposed amendments to corporate governance disclosure rules and policy relating to the director nomination process, board renewal and diversity. They would require disclosure on aspects of diversity beyond the representation of women, while retaining the current disclosure requirements with respect to women. In addition, the CSA is proposing changes to the corporate governance policy that would enhance the existing corporate governance guidelines relating to the director nomination process and introduce guidelines regarding board renewal and diversity.
April 14 - Canadian securities regulators welcome new CSSB Chair Charles-Antoine St-Jean
The CSA congratulated Charles-Antoine St-Jean on his appointment as the first-ever Chair of the Canadian Sustainability Standards Board (CSSB).
The CSA published CSA Staff Notice 25- 310 2022 Annual Activities Report on the Oversight of Self-Regulatory Organizations (SROs) and Investor Protection Funds (IPFs) that summarizes key information, activities and observations related to CSA oversight of the former SROs and IPFs during the 2022 calendar year.
The CSA and the Canadian Council of Insurance Regulators (CCIR) published changes to enhance total cost reporting (TCR) disclosure for investment funds and individual segregated fund contracts. The TCR enhancements (the Enhancements) will improve the transparency of total fees and costs to holders of investment funds and segregated funds.