December 2023 Advocacy Newsletter

December 20, 2023

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December 2023 Advocacy Newsletter


I’m pretty sure I’m not alone in looking forward to taking a step back for the holiday season. It’s been a busy 2023. And on the regulatory front, it’s shaping up to be an equally busy 2024.

The CAC recently submitted its comments on the Ontario Securities Commission (OSC)’s statement of priorities for the coming year. We urged the OSC to clarify its expectations for regulated firms through rules and publicly available guidance, rather than communicating these expectations privately through one-off prospectus and registration processes. We cited ESG classifications for investment funds and assessments of “relevant investment management experience” in advising representative registrations as two areas where there is a strong public interest in OSC staff publicly clarifying their views and inviting feedback on these views.

We’ve also begun work on our response to Canadian securities regulators’ newly proposed framework for resolving retail investor complaints. Under this framework, the Ombudsman for Banking Services and Investments will be empowered to make binding decisions on the resolution of these complaints. We are glad regulators are acting on this long-standing CAC priority.

Before I close, I want to recognize Milos Vukovic, CFA, who is completing his term on CAC at the end of this year. Milos has served on CAC for nine years, and we’ve been lucky to have the benefit of his expertise on so many policy projects over his term.

Have a restful and happy holiday break, and all the best for 2024!