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December 2025 Advocacy Newsletter

Summary:

As we close out 2025, our advocacy efforts have continued to reflect the critical intersection of investor protection, regulatory evolution, and support for a vibrant and competitive investment ecosystem in Canada.

We were proud to act as an intervenor in a significant recent Supreme Court of Canada decision in Lundin Mining Corp. v. Markowich, announced on November 28, which reaffirmed a broad and contextual interpretation of material changes under securities law, and associated disclosure obligations. The decision strengthens accountability in our capital markets, and we were pleased to see the Court uphold existing law and interpretation and cure conflicting lower-court guidance.

In December, our Canadian Investment Performance Council (CIPC) also contributed to the global dialogue on performance reporting by responding to the CFA Institute’s Exposure Draft on Best Practices in Return Attribution. Their submission emphasized clarity, consistency, and transparency, principles that underpin trustworthy investment communications and robust client relationships.

Looking ahead, we’re engaged on several regulatory consultations, including on liquidity risk management, and the future pilot of semi-annual reporting for venture issuers. These consultations underscore the increasing complexity of the regulatory environment, and the need for ongoing input from us as investment professionals grounded in practice.

This season also offered a moment of recognition: I was honoured to receive AIMA Canada’s inaugural Partnership Award, and grateful for the acknowledgment of our ongoing collaboration and shared goals for a stronger asset management sector and investment ecosystem in Canada. 

As we wrap a year of meaningful progress and sharpen our focus for 2026, I want to thank each of you for your engagement and support. On behalf of CFA Societies Canada, I wish you and your loved ones a restful and joyful holiday season.

Michael Thom, CFA

Managing Director

CFA Societies Canada