What regulators discussed at joint forum meeting

Canada’s financial regulators discussed investment fund fees and obligations to clients at their annual meeting in Montreal.

The joint forum of Financial Market Regulators includes the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and the Canadian Insurance Services Regulatory Organizations (CISRO).

Discussions included CSA’s projects for “the enhancement of obligations registrants owe their clients and regulation of investment fund fees,” a release said.

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CCIR members provided updates on the prototype fee statement for segregated funds as well as various initiatives under the Cooperative Market Conduct Supervision Framework. CSA also shared lessons from the development and implementation of a regulatory sandbox to support fintech businesses, the release said.

Participants also discussed the expansion of automated financial advice, recovery of enforcement sanctions and administrative monetary penalties, and cooperative supervision activities.

CAPSA made a presentation on leverage investment strategies of pension plans, and members shared updates on ombudservice oversight across banking services and investments, life, health and general insurance sectors.

Coming away from this year’s meeting, the joint forum is considering how to best increase the regular periodic sharing of issues facing regulators in each sector.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.