Legal and Regulatory Affairs

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Regulatory Submissions and Bulletins

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Legal and Regulatory Affairs

FSRA: Consultation Paper [2021-017], Innovation Framework (November 18, 2021)


Advocis has provided comments on FSRA’s Innovation Framework. The proposed framework details guiding principles to innovation and promotes the use of Test and Learn Environments (“TLE”) starting with the auto sector. The framework aims to reduce regulatory barriers for new market entrants in this space. In our response, we express how Advocis’ Technology and Innovation Committee can provide a unique perspective in participating and engaging with FSRA’s innovation office and its TLE program.
Legal and Regulatory Affairs

FSRA: Consultation [2021-016], Proposed 2022-2023 Statement of Priorities (October 29, 2021)


In our comments to FSRA, we support the regulator’s work on embracing innovation and addressing advisor supervision issues. We recommend that it complement its efforts with proactive enhancements to licensee education and accredited continuing education.
Legal and Regulatory Affairs

FCNB: Title Protection 2021, Regulation of Financial Planner and Financial Advisor Titles (October 25, 2021)


New Brunswick’s Financial and Consumer Services Commission is contemplating its own title protection framework. We urge the province to proceed with this project by introducing framework legislation and entrusting the regulator with the operational details. We also recommend a mechanism to recognize and reciprocate the work done in this area by its peer regulators across the country.
Legal and Regulatory Affairs

FSRA: Consultation [2021-10], Amendments to the FSRA Fee Rule to create the FP/FA fee structure (October 20, 2021)


In our response to FSRA’s third consultation on the proposed title protection framework, we provide our thoughts on how the fee structure should work. We ask FSRA to ensure the framework is affordable, inclusive and easy for consumers to understand. We also ask the regulator to be mindful how it addresses holders of multiple credentials.
Legal and Regulatory Affairs

FSRA: Consultation [2021-015], Life Agent Reporting and Insurer Oversight Obligations Guidance (October 8, 2021)


FSRA has proposed guidance setting out its expectations concerning the reporting of errors and omissions insurance, continuing education, and contracted insurers by life insurance agents through FSRA’s Licensing Link platform. This guidance consolidates, standardizes, and clarifies earlier guidance issued by FSCO. Advocis supports reductions in regulatory burden when this can be achieved without harming consumer protection.
Legal and Regulatory Affairs

CSA: Position Paper 25-404, New Self-Regulatory Organization Framework (October 4, 2021)


Advocis commented on the CSA’s proposal to establish a single national self-regulatory organization (SRO). In our submission, we emphasized that the CSA should promote a diversity of stakeholders in the marketplace and a level playing field for independent advisors and dealers. We also encouraged the CSA to ensure that advisors have meaningful representation in the governance of the new SRO that is reflective of the modern client-centric approach to financial advice.
Legal and Regulatory Affairs

FCAA: Consultation [2021-001], The Financial Planners and Financial Advisors Regulations (September 1, 2021)


Advocis responded to the Financial and Consumer Affairs Authority of Saskatchewan’s consultation regarding the regulations for its Title Protection Framework. We emphasized that from the consumer’s perspective, both the titles of Financial Advisor and Financial Planner are trusted and therefore both should be regulated to a high standard. We also noted that training in only one technical area is too narrow to warrant professional recognition.
Legal and Regulatory Affairs

FSRA: Consultation [2021-008], Revised Proposed Rule on Unfair or Deceptive Acts or Practices (August 11, 2021)


Advocis’ response to the Revised Proposed Rule on Unfair or Deceptive Acts or Practices (UDAPs) in the insurance sector. Advocis welcomes FSRA’s decision to continue prohibiting rebating in the life and health insurance sectors. We also highlight several areas in the insurance sector where further modernization would be beneficial. Advocis welcomes further discussions with FSRA on incentives in the insurance sector
Legal and Regulatory Affairs

CISRO Consultation on Principles of Conduct for Intermediaries (July 9, 2021)


CISRO’s Principles of Conduct intend to complement and supplement the CCIR/CISRO Fair Treatment of Customers Guidance and reflect minimum regulatory standards of conduct that are expected from intermediaries. In our submission we highlight the centrality of the clients’ interest first, the importance of delivering advice by competent intermediaries and aligning CISRO’s Principles with consumer protection measures such as title protection.
Legal and Regulatory Affairs

FSRA: Consultation [2021-003], Financial Professionals Title Protection Rule and Guidance (June 21, 2021)


This consultation included a revised General Rule; application guidance for Credentialing Bodies and their credentials; the supervisory framework for overseeing Credentialing Bodies; and an initial approach to the credentialing fee structure. Advocis voiced its concern with FSRA’s stance on the Financial Advisor title, asked the regulator to further tighten its approach to misleading titles and inquired about the assumptions being used in developing the fee schedule.
Legal and Regulatory Affairs

CSA's Proposed Amendments to Outside Activity Reporting (May 5, 2021)


Advocis is encouraged by the CSA’s proposed amendments to the reporting requirements around outside activities. While we have some recommendations and have highlighted some areas where we would like to see additional clarification, the proposed categories provide a relatively straightforward way for individuals to identify whether they are engaged in outside activities that should be reported to the regulator.
Legal and Regulatory Affairs

FSRA’s Proposed Rule [2020-002], Unfair or Deceptive Acts or Practices (March 18, 2021)


In our submission to FSRA, Advocis raised significant concerns with the plan to permit rebating in the life and health insurance sector. We are concerned that the proposed restrictions would not adequately address consumer protection concerns and would create an unlevel playing field for independent advisors.
Legal and Regulatory Affairs

ICBC Consultation on Supervisory Role of MGAs (February 15, 2021)


Advocis responded to the Insurance Council of British Columbia's proposed new guideline that would provide additional clarity on the roles and responsibilities of MGAs in the screening and monitoring of life agents. We believe that this critical consumer protection function must remain a shared responsibility between MGAs and insurers.
Legal and Regulatory Affairs

Ontario Securities Commission Statement of Priorities 2021-2022 (December 16, 2020)


The OSC’s priorities for 2021-2022 include promoting confidence in Ontario’s capital markets, reducing regulatory burden, facilitating financial innovation and strengthening the OSC’s organizational foundation. In our submission, we encouraged the OSC to work with the CSA to develop clear and useful guidance for interpreting and applying the Client Focused Reforms (CFRs). We also encouraged the OSC to work with FSRA to explore opportunities to reduce the risk of regulatory arbitrage between mutual funds and segregated funds. We introduced the Technology Task Force as a potential resource for the OSC’s Office of Economic Growth and Innovation and expressed our willingness to assist the OSC with initiatives focused on improving the investor experience.
Legal and Regulatory Affairs

FSRA’s Proposed Rule [2020-001], Financial Professionals Title Protection (November 12, 2020)


Advocis responds to FSRA’s proposed framework for the protection of the titles of Financial Advisor and Financial Planner. We state that the purpose behind the exercise must be to enhance consumer protection – so FSRA should use this generational opportunity to enhance professional standards. We argue that a qualifying credential should be cross-sectoral and product-agnostic to reflect the primacy of the advisor-client relationship.
Legal and Regulatory Affairs

FSRA Proposed 2021-22 Statement of Priorities (November 3, 2020)


Advocis commented on FSRA's Proposed 2021-22 Statement of Priorities. We are pleased that FSRA remains focused on consumer protection, transitioning to a principles-based approach and regulatory modernization efforts. We voiced our desire to participate in key initiatives including the title protection framework for financial advisors and financial planners, enabling innovation and the regulation of segregated funds.
Legal and Regulatory Affairs

CSA's Consultation on the Self-Regulatory Organization Framework (October 23, 2020)


Reviewing the stakeholder comments and proposals from both IIROC and the MFDA, we feel that the need for a consolidated SRO is evident. Advocis encourages the CSA to act with urgency, and implement a single SRO that can respond effectively to the changing needs of Canadian businesses and investors.
Legal and Regulatory Affairs

Advocis-CALU joint letter to the Ministry of Finance on Beneficiary Designations (September 16, 2020)


A recent Ontario court decision could jeopardize estate planning as it found that a designated beneficiary of a registered asset held that asset in trust for the grantor's estate. In a joint submission to the Ministry of Finance, Advocis and CALU explain the implications of the decision and we urge the Government to amend certain laws to make clear when a designated beneficiary has the presumption of beneficial ownership.
Legal and Regulatory Affairs

Ontario Capital Markets Modernization Taskforce Consultation Report (September 4, 2020)


Advocis addresses specific recommendations in the Consultation Report and requests that the Taskforce consider including formal support for the title protection initiative and the CCMR project in its final report to the Minister of Finance.

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