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Investor News
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August 1, 2023
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Your Investor News highlight reel
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Welcome to the dog days of summer edition of Investor News. We’re screening the most notable and most popular videos, articles, tools and initiatives from the last 12 months with our newsletter subscribers.
It’s been a busy year.
Many important investor initiatives were undertaken by the OSC including total cost reporting, which will bring greater transparency to investment fees, and advancing protection for crypto investors. The OSC published several significant studies that examined investor behaviour, knowledge, skills and attitudes.
More than 8,000 people attended over 150 education and outreach events hosted by OSC in the Community. And there were nearly eight million visits to OSC investor education resources including GetSmarterAboutMoney.ca.
Settle in and catch up on these and other resources from the past year.
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Investor research provides insights
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The OSC's research uncovered interesting insights about investors. The impact of gamification on retail investor behaviour revealed news insights and captured peoples’ attention. Other well-read research items included a survey uncovering investor knowledge gaps.
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Summer reads: retirement planning
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Enhanced multilingual resources
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Looking for free investing resources in a language other than English? Investing resources helped many people find financial information in more than 20 languages.
The OSC shared multilingual resources with audiences at community events and through media interviews with 51.ca (Mandarin), Fairchild TV (Cantonese), Canada One Television (Urdu) and Y media. OSC in the Community participated in an online fraud prevention townhall shared on the WEITT app (Mandarin) with over 2,000 participants.
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Honing in on home savings
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Investor protection
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Do you know what fees you are paying for investments or how your money is protected?
Total cost reporting will provide investors with a clearer investment fee picture. The CSA and the Canadian Council of Insurance Regulators published changes to enhance total cost reporting disclosure for investment funds and individual segregated fund contracts.
Other popular investor protection stories this year included how your investments are protected at financial institutions and how regulators protect you in Canada.
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Advancing protection for crypto investors
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Crypto assets, regulation and investor protection remained of interest with highlights including:
- OSC CEO, Grant Vingoe, delivered a keynote address at the Economic Club of Canada. Buyer Aware: Applying essential protections to the crypto world outlined why regulatory oversight of the crypto industry is critical for our capital markets. Read his full speech.
- The CSA published guidance to help fund managers understand and comply with securities law requirements for public investment funds holding crypto assets.
- Canadian securities regulators expect commitments from crypto trading platforms that are pursuing registration.
- Canadian securities regulators strengthened oversight, enhanced expectations of crypto asset trading platforms operating in Canada.
- OSC research study uncovered Canadian attitudes about crypto assets and their role in the economy.
- Get Smarter About Crypto continues to be a source for people to learn more about the rules, regulations and red flags of investing in crypto assets.
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Ombudsman for Banking Services and Investments (OBSI)
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OBSI released its 2022 Annual Report earlier this year.
In October 2022, the CSA announced it is developing a proposal for comment that contemplates providing OBSI with the authority to make binding decisions.
Last June, OBSI released the results of its 2021 independent evaluation of its operations and practices for investment related complaints and in October, published its responses to the evaluations’ key findings and recommendations.
OSBI recently announced changes to its organizational governance following a public consultation.
The Joint Regulators Committee, which provides oversight of OBSI and is composed of designated representatives of the CSA and the Canadian Investment Regulatory Organization, published its annual report for 2021 highlighting its major activities for the year.
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Investor Advisory Panel
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The OSC announced three new members of its independent Investor Advisory Panel (IAP) following a public application process. The IAP also released its 2022 Annual Report summarizing its activities, submissions, consultations and meetings in 2022.
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Spot and stop scams
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It’s always a good time to turn the tables on scammers through investor education. Popular topics this year included how to avoid:
And many people were curious about fine-tuning your finfluencer filter.
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Crypto quiz
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Curious about your crypto asset knowledge?
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Retirement calculator
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How do your retirement savings add up?
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Regulatory Updates & Initiatives
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Here are some notable developments and publications from the past year:
- SEDAR+ launched in July creating a modern, user-friendly platform that reduces the time and cost of securities regulatory compliance across Canada.
- OSC published Summary Report for Dealers, Advisers and Investment Fund Managers
- Canadian Securities Administrators statement on proposed climate-related disclosure requirements.
- Canadian securities regulators published a framework for commodity benchmarks.
- The International Organization of Securities Commissions (IOSCO) will celebrate World Investor Week from Oct. 2 to 8, 2023, with a focus on investor resilience, crypto assets, and sustainable finance.
- IOSCO published a Consultation on Goodwill that seeks input from market participants to identify good practices for addressing the risk of unrecognized impairment on accumulated goodwill balances and related disclosures arising from business combinations.
- The OSC published a report to assist public accounting firms in developing and implementing robust internal ethical policies and procedures.
- The first OSC TestLab report highlighted perspectives on RegTech in Ontario’s capital markets.
- The OSC published its 2023-2024 Statement of Priorities.
- The OSC published the 2023 Annual Service Commitment Review. It provides investors, registrants and market participants with transparency on the standards and timelines they can expect when interacting with the OSC.
- Kevan Cowan began his term as OSC Chair of the Board.
- The Capital Markets Tribunal introduced plain language “decisions in brief.”
- The Canadian Investment Regulatory Organization (CIRO) becomes the new name for the organization formerly known as New Self-Regulatory Organization of Canada (New SRO). Members have until December 31, 2024 to make all necessary updates.
- The OSC provided an update on its Whistleblower Program, which has received tips from around the globe that have led to successful enforcement action against 19 respondents and resulted in $9.33 million awarded to whistleblowers.
- The CSA issued a warning about suspicious emails. CSA has been monitoring its systems for unusual activities after several market participants received e-mails that purport to come from CSA members’ staff.
- IOSCO finds education on sustainable finance helps protect investors against fraud and greenwashing in new a report.
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Decision-making influences
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One scoop or two may be a simple choice, but decisions about money are more complex. Our popular Behavioral Bias Checker gives you a taste of what’s behind your choices.
To hear more about behavioural biases and investing, listen to Moolala with host Bruce Sellery in conversation with Investor Office Director Tyler Fleming.
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Video hits
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Keeping your finances afloat
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Warnings & Alerts
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Always know the 10 most recent OSC investor warnings and alerts by bookmarking this Fact Card or embedding it on your website or blog.
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Upcoming events
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OSC in the Community
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OSC in the Community is an outreach program that takes the OSC's regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk to people about making informed financial decisions and avoiding investment fraud.
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Request an OSC in the Community presentation for your club or organization here.
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August 11, 2023 Webinar, Region of Peel, Peel Manor, Davis Centre Adult Day Programs
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August 15 2023 Webinar, Ottawa, YMCA Ottawa BuildON
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August 15, 2023 Webinar, Windsor, Multicultural Council of Windsor and Essex County
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Consultations
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Comments Due: September 29, 2023
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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.
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OSCAR’s tip:
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Here are 5 questions to ask your advisor when markets are volatile.
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