Risk Management and Crisis Response Risk Management and Crisis Response

U.S. financial industry “eagerly” awaits SEC’s best interest standard

While in Canada division continues over the issue of “best interest” in the financial advisory industry the U.S. national securities...

Compliance update – deferred prosecution agreements finally come to Canada

The Canadian federal government released Bill C-74 on March 27, 2018. Bill C-74 (a 500-page plus document) proposes amendments to several statutes to...

Regulators on both sides of the border pursue initiatives focused on investment adviser conflicts of interest

On February 12, 2018, the U.S. Securities and Exchange Commission (“SEC”) announced a new self-reporting initiative that seeks to protect...

U.S. Bancorp pays $613-million for deficient AML measures

On February 12, 2018, U.S. Bancorp (“USB”) – the parent company of U.S. Bank and the fifth largest bank in the United States...

Government announces results of consultation on addressing corporate wrongdoing: Deferred prosecution agreement regime to be introduced in Canada

It appears that Canada is moving one step closer to joining other jurisdictions that permit deferred prosecution agreements (“DPAs”), in...

SEC announces its 2018 enforcement priorities

The Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) recently...

Oral summaries thwart work product protection: The case of SEC v. Herrera

In Securities and Exchange Commission v. Herrera, 2017 WL 6041750 (S.D. Fla. December 5, 2017), a U.S. Magistrate Judge in the Southern District...

OSC proposes changes to whistleblower program

On January 18, 2018, the Ontario Securities Commission (“OSC”) released for comment a proposed change to OSC Policy 15-601 -...

Divisional Court confirms that stiff penalties for securities fraudsters are warranted, even if they did not pocket the proceeds

In the recent case of North American Financial Group Inc. v Ontario Securities Commission, 2018 ONSC 136, the Ontario Divisional Court dismissed an...

Mandatory new Canadian data breach obligations expected to take effect in 2018

Strict new Canadian security breach notification requirements are expected to be finalized and come into force during 2018. The requirements will...