CSA and CIRO Guidance Excludes Sports and Entertainment Event Contracts from Securities and Derivatives Regulation
The CSA and CIRO have issued guidance clarifying that event contracts based on sports and entertainment outcomes fall outside securities and derivatives legislation, leaving them to provincial gaming and gambling regulation.
Continue readingSEC Charges 38 Entities for Exploiting Exempt Reporting Adviser Status in Fraudulent Form ADV Sweep
The SEC has charged 38 entities in federal court for filing fraudulent Forms ADV as Exempt Reporting Advisers, exploiting unreviewed public filings and fabricated auditor disclosures to feign regulatory legitimacy to retail investors.
Continue readingSEC Charges Three Former Tricolor Executives With Fraud Following $1.9 Billion Subprime Auto Lender Collapse
The SEC charged three former Tricolor Holdings executives with orchestrating a multi-year scheme to double-pledge subprime auto loan collateral and falsify loan performance data, underscoring the risks of relying on self-certified servicing data without independent verification.
Continue readingCIRO Sanctions Scotia Securities Over Firm-Wide Complaint-Handling and Supervisory Failures
CIRO sanctioned Scotia Securities Inc. for firm-level control gaps spanning complaint intake through supervisory investigation, underscoring that regulators treat the full complaint pipeline as a single compliance obligation.
Continue readingFinCEN Permanently Ends CTA Beneficial Ownership Reporting for U.S. Persons
The Financial Crimes Enforcement Network (FinCEN) issued a final rule permanently rolling back Corporate Transparency Act reporting requirements for domestic entities and U.S. persons, effective August 14, 2026.
Continue readingRecord $125 Million FinCEN Penalty Against UBS Signals End of Patience for Repeat AML Failures
FinCEN has assessed a record $125 million civil penalty against UBS Financial Services for repeat Bank Secrecy Act violations, highlighting aggressive regulatory action against uncorrected transaction monitoring failures and deficient wealth management due diligence.
Continue readingSCC Landmark Decision on Digital Evidence Destruction & Spoliation (SS&C v. BNY Mellon)
The Supreme Court of Canada has modernized digital evidence rules, imposing severe penalties and mandatory adverse inferences for destroyed electronic records.
Continue readingSEC Approves FINRA Capital Formation Rule Amendments to Streamline Offerings
The SEC has approved FINRA’s amendments to Rules 5110 and 5123, providing member firms with critical operational relief by expanding private placement filing exemptions and simplifying underwriting compensation valuation.
Continue readingBill C-36 Proposes Overhaul of Canada's Federal Privacy Framework
The Canadian government has tabled Bill C-36, which seeks to replace PIPEDA with a modernized and highly prescriptive privacy regime featuring new compliance requirements and significant enforcement penalties.
Continue readingCSA Clarifies Compliance Standards for the Listed Issuer Financing Exemption
Canadian securities regulators have issued updated guidance on the Listed Issuer Financing Exemption, clarifying listing prerequisites, continuous‑disclosure default restrictions, and available‑funds requirements for exempt offerings.
Continue readingFederal Banking Agencies Enhance Security Protocols for Highly Sensitive Examination Data
To protect confidential supervisory information from cybersecurity risks, federal banking agencies have adopted a coordinated framework prioritizing on-site document reviews and pledging a 72-hour notification window for material data breaches.
Continue readingSEC Proposes Regulation E-Delivery to Modernize Investor Communications
The SEC's proposed Regulation E-Delivery modernizes investor communications by establishing electronic delivery as the default method for mandatory securities disclosures, shifting financial institutions to an opt-out framework that requires proactive operational adjustments and the preservation of physical paper fallback options.
Continue reading