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Subject:  New Federal Provisions Affecting Your Monthly Reporting Obligations

Staff of the Canadian Securities Administrators (CSA) have received enquiries regarding new federal provisions relating to the suppression of terrorism or to economic sanctions, which affect monthly reporting obligations of registered dealers and advisers, and of dealers and advisers relying on exemptions from the registration requirement.

The Monthly Suppression of Terrorism and UN Sanctions Report, as well as CSA Staff Notice 31-317 (Revised) Reporting Obligations Related to Terrorist Financing (Staff Notice 31-317), refer to the monthly reporting obligations included in the following legislation:

  • Criminal Code (Canada)
  • Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism
  • United Nations Al-Qaida and Taliban Regulations
  • Regulations Implementing the United Nations Resolution on the Democratic People’s Republic of Korea
  • Regulations Implementing the United Nations Resolution on Iran

CSA Staff have been made aware of two new federal provisions that also require firms to report monthly to their provincial securities regulatory authority.  They are:

Staff are preparing revised guidance to update Staff Notice 31-317. In the interim, please ensure that your firm also checks against the list of listed persons in SEM-V and the list of foreign nationals in the Regulations to the Sergei Magnitsky Law when completing and submitting your monthly reports.

If, after consulting the list of designated individuals in SEM-V, your previously filed “nil” reports for September 2017 and October 2017 need to be changed, you may re-file the applicable reports as necessary.