New CSA Staff Notice 31-352 Monthly Suppression of Terrorism and Canadian Sanctions Reporting Obligations

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Subject: New CSA Staff Notice 31-352 Monthly Suppression of Terrorism and Canadian Sanctions Reporting Obligations

In late 2017, two new Canadian federal sanctions provisions were adopted that imposed monthly reporting requirements on securities firms. On November 24, 2017, CSA staff notified registered firms, and exempt dealers and exempt advisers, of these new federal provisions in a blast e-mail, and provided interim instructions for filing monthly reports.  We indicated that CSA staff would be preparing revised guidance to update its past notices that may have become out of date, and that revised guidance has now been published. For more information, please consult the new CSA Staff Notice 31-352Monthly Suppression of Terrorism and Canadian Sanctions Reporting Obligations.

To assist registrants, exempt dealers and exempt advisers, the CSA has created a CSA Guide to Monthly Suppression of Terrorism and Canadian Sanctions Reporting (the STCS Guide).  The STCS Guide includes guidance as to which federal provisions require monthly reporting, and an overview of certain duties arising under these federal provisions.  CSA staff have also changed the monthly reporting form to make it consistent with the STCS Guide.

Firms that must submit monthly reports to the OSC must use the Monthly Suppression of Terrorism and Canadian Sanctions Report online form located on the OSC Registration forms page:

http://www.osc.gov.on.ca/en/Dealers_forms_index.htm

If you have any questions, please contact us at 1-877-785-1555/416-593-8314 or by sending an e-mail to [email protected].