After presenting a profile of companies and the outcomes of continuous disclosure reviews, the summary outlines the main deficiencies observed by the AMF in its oversight activities and gives examples of corrected disclosure. As in previous years, the summary discloses some key figures regarding the representation of women on boards and in executive officer positions of Québec companies, thus helping to monitor progress on this issue.

The AMF also recaps draft regulatory initiatives and staff notices that were published during the past financial year. Lastly, in the section on innovation, the AMF presents the efforts taken to establish a framework for crypto-asset trading platforms and to migrate the SEDAR, SEDI and NRD national electronic systems to a central system.

Review the press release and report on the AMF's website.

But it could invite risks to financial stability and integrity, monetary policy effectiveness, and competition standards, as outlined in a recent IMF staff paper, the first of a new series of Fintech Notes.

Review the full blog on the IMFBlog's website.

The report also includes a sampling of best practices in fostering greater gender diversity disclosed by leading Canadian companies.

In particular, our research findings provide insight into

• the breakdown and percentages of women on boards for full-year 2018
• the breakdown and percentages of women executive officers for full-year 2018
• the industry breakdown of women directors for full-year 2018
• diversity policies and targets for full-year 2018
• 2019 mid-year results regarding the number and percentages of women directors and women in executive officer positions by industry
• board policies on diversity and policies related to the nomination and identification of women on boards
• targets for women on boards and in executive officer positions

The data presented in this report was obtained by examining public disclosure documents filed by all TSX-listed companies that are subject to National Instrument 58-101 Disclosure of Corporate Governance Practices, which requires disclosure respecting the representation of women on boards and in executive officer positions.

Review the press release and report on Osler's website.

The proposals would reduce duplicative filing requirements by consolidating the Simplified Prospectus (SP) and Annual Information Form (AIF) for conventional mutual funds, as these contain overlapping disclosure in many places. The proposed rule amendments would also streamline regulatory processes by eliminating the filing of Personal Information Forms (PIFs) in connection with investment fund prospectus filings for individuals that are registered with securities regulators.

The proposals would eliminate the need for investment funds to apply for frequently granted exemptive relief to use the notice-and-access system, and from certain conflict of interest rules. The proposed amendments also introduce exemptions from the requirement to deliver a fund facts document for model portfolio products, portfolio rebalancing services and automatic switch programs, and would allow the use of a consolidated fund facts document under certain conditions. The proposals would repeal the need for regulatory approval for a change of manager or change of control of manager, given similar requirements in the registration system for investment fund managers. Furthermore, the proposed changes would broaden the pre-approval criteria for investment fund mergers.

In addition, the proposed rule amendments would formalize a common industry practice by mandating that investment funds have a designated website for posting regulatory disclosure. This change will allow the CSA to consider alternative methods for providing and delivering disclosure to investors.

Staff anticipate that these changes can be implemented in the near-term. Longer-term, the CSA will look for burden reduction opportunities in other areas, including, continuous disclosure obligations, securityholder meetings and information circular requirements, prescribed notices and reporting requirements and prospectus regime provisions.

Review the press release and notice and proposed rule amendments on the CSA's website.

The proposed amendments aim to reduce regulatory burden and address certain concerns expressed by stakeholders by narrowing the circumstances under which a BAR must be filed.

Currently, a reporting issuer that is not a venture issuer must file a BAR after completing a significant acquisition if any one of the three significance tests set out in National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) exceeds 20 per cent.

For reporting issuers that are not venture issuers, the proposed amendments will:

• alter the determination of significance such that an acquisition of a business or related businesses is significant only if at least two of the three existing significance tests set out in NI 51-102 are triggered; and
• increase the significance threshold from 20 per cent to 30 per cent.

Review the press release and Notice on the CSA's website.

The notice clarifies existing legal requirements and does not create any new ones. It reinforces and expands upon the guidance provided in CSA Staff Notice 51-333 Environmental Reporting Guidance and should be read in conjunction with that notice. CSA Staff Notice 51-333 continues to provide guidance to issuers on existing continuous disclosure requirements relating to a broad range of environmental matters, including climate change.

Review the press release and Staff Notice on the CSA's website.

This update includes:

• Background on the Regulation and definition of virtual currency
• Dealers in virtual currency that offer services to Canadian clients will generally be considered MSBs under the PCMLTFA and therefore subject to similar customer due diligence, recordkeeping, monitoring and reporting requirements as other reporting entities
• Regulation of foreign cryptocurrency exchanges as foreign MSBs
• Reporting and recordkeeping requirements for virtual currency transactions

Review the regulation on the Canada Gazette's website and a summary on Osler LLP's website.

In the paper, entitled “Understanding the value of transparency and accountability”, CDP (consisting of the Climate Disclosure Standards Board, the Global Reporting Initiative, the International Accounting Standards Board, the International Integrated Reporting Council, the International Organization for Standardization and the Sustainability Accounting Standards Board) set out seven principles of transparency and accountability that they commonly believe are fundamental to corporate reporting: materiality, completeness, accuracy, balance, clarity, comparability and reliability.

Participants of the Dialogue have committed to promoting the application of these principles for the wider reporting landscape in future interactions or partnerships, as part of their commitment to providing greater clarity to the reporting landscape on how to use the individual frameworks of Dialogue participants to achieve effective, holistic reporting.

The paper can be accessed by visiting the Corporate Reporting Dialogue website.

According to the SEC’s press release, the final rule:

• Establishes “minimum capital requirements for security-based swap dealers [SBSDs] and major security-based swap participants [MSBSPs] for which there is not a prudential regulator (nonbank SBSDs and MSBSPs). They also increase the minimum net capital requirements for broker-dealers that use internal models to compute net capital (ANC broker-dealers).  In addition, they establish capital requirements tailored to security-based swaps and swaps for broker-dealers that are not registered as an SBSD or MSBSP to the extent they trade these instruments.” 
• Establishes “margin requirements for nonbank SBSDs and MSBSPs with respect to non-cleared security-based swaps.”
• Establishes “segregation requirements for SBSDs and stand-alone broker-dealers for cleared and non-cleared security-based swaps.”
• Amends “the Commission’s existing cross-border rule to provide a means to request substituted compliance with respect to the capital and margin requirements for foreign SBSDs and MSBSPs, and provide guidance discussing how the Commission will evaluate requests for substituted compliance.” 

For more information, see the press release and final rule on the SEC’s Web site.

In his more general remarks on the global economy, Mr Liikanen noted that the economic growth cycle is now maturing, with various factors that may impede its longevity. In fact, he noted, globalization itself faces some challenges around the world.

Mr Liikanen then turned to the academic debate on whether digitalization, the process of leveraging technology and digitization to improve business performance can take up the slack in productivity. He described two schools of thought that have emerged and concluded that technology is an important enabler, but it needs to work itself through and the real benefits will only come once the procedures can be fully implemented.

Turning then to financial reporting, Mr Liikanen noted that investors seek diversification and investment opportunities. The digitization of financial information can help them to achieve these goals if it facilitates cross-border transactions and supports transparent, accountable and efficient financial markets in a digital world.

At this point, Mr Liikanen pointed to the IFRS Taxonomy and its increasing adoption around the world - most recently in Europe. He promised that the IFRS Foundation will continue to explore how technological developments affect the way financial information is consumed and what this means for the Foundation's Taxonomy strategy, as well as how technology-related innovations affect the standard-setting process.

Concluding, Mr Liikanen noted that the IFRS Foundation is about to embark on its own digital transformation. He pointed at a long-term plan for the IFRS Foundation to completely overhaul its technology systems that was signed off at the last meeting of the Trustees (the report from the meeting offers little detail but notes that plan will be discussed again at the next meeting of the Trustees, which will take place on June 25-27, 2019 in Munich).

Please click to access the full text of Mr Liikanen's speech on the IASB website.