The notice describes situations where securities legislation will and will not apply. For example, securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both.

The relevant determination will depend on the facts and circumstances, including the obligations and intention to provide immediate delivery of the crypto asset. The notice provides guidance on what constitutes immediate delivery, together with a detailed example of a situation where securities legislation does not apply.

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

The AcSB would like input from Canadian respondents on the following additional question regarding the proposed amendments:

• The IASB has developed the proposed amendments in accordance with its due process for application around the world. Assuming the Exposure Draft proposals are finalized and approved by the IASB in accordance with its due process, do you think that the proposals are appropriate for application in Canada? If not, please specify which aspects of the proposals, and what circumstances, make the accounting requirements proposed in the Exposure Draft inappropriate.

Review the press release and exposure draft on the AcSB's website.

The meeting focused on topics for further input, an overview of the staff’s current proposals, and supporting the adoption of the Practice Statement.

The topics for further input were:

• information on intangibles and ESG matters in management commentary;
• the meaning of ‘management’s view’;
• the entity’s purpose; and
• guidance on narrative coherence.

Review the press release and summary on the Board's website.

At the meeting, the AcSB and the ASBJ both introduced their respective financial reporting frameworks and activities, and exchanged views on the opportunities for cooperation. They also discussed specific technical topics in which both Boards have interest, including insurance, revenue recognition and leases. The two standard-setters plan to continue to exchange views.

Review the press release on the ASBJ's website.

ICAS joined forces with the International Association of Accounting Education and Research (IAAER) and the International Audit and Assurance Standard Board (IAASB) to commission qualitative research on the valuation of financial instruments. Previous research had been done from the perspective of auditors, but this research focuses on the perspective of the valuation specialist.

While the report notes no distinct differences across geographical regions, it analyses pressure points and potential conflicts in the four phases of the production of fair value measurements reported in financial statements: 1) project acquisition and planning; 2) scoping, valuation approach, and methodology; 3) estimate preparation and relationship management; and 4) negotiations and final estimate reporting.

The report does include some policy recommendations for regulators, standard-setters, and other stakeholders:

• Auditors and regulators should consider the relative advantages and disadvantages of adopting the independent estimate approach as best practice when evaluating clients’ fair value measurements;
• Standard-setters should consider strengthening auditor awareness of the effects of budget and timeline pressures, and scope constraints, and encourage a more collaborative team-based approach between auditors and specialists;
• Regulators should consider incorporating an evaluation of management’s competence related to fair value measurements as a component of the auditors’ risk assessment process; and
• Standard-setters should consider enhancing corporate governance by promoting understanding of the subjectivity inherent in fair value measurements among the board and audit committees.

Review the full report on the ICAS' website.

A balance needs to be struck between easy access to and the protection of data. The nature of cyber-attacks has evolved depending on sector, but the regulatory sphere is only slowly ramping up. Directors should consider resiliency as part of any solution.

Review the full blog on the NACD's website.

To create a cyber-secure world, we must be as fast and globally integrated as the criminals. By developing technical and risk management standards, convening information-sharing forums, and spending considerable resources, all International bodies are creating awareness and identifying sound practices for a global perspective.

Review the full blog on the IMFBlog's website.

The consultation paper provides an overview of current delivery requirements under securities legislation and describes the CSA’s proposed access equals delivery model. Additionally, the paper discusses similar models that have been implemented in other jurisdictions. The CSA is seeking comment on, among other things, the scope and mechanics of access equals delivery, including the types of documents that could be covered by the model. Comments should be submitted in writing by March 9, 2020.

Review the press release and consultation paper on the CSA's website.

The survey, conducted by Protiviti and North Carolina State University’s Enterprise Risk Management Initiative, captures insights from 1,063 C-level executives and directors across multiple industries. These results were used to rank risk themes in order of priority to provide a context for understanding the most critical uncertainties that companies face in 2020. The top 10 risks for 2020, according to this survey, are:

1. Impact of regulatory change and scrutiny on operational resilience, products, and services
2. Economic conditions impacting growth
3. Succession challenges; ability to attract and retain talent
4. Ability to compete with “born digital” and other competitors
5. Resistance to change operations
6. Cyber threats
7. Privacy and identity management and information security
8. Organization’s culture may not encourage timely identification and escalation of risks
9. Sustaining customer loyalty and retention
10. Adoption of digital technologies may require new skills that are in short supply

Review the full blog on the NACD's website.

While changes to the 2018 UK Corporate Governance Code raised the bar considerably and have led to some high-quality reporting, greater focus is needed on longer term sustainability including stakeholder engagement, diversity and the importance of corporate culture. These changes are expected to take time to bed in. The UK Corporate Governance Code was updated to help build trust in business by forging strong relationships with key stakeholders. It called for companies to focus on long-term sustainability by aligning purpose, strategy and culture, promoting integrity and valuing diversity.

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