This new document builds on its predecessor, Enterprise Risk Management–Integrated Framework, one of the most widely recognized and applied risk management frameworks in the world. The updated edition is designed to help organizations create, preserve, and realize value while improving their approach to managing risk.

The update highlights the importance of enterprise risk management in strategic planning. It also emphasizes embedding ERM throughout an organization, as risk influences strategy and performance throughout the organization.

Review the press release, an executive summary and FAQ on the COSO's website.

The BCSC has granted First Block Capital Inc. registration as an investment fund manager and an exempt market dealer in order to operate a bitcoin investment fund.

Cryptocurrency investments raise risks that are different from traditional asset classes, including the cybersecurity risks inherent in dealing with digital currencies. These risks relate not only to the registrant, but also to the bitcoin fund's custodian, a third party chosen to facilitate the safekeeping and exchange of bitcoins.

Review the press release on the BCSC's website.

The topics covered during the meeting were the following:

• Disclosure initiative — Principles of disclosure
• Goodwill and impairment
• Accounting policy changes
• Post-implementation review of IFRS 13
• Primary financial statements
• Property, plant and equipment
• Project updates and agenda planning
• Wider corporate reporting
• Amendments to IFRS 8 and IAS 34
• Rate-regulated activities

Review the press release and the summary of the meeting on the IASB's website.

This issue features discussions on:

• New metrics for evaluating the performance of insurers.
• Premiums versus insurance revenue.
• Contractual service margin.
• Disclosures and ratios.

Review the press release and the newsletter the IASB’s website.

Both organizations have a public interest mission and the transparency created by appropriate disclosures as a result of rigorous accounting standards promotes financial stability and enhances market discipline.

The Memorandum of Understanding notes two priorities of interaction:

• Fostering the sharing of information and the BCBS members’ views in support of work in the development of IFRS Standards and sharing information to support the understanding of interactions between IFRS Standards and the BCBS Framework.
• Fostering the sharing of information to support both parties in their work in the application of IFRS Standards on a globally consistent basis.

Review the press release and the Memorandum of Understanding on the IASB's website.

In the article, the authors mention that the second consultation document is a significant 30-page document that is divided into five segments, each with a series of background comments, suggestions and request for further comments. 

In particular, the Department seeks input for the 2019 update on clarifying the fintech business powers of financial institutions, facilitating fintech collaboration; and streamlining the bank entry and exit framework. The comments regarding earthquake risk are also notable given that a particular focus of comments on the First Consultation Paper was on the risk of a low probability, high severity earthquake and the consideration of what needs to be done for the property and casualty sector to be stable and more resilient.

Review the article on Fasken Martineau's website and the press release and consultation document on the Department of Finance Canada's website.

The 2018 U.S. GAAP financial reporting taxonomy “contains updates for accounting standards and other recommended improvements,” while the 2018 shared reporting taxonomy “contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards (IFRS) filers for U.S. Securities and Exchange Commission-specific disclosure requirements.”

The Data Breach Reporting Requirements were passed in June, 2015 but are not yet in force.

With the implementation of Division 1.1 of PIPEDA, organizations that experience a data breach will have certain obligations including:

• the organization must determine if the breach poses a “real risk of significant harm” to any individual whose information was involved in the breach by conducting a risk assessment;
• if the organization considers that a breach is posing a real risk of significant harm, it must notify affected individuals and report to the Privacy Commissioner of Canada (Commissioner) as soon as feasible;
• the organization must notify any other organization that may be able to mitigate the harm to affected individuals; and
• the organization must maintain a record of any data breach that it becomes aware of and provide it to the Commissioner upon request.

The Regulations will require organizations to maintain sufficient information in a data breach record to demonstrate that they are tracking data security incidents that result in a breach of personal information, and require that organizations hold data breach records for a minimum period of time, specifically 24 months.

Review the regulations on the Government of Canada's website and an article on Lexology's website.

Ms. Lachance adds: "It’s not an accessory or an operational function. We expect companies to follow the criteria with the same diligence as the other risks they face. In order to make things clear, we will be sending this report to the companies in which we plan on investing.

Our mandate consists of supporting our asset class managers and making sure they understand the meaning behind responsible investment, so they can integrate these concepts into their investment strategies. These managers are responsible for monitoring their investments—both for financial and non-financial issues. This is entirely their responsibility, as it is not the objective of the responsible investment team."

Read the blog posted on the website of Les Affaires.

The notice describes the factors CSA staff consider in assessing whether prospectus, registration and marketplace requirements apply. It also outlines how the CSA Regulatory Sandbox can help fintech businesses contemplating such offerings and summarizes key issues that businesses should be prepared to discuss with CSA staff.

Any business that is planning to raise capital through an ICO or ITO, or that is seeking to establish a cryptocurrency investment fund, should consider whether it involves a security. Businesses should also contact their local securities regulatory authority to discuss possible approaches to complying with securities laws.

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