Le Lézard
Classified in: Business, Covid-19 virus
Subjects: ECO, CPG

Canadian securities regulators provide update to investors in response to COVID-19


MONTREAL, May 21, 2020 /CNW Telbec/ - As the COVID-19 pandemic causes continued uncertainty in the economy and the capital markets, the Canadian Securities Administrators (CSA) has been working to protect and educate investors.

"We understand this is a very difficult time for many Canadians who depend on their investments to meet their current and future financial needs," said Louis Morisset, CSA and President and CEO of the Autorité des marchés financiers (AMF). "The CSA is committed to protecting investors during COVID-19 through enforcement, education and policy."

Since the pandemic emerged, the CSA and its members have seen an increase in potentially fraudulent investment schemes. These schemes often appear legitimate because they refer to current news, medical reports and social and political developments. The CSA urges investors to exercise caution with investment solicitations that involve COVID-19.

In response to the impacts of the pandemic, CSA investor focused efforts include:

The CSA encourages investors to review their financial goals in light of changing circumstances, understand the fees and charges that they pay and consider seeking advice from a registered adviser. These discussions should be an ongoing feature of the client-adviser relationship, but are critical to an investor's well-being during uncertain economic times.

The CSA also encourages investors suffering from financial hardship to talk with their registered firms and advisers about relief options. Investors may also wish to inquire whether fees can be waived on the basis of financial hardship, including Deferred Sales Charges (DSCs).

When considering any new investment, carefully research the opportunity and ensure you read the required disclosure materials. The CSA's website has resources to help you navigate key disclosure documents, such as Fund Facts and ETF Facts.

OBSI is also available to investors. OBSI resolves disputes between investment firms and their clients if they can't solve them on their own. The CSA is renewing its focus on strengthening OBSI as an independent dispute resolution service, in order to secure fair, efficient and conclusive redress for investor losses where warranted. If OBSI finds that a firm has acted unfairly, made an error or given bad advice, and a client lost money as a result, it can recommend that a firm compensate the client. Residents of Québec can also bring related complaints to the AMF.  

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

Kristen Rose                                                               Hilary McMeekin

Ontario Securities Commission                                   Alberta Securities Commission                      

416-593-2336                                                              403-592-8186

                                                           

Sylvain Théberge                                                        Jason (Jay) Booth

Autorité des marchés financiers                                  Manitoba Securities Commission

514-940-2176                                                              204-945-1660

 

Brian Kladko                                                              Steve Dowling

British Columbia Securities Commission                   Office of the Superintendent of Securities,

604-899-6713                                                             Prince Edward Island

                                                                                    902 368-4550 

 

Sara Wilson                                                                 David Harrison

Financial and Consumer Services                              Nova Scotia Securities Commission

Commission, New Brunswick                                    902-424-8586

506-643-7045

 

Renée Dyer                                                                Rhonda Horte

Office of the Superintendent of Securities                 Office of the Yukon Superintendent of

Newfoundland and Labrador                                     Securities        

709-729-4909                                                              867-667-5466

 

Jeff Mason                                                                  Tom Hall

Nunavut Securities Office                                           Office of the Superintendent of Securities

867-975-6591                                                              Northwest Territories

                                                                                    867-767-9305

Shannon McMillan

Financial and Consumer Affairs

Authority of Saskatchewan   

306-798-4160

SOURCE Autorité des marchés financiers


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