Notice Regarding CSA Guide to Monthly Suppression of Terrorism and Canadian Sanctions Reporting
The CSA Guide to Monthly Suppression of Terrorism and Canadian Sanctions Reporting (STCS Guide) has been revised and can be found at https://www.securities-administrators.ca/wp-content/uploads/2021/09/STCS_Guide_Sept2021Eng.pdf
Minor changes to the Suppression of Terrorism and Canadian Sanctions Report have also been made and can be found at https://www.securities-administrators.ca/wp-content/uploads/2021/09/MonthlySTCSReportSept2021.pdf
Registered firms, exempt dealers, and exempt advisers are still required under the Criminal Code (Canada) to file monthly “nil” reports.
The STCS Guide has been revised to reflect that monthly reports to securities regulators are no longer required under federal provisions such as the regulations under the Special Economic Measures Act and the United Nations Act. Furthermore, effective June 30, 2021, the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) no longer requires monthly “nil” reporting and only requires reports where an entity determines that it is in possession of property of a Designated Person (as defined in the STCS Guide).
Positive reports filed pursuant to the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) are a separate requirement from reports required to be filed under the Criminal Code (Canada), however registered firms, exempt dealers and exempt advisers may continue to use the template STCS Report to file both types of reports. Reports should be filed without delay to the Principal Regulator, and once every three months after that.