Notice Regarding Suppression of Terrorism and Canadian Sanctions Reporting

Delivered by e-mail

Notice Regarding Suppression of Terrorism and Canadian Sanctions Reporting

OSC Staff are writing to call your attention to recent changes in federal provisions relating to the suppression of terrorism or Canadian sanctions (STCS). 

While registered firms, exempt dealers and exempt advisers are still required under federal law to determine and disclose whether they are in possession or control of property owned or controlled by designated persons subject to anti-terrorism or sanctions legislation, many of these provisions no longer require monthly “nil” reporting (Monthly STCS Reports) to confirm they are not in possession or control of any such property.

Currently, only the Criminal Code (Canada) and the Justice for Victims of Corrupt Foreign Officials Act require filing Monthly STCS Reports. CSA Staff have updated the STCS Guide to reflect these changes to applicable federal provisions.

For guidance in completing and submitting future Monthly STCS Reports, and for additional assistance in complying with your ongoing STCS obligations, please ensure that you refer to the updated STCS Guide, which can be found at https://www.securities-administrators.ca/uploadedFiles/Industry_Resources/STCSGuide.pdf.

For more information, please contact Colin Yao at [email protected].