Canadian Investment Regulatory Organization and Canadian Securities Administrators issue compliance guidance for finfluencers and firms that work with them

The Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA) have released new guidance for financial content creators or “finfluencers” and the registrants and issuers that engage them, setting out how securities laws apply when posting investing-related information online. The guidance is intended to promote transparent and lawful communications, including the identification and disclosure of conflicts of interest. The staff notice provides practical examples to help finfluencers and firms understand and meet regulatory requirements when using social media to market, recommend or discuss investments. It also notes that failure to comply with securities laws can result in penalties and other enforcement action, and expects finfluencers, registrants and issuers that work with finfluencers to become familiar with and follow the guidance.