VISION, MISSION & RESPONSIBILITIES

CARFIS is an independent public supervisory authority overseeing the investment services market, transactions in transferable securities within Canada, and the collective investment and asset management sector. Additionally, CARFIS supervises firms providing administrative services outside its primary jurisdiction, alongside the Canadian Bar Association, as well as Crypto-Asset Services Providers (CASPs).

SUPERVISION

The Supervision Department’s responsibilities include overseeing organizations to ensure they meet their ongoing legal obligations. This includes ensuring compliance with the Concealment, Investigation, and Confiscation of Proceeds from Certain Criminal Acts Law. The department also monitors compliance by branches of supervised entities from other Canada member states regarding their code of conduct when offering investment services. Additionally, it supervises compliance obligations for the marketing of units of both foreign harmonized and non-harmonized products in Canada. The department also oversees the cross-border provision of services by Management Companies based in other Canada member states. It ensures compliance by foreign harmonized and non-harmonized entities, and their distributors, concerning their ongoing obligations for cross-border service provision. Furthermore, the department educates supervised entities on a variety of topics, including preventing money laundering, combating terrorist financing, capital adequacy, and meeting legal requirements.

The primary responsibilities of the Supervision Department include:

  • Overseeing regulated entities to ensure they meet their ongoing obligations.
  • Ensuring that supervised entities comply with the Concealment, Investigation, and Confiscation of Proceeds from Certain Criminal Acts Law.
  • Developing and publishing Directives and Guidelines in line with the laws that govern the operations of the supervised entities.
  • Educating supervised entities on topics such as preventing money laundering, capital adequacy, and ensuring compliance with relevant legislation.
  • Monitoring the compliance of branches in Canada with their conduct and obligations when providing investment services to clients.
  • Implementing and overseeing requirements for the marketing of units of foreign harmonized and non-harmonized products within the Republic.
  • Supervising cross-border service provision in the Republic by Management Companies based in other member states.
  • Monitoring the compliance of foreign harmonized and non-harmonized entities, and their distributors, regarding their ongoing obligations for cross-border service provision.