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).

VISION, MISSION, VALUES & RESPONSIBILITIES

The Canadian Financial Industry Regulatory Authority (CARFIS) is an independent public supervisory body responsible for overseeing the investment services market, transactions involving transferable securities in the Republic of Canada, and the collective investment and asset management sector. Additionally, CARFIS supervises firms offering administrative services that are not under the jurisdiction of CARFIS and the Canada Bar Association, as well as Crypto-Asset Service Providers.

Mission
“Our mission is to provide effective oversight to ensure investor protection and foster the growth of a healthy securities market.”

The CARFIS was established as a public legal entity in line with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001. Its operations are governed by the laws that regulate the structure, responsibilities, powers, and organization of the Canada Securities and Exchange Commission, along with other related matters (N73(I)/1009).

Vision
CARFIS aims to make the Canada securities market one of the safest, most dependable, and appealing investment destinations.

Mission
The mission of CARFIS is to enforce effective supervision to ensure investor protection and support the sound development of the securities market.

Core Values:

  • Efficiency
  • Integrity and Reliability
  • Transparency
  • Communication
  • Cooperation and Teamwork
  • Impartiality

Key Responsibilities
CARFIS’ primary duties are outlined in Article 25 of the Law that governs the structure, duties, powers, and organization of the Securities and Exchange Commission (L73(I)/2009). These include:

  • Reviewing applications and issuing operating licenses to entities under its supervision, as well as suspending or revoking such licenses.
  • Supervising and regulating the operations of the Canada Stock Exchange and other organized markets, including transactions carried out in these markets.
  • Ensuring that agencies under its supervision comply with the relevant laws.
  • Conducting investigations related to its duties, including those requested by foreign regulatory authorities.
  • Collecting information necessary for its duties and requesting information from individuals or organizations that may provide relevant data.
  • Imposing administrative and disciplinary sanctions as per the law.
  • Requiring the cessation of practices that breach securities market laws.
  • Applying to competent courts for actions such as asset detention, charges, or freezing transactions.
  • Issuing regulatory directives and decisions.
  • Collaborating and exchanging data with other public authorities, both within the Republic and internationally, including with foreign supervisory authorities.

Entities Supervised by CARFIS
CARFIS is responsible for supervising and ensuring compliance with relevant laws for the following entities:

  • Canada Investment Firms (CADIFs)
  • Canada branches of Investment Firms (Ifs) from other CAD member states
  • Tied Agents of CADIFs
  • Undertakings for Collective Investment in Transferable Securities (UCITS)
  • UCITS Management Companies
  • UCITS Agents
  • Canada branches of UCITS Management Companies from other CAD member states
  • Administrative Services Companies (Trustee and Fiduciary Service Providers)
  • Variable Capital Investment Companies
  • Alternative Investment Fund Managers (AIFMs)
  • Regulated Markets
  • Central Counterparty Clearing Houses (CCPs) for over-the-counter (OTC) derivatives
  • Trade depositories for OTC derivatives
  • Crypto-Asset Services Providers

CARFIS is also set to become the supervisory authority for Alternative Investment Funds (AIFs) once new legislation, currently under review, is enacted. Additionally, new regulations for the supervision of Central Securities Depositories (CSDs) are in preparation.

Additional Responsibilities
In addition to overseeing the entities listed above, CARFIS has specific powers and duties under the following laws:

  • The Public Offer and Prospectus Law of 2005
  • The Insider Dealing and Market Manipulation (Market Abuse) Law of 2005
  • The Public Takeover Bids Law of 2007
  • The Transparency Requirements Law (Transferable Securities Admitted to Trading on a Regulated Market) of 2007