I. OVERVIEW OF RECENT ACTIVITY
Canada has a mature, competitive and well-regulated asset
management sector, which has remained buoyant (along with the
Canadian economy generally) despite the pressures caused by recent
economic turmoil. While the post-2008 global economic downturn and
concomitant scandals have arguably caused some degree of increased
regulatory scrutiny of asset managers and their activities in
Canada, this has so far not resulted in much in the way of
(knee-jerk) redesign of the regulatory system. Rather, the most
significant recent regulatory initiative in this area by and large
took root in the less turbulent years prior to 2008, culminating in
late-2009 in the form of a complete revamping of the dealer,
adviser and investment fund manager registration framework in
Canada. Adjuncts to this initiative, such as the recent
non-resident investment fund manager registration requirements
noted below, as well as consequential clarifying amendments to
