Canadian Securities Administrators Issues Staff Notice Providing Cybersecurity And Social Media Guidance

On October 19, 2017, the Canadian Securities Administrators ("CSA"), representing provincial and territorial securities regulators, issued CSA Staff Notice 33-321 – Cyber Security and Social Media (the "Notice"). The Notice serves to publish the results of the CSA's survey of cybersecurity and social media practices of registered firms dealing in securities, including those registered as investment fund managers, portfolio managers, and exempt market dealers.

The survey was the result of a CSA initiative following the release of CSA Staff Notice 11-332 – Cyber Security in September 2016 in which CSA announced its intention to determine the materiality of cybersecurity risks. Social media and its surrounding challenges for registered firms were previously discussed in the CSA's Staff Notice 31-325 – Marketing Practices of Portfolio Managers in 2011.