Canadian Securities Administrators INVESTOR EDUCATION COMMITTEE

2018 ANNUAL ACTIVITY REPORT Apr. 2017 - Mar. 2018

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CSA Investor Education Committee About the CSA Annual Activity Report 2018 INVESTOR EDUCATION COMMITTEE TABLE OF CONTENTS How we serve, educate, and protect Canadian investors About CSA Investor Education...... 2. IEC Membership...... 3. The Canadian Securities families and their future. prevention resources to raise REVIEW of CSA INVESTOR EDUCATION INITIATIVES Administrators (CSA) Investor awareness of current investing April 2017 – March 2018: Education Committee (IEC) is The CSA wants Canadians topics and investor related policy. comprised of representatives to know they can turn to their The 2017 CSA Investor Index...... 5. from the provincial and securities regulator for unbiased Collaboration and partnerships Twelve Months on the Frontlines...... 7. territorial securities regulators. information to help them make play an important role in the Foray into Facebook...... 10. informed and suitable IEC. By combining efforts with Our vision is that Canadians investment decisions. To meet other organizations working in Building Capacity...... 11. understand their role in, and are this goal, members work financial education, and with NOTABLE JURISDICTIONAL INITIATIVES: aware of, the impact of their together to develop accessible each other, the IEC comes closer financial decisions on their investor education and fraud to accomplishing its goals. The British Columbia Securities Commission...... 13.

The Alberta Securities Commission...... 16.

The Financial and Consumer Affairs Authority of Saskatchewan...... 19.

The Manitoba Securities Commission...... 21.

The Ontario Securities Commission...... 23.

Autorité des marchés financiers, Québec...... 26.

Financial and Consumer Services Commission, New Brunwick...... 29.

The Nova Scotia Securities Commission...... 32.

Service NL, Newfoundland & Labrador...... 33.

The Prince Edward Island Office of the Superintendent of Securities... 33.

The Office of the Yukon Superintendent of Securities...... 34. The Office of the Northwest Territories The CSA IEC facilitates access to objective Superintendent of Securities...... 34. investment information and helps consumers The Office of the Superintendent of Securities, Nunavut...... 34. make informed investment decisions.

1. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 2. IEC MEMBERSHIP The following jurisdictions had active membership on the IEC from April 2017 to March 2018:

Svetlana Fowler...... Canadian Securities Administrators

Andy Poon & Malka Aujla...... British Columbia Securities Commission

Alison Trollope & Nicole Tuncay...... Alberta Securities Commission

Shannon McMillan...... Financial and Consumer Affairs Authority of Saskatchewan

Ainsley Cunningham & Jason Booth...... Manitoba Securities Commission

Tyler Fleming, Kevan Hannah, REVIEW of CSA Raj Balasubramanian, & Justin Leung-Yinko.... Ontario Securities Commission EDUCATIONAL INITIATIVES Michel Gariépy...... Autorité des marchés financiers, Québec

Marissa Sollows (Chair)...... Financial and Consumer Services Commission, New Brunswick

Kimberly Ryan & Craig Whalen...... Service NL, Newfoundland and Labrador

David Harrison...... Nova Scotia Securities Commission

Curtis Toombs...... The Prince Edward Island Office of the Superintendent of Securities

Rhonda Horte...... The Office of the Yukon Superintendent of Securities

Shmaila Nosheen...... The Office of the Northwest Territories

Superintendent of Securities

Jeff Mason...... The Office of the Superintendent of Securities, Nunavut

3. Canadian Securities Administrators Investor Education Committee Below: Innovative Research Group graph indicating levels of Canadian investor enthusiasm. THE 2017 CSA INVESTOR INDEX Highlighting the Ongoing Importance of Investor Education Initiatives in Canada

The 2017 CSA Investor Index is the fourth full survey that looked at investment knowledge, investor KEY FINDINGS behaviour and incidences of investment fraud among Canadians. More than half of Canadians (51 per cent) failed 53 per cent of Canadian 72 per cent of investors More Canadians are In addition to examining themes the general investment knowledge test included investors are optimistic who have an adviser using some form of about achieving their report they received social media for similar to those conducted in 2006, in the survey, highlighting the continued 2009 and 2012, the survey also investment targets over an annual statement investing information added new questions regarding: importance of the CSA’s and its members’ the next year, compared covering fees and (43 per cent), up from investor education initiatives. with 39 per cent of performance since 35 per cent in 2012. Robo-advisers: investors in 2012. January 2017 (which Specifically, Facebook With the increasing popularity of was required under (22 per cent in 2017 robo-advisers, the study explored Canadians continue to be approached with CRM2). Most did not and 16 per cent in investors’ familiarity with fraudulent investment opportunities, with 18 per speak to their adviser 2012) and YouTube (20 robo-advisers, their prevalence, after reviewing their per cent in 2017 and cent believing they have been approached with a and the perceptions surrounding report (63 per cent). 14 per cent in 2012) these services. fraudulent investment opportunity. This is down saw the largest slightly from 22 per cent in 2016. increases in use. The impact of the Client Relationship Model, Phase 2 (CRM2) on investors: RISE OF THE ROBO-ADVISERS For the 2017 CSA Investor Index, Innovative Research Group With new disclosure requirements interviewed 7,271 Canadian adults online between August 28 Robo-advisers are gaining popularity among on costs and performance recently and October 2, 2017. coming into effect, the study took Canadians, with 23 per cent reporting that they are a closer look at whether investors likely to use one if they open a new account or The information and analysis from these surveys recall receiving a CRM2 report, move an existing one. Yet, only nine per cent of are intended to help the CSA Investor their perceptions of the report Education Committee develop and deliver Canadian investors currently have an account and whether they have taken any programs to help investors make appropriate action in light of it. with an online investment adviser, and just investment decisions and recognize, avoid, 16 per cent of Canadians are familiar with and report suspected fraud. automated online investing services.

5. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 6. TWELVE MONTHS ON THE FRONTLINE A year inside the fight against investment fraud in Canada $

In our 2017 report, the IEC detailed potential impressions for now that more potential In October 2017, the Israeli the extensive work devoted to every Canadian adult. This broad victims were made aware of Knesset passed legislation which combatting Binary Options fraud in awareness had two essential the warning signs. prohibited companies from trading Canada, with the goal of getting the benefits – stopping Canadians Binary Options, with an effective message to Canadians that Binary from trying Binary Options In January, Canada’s top-rated grace period of three months. Options are ‘Not Worth the Risk.’ trading, and encouraging those and longest-running documentary While the ban led to the shuttering who had been defrauded to report program W5 of countless Israel-based boiler In the months since then, the IEC it to their local regulator. aired the story Going for Broke rooms, the grace period gave the has been unrelenting in its efforts on CTV, covering Binary Options most sophisticated fraudsters to fight investment fraud on every Following Phase Three, fraud in Canada. The 30-minute time to regroup and develop a available front. Thus far, the results jurisdictions across Canada report included a riveting interview new scam. have been promising. measured an initial surge in with the Turbide family, who had Binary Options fraud-related been victimized by Binary Options At the same time, the Binary Once again working closely with calls, followed by a significant fraud in 2016. The program also Options Fraud Task Force changed the CSA’s Binary Options Fraud decrease. As fraud often goes featured Jason Roy, the Chair of gears, and became the new CSA Task Force, the IEC initiated unreported, we attributed the the Binary Options Task Force; a Investment Fraud Task Force Phases Two and Three of the increase to people feeling safe second Canadian victim; an Israeli (IFTF), as reports of Binary Options Fraud Awareness and unashamed to come forward. journalist who has helped expose and (ICO) campaign, beginning in June 2017. Likewise, we attributed the the Binary Options industry in Israel; fraud began to surge following subsequent drop to an actual and an Israeli man who worked a sudden spike in interest in While Phase Two was largely decrease in this form of fraud, inside one of the Boiler Rooms. technology. a continuation of the original message, Phase Three was built BINARY OPTIONS FRAUD AWARENESS – RESULTS THAT COUNT around the ‘prohibition of binary options’ policy announced by the IEC efforts directly and indirectly influenced: CSA on Sept. 28, 2017. The ban • CSA ban on Binary Options. provided an even stronger warning • MasterCard and Visa measures to block the use of credit card Top: Screenshot from the to Canadians, precedent for other payments to Binary Options scams. CSA’s campaign website: nations to consider similar binaryoptionsfraud.ca measures, and opened a door for • , Facebook, and Google ban on Binary Options web advertising. the Task Force to request legitimate • Apple ban on Binary Options apps and removal of 250+ Centre: Logo for CTV’s W5 companies cease doing business Binary Options applications. investigative news program with Binary Options hustlers. • Canadian ISPs and Domain Registrars removal of Binary Options affiliate marketing sites directed at Canadians. Right: Screenshot from National media coverage of the ban • Pressure on the Israeli government to ban Binary Options binaryoptionsfraud.ca resulted in nearly 115 million companies operating in Israel. impressions – approximately three

7. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 8. Twelve Months on the Frontlines (CONTINUED) FORAY into FACEBOOK HODL* ON TO YOUR HATS —A New Scam Emerges

In November 2017, the price of Volatility - The IEC and Task Force had some one reached $8,100 USD, prices can rise and fall success in influencing the decisions up from $800 USD in January. dramatically, often driven by of major online advertisers to This surge, along with dozens of speculation and media hype. consider outright bans on ICO and other cryptocurrencies, sparked a Crypto ads, due to the high percentage fast-growing speculation bubble Questionable Regulation – of Pyramid and Ponzi schemes, as in the once niche Cryptocurrencies may or may not well as outright theft. Some of this market. By December 15, 2017, be subject to securities regulation. fraud has been connected to the Bitcoin’s price peaked at $17,500 The lack of a central regulating perpetrators behind several Binary USD, creating greater media central authority means you Options fraud operations. attention and even more interest have little recourse in a dispute. from the public, who are largely Exchanges can close with little Planned for late Spring 2018, an unaware of the actual pros and to no warning. upcoming Cryptocurrency Risk cons of cryptocurrencies, and the Awareness campaign will inform risk of fraud. Theft - Online wallets and Canadian investors on the considerable exchanges are susceptible to risks associated with purchasing, The Task Force and IEC began cybersecurity threats and trading, holding, or speculating on strategizing ways to get the hacking—putting deposits virtual currencies or crypto assets, message out to Canadians that at great risk. and the rampant fraud within the cryptocurrencies and investment cryptocurrency environment. The in ICOs are very risky for the No guarantees - Assets are not campaign will include new easy- On Wednesday, March 28, the CSA’s official Facebook page average investor. backed by a bank or any central to-follow infographics, new and went live. The page features news and updates focused on investor authority, so there is no insurance updated web content, and social Above: The new CSA Facebook education and investor alerts on current frauds and scams. Some of the risks underlying against loss. media outreach. With speculation page features regular updates our concerns include: on cryptocurrencies still red hot, it on investor education The CSA Secretariat worked closely with the IEC in development of the new remains to be seen what the coming information and alerts on account. The page was developed as a component of Phase 4 of the National months have in store. current fraud trends. Registration Search (NRS) promotional campaign, encouraging Canadian investors to always check the professional registration status and disciplinary Cryptostats: history of their investment professional before making an investment. • Approximately 59 per cent of all ICOs founded in 2017 failed1 • An estimated $9 million dollars USD a day were lost in 2017 due to cryptocurrency and ICO fraud and theft2 Visit, like and follow at facebook.com/CSA.ACVM/ • In the first three months of 2018, nearly $670 million USD was stolen – this figure only includes theft over $400,000 USD. It is impossible to determine how much is stolen in small increments3 Although this is the CSA’s first Facebook page, it’s not the first • Canadians were defrauded of a reported $1.7 million CAD in 2017 – more than double 2016 numbers4 foray into social media. The CSA has had a very active Twitter presence—@CSA_News—since 2012, with 2,100+ current followers. *Hold On for Dear Life – a comedic acronym used by crypto enthusiasts to suggest retaining a virtual currency despite any setback, until an optimal price is achieved. 1fortune.com via tokendata.io 2news.bitcoin.com 3businessinsider.com via cryptoaware.org 4Financial Post via Canadian Anti-Fraud Centre

9. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 10. BUILDING CAPACITY

Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico.

The International Organization of Securities Commissions (IOSCO), established in 1983, is a global association of 115 securities regulators, which develops, implements, and promotes adherence to internationally recognized standards for securities regulation. Headquartered in Madrid, Spain, IOSCO works closely with the G20 and the Financial Stability Board (FSB) on international financial regulation. IOSCO members regulate 95 per cent of the world’s securities markets. JURISDICTIONAL Both NASAA and IOSCO facilitate investor education-related committees INITIATIVES of NOTE and project groups to work on topical issues.

CSA members appointed to NASAA and IOSCO Investor Education committee and project groups in 2017:

Ken Gracey British Columbia...... NASAA Alerts and Advisories Project Group Member Tyler Flemming Ontario...... IOSCO Committee on Retail Investors (Committee 8) Camille Beaudoin Quebec...... IOSCO Retail Investor & Financial Literacy Committee Marissa Sollows New Brunswick...... NASAA IE Section Member & Canadian Liaison, Online Outreach and Social Media Project Group Chair Kimberly Ryan Newfoundland & Labrador...... NASAA Life Stages Project Group Member

11. Canadian Securities Administrators Investor Education Committee BRITISH COLUMBIA The British Columbia Securities Commission

The British Columbia Securities Commission (BCSC) continued Breaking down the research its Take a Look at Fees campaign for a second year, encouraging To support its public awareness marketing, the BCSC continued its three-year research British Columbians to pay project to better understand the client-adviser relationship in order to encourage attention to the fees they pay for behaviour that will foster a stronger relationship. The research looks at the key drivers investment products and advice. of retail investor behaviour to identify strategies and tactics for helping investors make

The campaign launched in 2017 better investment choices. A synopsis of the first two years of research is as follows: following new regulation called Client Relationship Model, Phase 2 The first year of the The second year of A fourth part of the (CRM2) which came into effect research consisted of a research looked at focus longitudinal study was in July 2016. CRM2 requires that conducted in order to investment firms provide their three-part longitudinal groups consisting of clients with a compensation and study of BC investors investors; this helped ask new questions that charges report, outlining the who hold securities identify barriers that provide insights into investment fees they pay. and invest through an hold investors back the barriers identified The campaign focused on the investment adviser in from doing the things in the focus groups, as Take a Look at Your Investment well as to identify gaps order to help explain they say they will do Fees page on the BCSC’s in investors’ attitudes any changes in when it comes to their investor education website and motivations. The InvestRight.org. It featured a knowledge, attitudes, investments, such as BCSC also took part in new BCSC fee calculator, Top: The BCSC Fee Calculator can help you understand the and behaviours that anxiety, lack of which makes it easy and fun for long-term differences in investment fees. two omnibus studies. occur after investors investment knowledge investors to compare different These pulse surveys Bottom: Take the BCSC Investment Fee Quiz and see how received their CRM2 and/or interest, and looked at investment fees and their impact on well you know your stuff! investment returns over time. annual fee and procrastination. anxiety and fraud Investors could take a short performance reports vulnerability among online quiz for the first time. investors in BC. to help them understand more about investment fees. A fee guide was also available for download.

13. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 14. BRITISH COLUMBIA ALBERTA The British Columbia Securities Commission (CONTINUED) The Alberta Securities Commission

Mini Campaigns The ASC developed several original campaigns and projects as part of our award-winning CheckFirst On the social media front, the BCSC ran three campaign. Our focus is on helping Albertans mini-campaigns of various themes: increase their financial literacy as a means to make more informed investing decisions and avoid fraudulent investment opportunities. Along with A Back-to-School Campaign that promoted A campaign that published and the campaigns highlighted below, the ASC runs investor education materials on InvestRight.org, highlighted the final research ongoing digital campaigns and also reaches Albertans through grassroots efforts throughout useful to those who adhere to the school results of the three-part the year to help protect and educate Albertans. year calendar, such as questions to consider longitudinal study. This when thinking about one’s financial goals and campaign had its own landing page and ran during Investor The ASC’s Fraud Prevention Month how to get started on putting together an campaign focused on improving Albertans’ Education Month. investment plan. financial literacy. In early 2018, the ASC released the results of an online survey

that uncovered some of the negative and A Real Estate Investment Campaign that used a landing page to uncomfortable feelings that Albertans have highlight the risks and rewards of investing in real estate in BC. towards their financial knowledge. In fact, Albertans indicated that they would like to be tested on their financial literacy about as much as they would like to During Fraud Prevention Month swim with sharks. 2018, the BCSC once again set out to raise awareness of investment fraud and how to recognize, reject, Right: The logo for ASC’s and report it. This year’s campaign, CHECKF1RST website, which DON`T BE PART OF A FRAUD features an array of new tools and reached out through radio, TV, resources for Albertan investors. social media, and InvestRight.org to help BC investors recognize investment fraud and stop scams from spreading.

15. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 16. ALBERTA The Alberta Securities Commission (CONTINUED)

To make financial literacy seem to test what Albertans have This year the ASC also ran a advertisements across Alberta less daunting, and to bring humour learned through the month, the social media campaign called during limited periods to heighten to what many perceive as a dry ASC hosted a Facebook live game #ASKASC. awareness of securities fraud, how topic, the ASC launched an show, Fraud or Fact. The campaign encouraged Albertans can protect themselves, online campaign called Albertans to get curious about and the financial literacy resources The F-Word (Finance). In addition to our online campaign investing and ask their questions available through the ASC. The campaign featured a during Fraud Prevention Month, about the stock market and tongue-in-cheek video and the CheckFirst Café popped up at investing. Responses were social media messaging to the Edmonton Boat & Sportsmen’s developed with the assistance of encourage Albertans to visit the Show and the Calgary Outdoor ASC subject matter experts and newly re-launched CheckFirst.ca. Adventure & Travel Show. We posted weekly throughout the The website recently received a served free coffee and spoke to campaign. All eligible questions makeover and now features a approximately 6,000 booth visitors, were entered into a draw to win wide range of tools and highlighting the resources available a smartwatch at the end of the resources including six new to help Albertans increase their campaign. educational videos (Investing financial literacy and avoid 101) featuring personal finance investment fraud. The ASC continues to run expert Kelley Keehn. As a way cost-effective television and radio

Top and Right: Facebook ads for ASC’s ‘Would You Rather...” and Left: Clever web ads direct Alberta “The F-Word” campaigns poke a investors to the CheckFirst.ca site. little fun at people’s anxieties when it comes to financial matters.

17. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 18. SASKATCHEWAN Financial and Consumer Affairs Authority of Saskatchewan

Saskatchewan investors were Throughout the year, FCAA also functionality, investors will be targeted by a number of suspicious delivered financial literacy able to easily and effortlessly find unregistered companies this past presentations to the public, information at home, work or on year. MPower Technologies, highlighting common frauds and the go. Melnic Group, FM Trader, scams, red flags and what to It will now be easier for UK-based Weber Finance, Fluid watch out for. In the fall, FCAA investors to find: FX Inc., Capital Force Ltd., and developed a financial literacy • Investor alerts USI-TECH Limited solicited retirement campaign, reminding • Enforcement actions money from Saskatchewan people that it’s never too early to • Fraud and scam information residents, persuading them to start thinking about saving and • Investor videos invest in binary options, FOREX, figuring out where your sources • Search functions to find out if derivatives and other investments. of income might come from. individuals and companies are Financial and Consumer Affairs registered to sell securities and Authority (FCAA) used FCAA also undertook a website registrant’s discipline history Facebook, Twitter and the media to inform people re-design project to modernize The new website will be about the unregistered companies. and streamline the website for launched mid-2018. Multiple news outlets ran the investors, the general public and FCAA continues to be an active stories, which included tips industry. By making the website participant with the CSA as well Top Left and Right: FCAA’s from our Enforcement Director mobile friendly, changing the as NASAA, and works to educate Facebook posts provide useful advice for Saskatchewan investors. on how people could protect navigation so it’s more intuitive investors and help them protect their money. and adding a robust search their money. Lower Right: The newly redesigned FCAA website efficiently streamlines information for the investing public.

19. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 20. MANITOBA The Manitoba Securities Commission

This year, The Manitoba Securities Overall, Manitobans rated poorly For the second year in a row, MSC adapted three new infographics Commission (MSC) focused on two in financial literacy according to contributed time and resources to from our colleagues at the areas of concern regarding investor the Index, on par with other the CSA’s Check Registration Financial and Consumer Services education and financial literacy; provinces, coming in around the campaign and promotion of the Commission of New Brunswick investment fraud, which continues middle of the pack nationally. National Registration Search tool— on Binary Options, Cryptocurrencies, to find fertile ground to take root in However, Manitoba came in below both efforts to encourage investors and Initial Coin Offers. communities across Canada; and the national average with regard to to check the registration of their the Manitoba Custom Report commissioned by MSC as a savings and investment knowledge. financial professionals in order to MSC’s major online outreach region-specific companion combat fraud. In addition to the initiative is rapidly taking shape. report to the 2017 CSA Investor In addition to the CBC interview, national campaign, MSC sponsored In development since mid-2017, Index (Page 5). MSC appeared in more than 50 a modest digital campaign within the MoneySmart Manitoba media hits in Canada, including Manitoba. website is nearing completion. In November 2017, MSC was print, radio, television and online. The new site will feature investor invited to share information Our ongoing work against Binary Through our work on these two education pieces incorporating all from the Index and the Manitoba Options fraud was also once again recent marketing campaigns, MSC aspects of MSC’s mandate, report on CBC as part of a series featured in the Israeli press, and played a part in the development specifically tailored to the on finance for young people. statements by our Investigations and of the CSA’s new investor unique needs and worldview of Enforcement team on cryptocurrency protection-focused Facebook page, Manitobans. We look forward to MSC shared some of the Index’s advertising bans were picked up by which went live in March. The sharing more about the site in most troubling findings with CBC international media. page is envisioned to be a new way next year’s report. Top: A page from the Manitoba Custom Report listeners. For example, many of communicating investor comparing the provincial and national young people are not planning MSC played a key role in the protection information such as MSC continues to strongly numbers on adviser background checks. for their financial future; execution of projects stemming sanctioned company alerts and support initiatives of the CSA approximately 30 per cent of 18 from the CSA’s Investment Fraud newly emerging trends in fraud. through active participation Bottom: The new MoneySmart Manitoba logo - the new site will take flight later in 2018. to 34 year-old Manitobans have Task Force (see Page 7). The and leadership on a no savings; and that only five per Commission helped coordinate MSC also developed new financial variety of IEC projects. cent of 18 to 34-year-olds have national efforts on both the education and investor protection either made a Will, a Power of multi-year Binary Options fraud pieces in the reporting year, Attorney or a Health Care campaign, as well as the upcoming including an at-a-glance definition Directive document. Cryptocurrency Risk campaign. of Insider Trading. We also

21. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 22. ONTARIO The Ontario Securities Commission - Investor Office

The Investor Office sets the section of an ETF Facts document mortgages, and uses video strategic direction and leads the using plain language. New articles interviews with OSC staff members Ontario Securities Commission’s and features on timely and relevant to help explain the topic. efforts in investor engagement, investor issues were released education, outreach and research. throughout the year, including topics The Investor Office continued to The Office also has a policy function, on investing in real estate investment lead the OSC’s outreach program plays a key role in the oversight products, investing in the marijuana with participation from OSC of the Ombudsman for Banking industry, millennials and the Enforcement staff. This year, there Services and Investments, and markets, and cryptocurrency were 72 OSC in the Community equip the financial industry to provides leadership in the area of basics and offerings. events held in communities across address issues that may arise as behavioural insights at the OSC. Ontario, delivering investor their clients age. A significant part The new multimedia feature, education seminars on how to of the strategy includes developing Following a successful GetSmarterAboutRealEstate.ca, make informed investing decisions additional tools, resources and relaunch this year, combines information and design and avoid investment fraud. programs for older investors, their GetSmarterAboutMoney.ca to guide readers through several families, caregivers and the was awarded the 2017 Web types of common real estate Five teletownhalls were held advisors who support them to Marketing Association Award for investment securities, including throughout the year, connecting the plan for the future; creating a new Best Information Services Mobile real estate investment trusts and OSC with thousands of Ontarians resource hub with all related Website. The website was limited partnerships, mortgage by phone and online. Teletown- materials in one central location; developed from the ground up investment entities and syndicated halls work much like a call-in radio and, reaching out to communities of new Canadians, and in particular to enable investors using mobile show where OSC staff Far Left: The OSC’s Scam Spotter members of those communities devices and tablets to better access provide information, tool will help you recognize the red articles, videos, tools and calculators. answer questions and who are older, to help them flags of fraud. conduct live polls over navigate the Canadian financial The Investor Office also expanded the course of one hour. marketplace, plan for their futures Top and Centre: its suite of investor education and avoid financial frauds. The GetSmarterAboutMoney.ca was resources. A series of short The OSC Seniors OSC will also continue to conduct awarded the 2017 Web Marketing animations reminding investors Strategy, an initiative research to understand changes Association Award for Best Information Services Mobile Site. of the importance of checking led by the Investor among older demographics and develop potential solutions to help registration was created. A new Office, was released Left: improve outcomes for investors. tool, Scam Spotter, in the latter half of the GetSmarterAboutRealEstate.ca was developed to help investors year. It outlines how guides you through common real recognize the red flags of fraud. the OSC can respond estate investment products. The ETF Facts interactive tool to the needs of Ontario helps investors understand each seniors and better

23. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 24. ONTARIO QUÉBEC Investor Office (CONTINUED) Autorité des marchés financiers

The AMF draws a positive The AMF is committed to seniors and their entourage. assessment of financial education implementing measures as part initiatives across Québec in 2017. of the 2017-2022 Québec Tools A survey conducted in December government’s action plan to 2017 with the Réseau québécois de address elder abuse and is also The AMF developed an innovative l’éducation financière (a network working with other agencies to new tool, the online Investor profile. of financial literacy key players implement other measures, The tool estimates the respondent’s lead by the AMF) found that more including a national framework profile and provides detailed Finally, Ontario participated in than one million Quebecers have agreement on elder abuse. results. The tool also identifies the first-ever World Investor been in contact during the year incoherent answers (for example Week sponsored by IOSCO in with tools, training and messages The AMF will keep on offering a goal to invest for the long run October. encouraging effective personal conferences on fraud prevention to and a probable need to cash out financial management. seniors and financial sector quicky), fraud vulnerability and The OSC is an active stakeholders and dedicate a fraud and suggests helpful educational tools participant in IOSCO and its According to the survey: abuse prevention webpage to retirees, if required. initiatives, and has contributed to the international cooperation • Over 75,000 Quebeckers and coordination of securities participated in workshops or regulators around the world, training sessions emphasizing the importance of • Around 15 financial education investor education and protection. campaigns were launched, Top: A series of ten second As a member of the IOSCO some of which were funded animations reminded investors to Committee on Retail Investors, check the registration of a firm or by the AMF’s Education and the OSC contributed to the individual by visiting Good Governance Fund report on Senior Investor CheckBeforeYouInvest.ca. Vulnerability which looks In line with the objectives of at the potential issues faced Centre: New articles on the Québec Financial by older investors around the GetSmarterAboutMoney.ca Education Strategy, world and how these can explain how cryptocurrencies the AMF promoted the financial affect their interactions with work and the risks education of youth, seniors and the financial services. involved. strength of partnerships with other

key players of the Québec economy. QUÉBEC FINANCIAL AMF financial education staff met EDUCATION STRATEGY with over 10,000 Quebecers of all 2017 Report ages through various events and conferences.

Some of the AMF initiatives that contributed to the The Québec Financial achievement of Québec Financial Education Strategy Education Strategy, a objectives: project carried out by the AMF, aims to help Financial well-being Quebeckers achieve • New Investor profile tool for educational purposes greater financial well- • Talking money in class! contest: Second editionAnnual presented Activity to almost Reportbeing. 2018 It presents 26. the 6,000 students • Conferences and events: Over 10,000 Quebeckers met with AMF experts vision and actions for • Mes finances en tête multiplatform financial literacy campaign accessed improving their financial by over one million Quebeckers every week knowledge, behaviours • Launch of the L’essentiel des finances personnelles (personal finance and skills. essentials) program for newcomers • Active contribution of Québec to organizing and promoting the first The achievements in the edition of IOSCO World Investor Week strategy’s second year Collaboration stem from the orientations adopted further to the • Financial Education Day 2017: Gathering of more than 90 specialists, with the Minister of Education as the guest of honour work of the Comité • Awarding of the second prize recognizing collaboration in financial consultatif en éducation education financière (financial • Collaboration with government agencies, RÉCIT and publishing houses education advisory to develop tools supporting financial education courses committee). • National and international collaboration on various financial education issues • Numerous financial education partnerships, including Question Retraite and Bourstad 30th edition

Réseau québécois des spécialistes en éducation financière (network of financial education specialists in Québec) A very active network in 2017* * According to an AMF • Over 75,000 Quebeckers participated in workshops or training sessions survey of network • Almost 12,000 participants on various Bourstad stock market simulation members conducted platforms in December 2017 • Around 15 financial education campaigns, some of which were funded by the Education and Good Governance Fund • Budget planning, presence at trade shows, new educational videos and greater media visibility QUÉBEC Autorité des marchés financiers (CONTINUED)

The AMF published a guide The contest Talking money in class! AMF in Québec, Canada and such as participating in entitled L’essentiel des finances –2nd edition–was held in 2017. Worldwide each other’s events and personnelles– Programme pour The AMF contest is for primary, co-branding tools. nouveaux arrivants au Québec secondary, college and adult The AMF organised the 8th (Personal finance essentials – education teachers. Its purpose is edition of Financial Education The AMF hosted the IOSCO Program for newcomers to to introduce teachers to the many Day 2017, which gathered more Standing Committee 8 on Québec). The guide is intended to educational tools available in than 90 specialists, with Québec’s Retail Investors’ (Investor help new immigrants learn about Quebec for financial education in the Minister of Education as the guest Education/Protection) the Québec financial system and classroom and to familiarize as many of honour who shared his thoughts meeting in Montreal on personal finance issues. It can also students as possible with notions of on the challenges of implementing October 11-12. Working be used in francization classes. personal finance. Participating a mandatory Financial Education groups and the Committee teachers were eligible to win one of course in grade 12. Attendees also discussed collaboration The AMF partnered with the 21 cash prizes (20 prizes of $300 heard about successful and innovative on such topics as Senior Protégez-vous to publish a and one grand prize of $1,000). financial education initiatives and investor vulnerability, 100-page guide titled Investir. The tools were available on the the latest trends. Behavioural insights, Core From the basics to more complex Tesaffaires webpage. competencies framework, investments and registered As an official member representing and OTC derivatives. savings plans, the guide helps Nearly 6,000 students had Quebec, the AMF contributed to The AMF also actively Quebeckers choose suitable access to financial education the work of the National Steering contributed to organize and investments and find the right activities. Close to 12,000 Committee on Financial Literacy. promote the first edition of person or firm to help them out. participated in the 31st edition of The committee is chaired by IOSCO World Investor Week. the Bourstad, an AMF-sponsored the Financial Literacy Leader in Contests stock market simulation. Canada (Jane Rooney) and led by the Financial Consumer Agency of This year again, the AMF promoted Canada (FCAC). The AMF keeps financial education by organizing on contributing to the implementation or supporting various contests. of the Canadian National Strategy for Financial Literacy, with a special contribution for Financial Education at the workplace component.

The AMF signed a letter of intent for collaboration with The George Washington University’s Global Financial Literacy Excellence Top: The AMF Investor Profile survey helps you assess your investment risk tolerance. Center (GFLEC) to explore Left: L’essentiel des finances personelles guides newcomers through the financial system. various areas of collaboration Right: Tesaffaires continues to connect youth to financial education resources and information.

27. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 28. NEW BRUNSWICK Left and Centre: The STAY OUT OF FRAUD’S REACH campaign showed Financial and Consumer Services Commission the many ways fraud can find you if you’re not careful.

Community Outreach at wellness expos and other Our infographics on payday loans the tools to deliver financial literacy Bottom: The FCNB website’s new and To make talking about money a public events, reaching 951 people. and our series on binary options, workshops to their clients. The improved Frauds and Scams section little more comfortable, FCNB FCNB also continued the popular cryptocurrencies and initial coin session was attended by individuals highlights fraud trends and has focused on providing Spend Smart Café at three local offerings present concise information working in the non-profit sector. encourages New Brunswickers to New Brunswickers opportunities coffee shops. that can be interpreted quickly report fraud. to connect with FCNB in a familiar, and easily shared on social media. Fraud Prevention relaxed setting. These community Financial Literacy Our video series on YouTube, Our website continues to be a main events provide an opportunity to Throughout the year, FCNB called 3-Minute Money, targets point of access for our financial meet FCNB employees in an delivered educational presentations millennials looking for financial literacy and consumer education informal setting, ask questions, to over 2,200 New Brunswick res- information. Our blogs continue to materials. Over the last year, FCNB share experiences and learn how idents. The majority of these were cover a wide range of topics – from improved its website’s Frauds and to stay out of fraud’s reach. delivered to students from Grades home equity loans to the science Scams section. The new content 3-12. Themes covered smart of investment behaviour – and our highlights current fraud trends, Through our Community Awareness spending, budgeting, credit and interactive web-based trivia game, encourages reporting and allows Program, FCNB reached more investing. FCNB also attended Fortune, allows users to learn and people to subscribe for fraud alerts. than 24,800 people at summer community wellness fairs across build financial literacy skills in a In January, it launched a multi- festivals throughout the province. the province, and hosted booths game setting. media fraud awareness campaign The program’s focus was to at homeshows and tradeshows focusing on the many different promote tools and resources to including the “Amazeatorium” To support other organizations in ways frauds and scams can reach help New Brunswickers protect (an interactive family delivering financial literacy to their New Brunswickers. Using themselves from fraud and learning event). audiences, FCNB partnered with television, social media and videos make smart spending decisions. Prosper Canada to offer a train-the- at SNB offices and Tim Hortons We also connected with New This year, we created new trainer workshop. This two-day locations across the province, the Brunswickers infographics and videos. workshop provided attendees with campaign promotes FCNB as a resource to help consumers stay out of fraud’s reach. Far Left: FCNB staff welcome guests to the Spend Smart Café. Left: New Brunswickers learn about FCNB programs and resource, like Fortune, at our many Community Awareness Program venues.

29. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 30. NEW BRUNSWICK NOVA SCOTIA Financial and Consumer Services Division (CONTINUED) PRINCE EDWARD ISLAND NEWFOUNDLAND & LABRADOR

The Nova Scotia examples include: a presentation different audiences to help broaden Securities Commission on investing, frauds and scams our reach and deliver our message to grade 11 and 12 students at on safe investing. During the month, Over the last year, the Nova Scotia Dartmouth High School; a NSSC also piggybacked on the Securities Commission (NSSC) presentation on registration and national campaign Warning Investor Education branch what the securities commission Canadians on Binary Options, continued to make a strong push does to the Nova Scotia through social media and coverage to connect with Nova Scotia youth Community College School of through traditional media. by focusing on developing new Business Financial Services partnerships with high school and Concentration; and a presentation During Financial Literacy Month post-secondary students. These on senior investors protections, in November, the NSSC’s goal was new partnerships were developed also to Nova Scotia Community to tackle the ongoing questions we Combatting Financial organized around four key themes: Responders included with a new communications and College students. We hope to had been receiving during the year Abuse of Seniors representatives of nursing engagement plan targeting high continue to branch out across regarding the relationship 1. Opportunities for legislative homes, the real estate industry, school economics and investing the province in the coming between advisers and clients. FCNB’s Senior Initiative project change that would provide accounting firms, police forces, classes, university and college year to engage more youth A new online guide started in 2014-2015. This increased safeguards against the health-care sector and the business students, professors, clubs and help them become “Working With an Adviser: multi-year seniors’ strategy is financial abuse of seniors. senior population. This and societies. Our goal was to not informed investors. getting the most out focused on preventing financial consultation will help guide only let these audiences know we of the client-adviser abuse through collaboration with 2. Addressing the challenges in the development of exist, but to offer ourselves as a During Fraud Prevention relationship” was stakeholders, delivery of reporting and investigating recommendations and solutions source for investor education Month in March NSSC developed to provide information session and development financial abuse of seniors. aimed at addressing policy, resources and information. developed a new social media up-to-date relevant of educational materials. legislative and outreach gaps campaign on common forms information for Nova 3. Improving best practices for in- with the aim of improved This new communications and of investment fraud and red Scotia investors. There This year, FCNB held dustry, in particular those FCNB effectiveness in addressing engagement plan has so far been flags to watch for to avoid are plans to continue consultations across the province regulates, to guide them when financial abuse of seniors in a great success, as we have becoming victims of to develop these easy to find solutions to prevent and they spot signs their clients are the province. developed contacts in Nova Scotia investment fraud. This to update and share respond to the financial abuse of being financially abused. high schools, community colleges series received excellent online guides for New Brunswick’s growing and universities that have led to feedback and engagement, other topics in the population of seniors. The 4. Building a more collaborative several presentations and question leading to great discussions future including consultation paper, entitled approach between government and answer sessions. Just a few and questions from many Improving Detection, Prevention departments and agencies to and Response to Senior Financial address the issues surrounding Top: Attendees to a two-day financial abuse of seniors. Abuse in New Brunswick was train-the-trainer session, hosted by FCNB in conjunction with Prosper Canada.

31. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 32. NOVA SCOTIA, PEI, NEWFOUNDLAND & LABRADOR YUKON, NUNAVUT, and (CONTINUED) The NORTHWEST TERRITORIES

“types of investment,” “cryptocurrencies & ICOS,” and “safe investing The Office of the Yukon Superintendent of Securities for seniors.” This year, the Office of the Yukon Superintendent of The Office provides investors with the latest online Throughout the year, NSSC continued to issue Investor Alerts, timely and Securities used its website to provide Yukon investors tools and information to help them increase their relevant blog posts on issues affecting Nova Scotia investors, and deliver with valuable and current information. It did this by knowledge of the risks associated with investing, presentations to Nova Scotians young, old and in-between, to protect them providing links to online resources, including those giving them the ability to make informed decisions. from danger when investing in the capital markets. provided by the CSA and NASAA. For instance, it The Yukon Office is located within the Yukon retweeted information and warnings about binary options. Government Department of Community Services.

The Prince Edward Island Office of the Superintendent of Securities The Office of the Northwest Territories Superintendent of Securities The Office of the Superintendent of Securities continues to provide access The Office of the Superintendent of Securities to available tools and resources to assist Prince Edward Island investors to continues to provide available tools and resources to make informed investment decisions, through its website with links to the investors through its newly structured website with links CSA and NASAA websites. The Office website includes a link to the to the CSA and NASAA websites. During Fraud National Registration Search tool to encourage investors to do a Prevention Month, staff gave a presentation to seniors registration check before investing. at a local community center about protecting themselves from potential fraudulent activities. The session was a success and received positive feedback from those in attendance. Plans are being developed for future initiatives, Service NL including future public information sessions, and the Office is committed to ensuring that investors will have access Newfoundland and Labrador’s Service NL, which is responsible for the to current information on its website. Office of the Superintendent of Securities, a supporter of CSA IEC initiatives and projects over the years, continued its work with the CSA IEC committee. The Office of the Superintendent of Securities, Nunavut

The Office of the Superintendent of Securities is looking forward to new The Office of the Superintendent of Securities continues to provide partnerships and opportunities in 2018-19. important financial and investor education resources to the public via Nunavut’s Department of Justice website. In our efforts to promote better public awareness of investment issues, The Office utilizes and appreciates the many useful IE resources offered by the CSA and its members. We look forward to working with the IE Committee on Photo Credits: page 2 - Pablo Heimplatz, page 4 - Enya Hodgson, page 6 - Tomasz Mikolajczyk, significant initiatives in the year ahead. page 12 - Darran Shen, pages 13 + 14 - Gabriel Santiago, page 16 - Kalen Emsley, pages 19 + 20 - Stephen Radford, pages 21 + 22 - Jason Booth, page 25 - Matthew Henry, page 30 - Ray Hennessy, page 32 - Ruth Troughton , page 34 - Radka Kocanova

33. Canadian Securities Administrators Investor Education Committee Annual Activity Report 2018 34. Canadian Securities Autorités canadiennes CanadianAdministrators Securities enAutorités valeurs canadiennesmobilières Administrators en valeurs mobilières INVESTOR EDUCATION COMMITTEE

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