A regulatory review of more than 100 Canadian wealth managers found that some companies have not yet updated their compliance procedures to meet new industry rules when selling investment products to clients.

In a joint statement on Wednesday, the Canadian Securities Administrators and the Canadian Investment Regulatory Organization said that while many firms have made efforts to update their compliance processes, with some even spending significant resources to meet new client and product suitability rules, other firms have not done so.

The compliance review is part of wider regulatory sweep that the CSA (the umbrella group for provincial and territorial securities regulators) and CIRO began in 2023 after the introduction of new rules known as the client-focused reforms. In 2023, the CS

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