[World Corporate Law News] CSA and CIRO Issue Guidance for Finfluencers to Protect Investors

Editorial Team – [2025] 181 taxmann.com 519 (Article)

World Corporate Law News provides a weekly snapshot of corporate law developments from around the globe. Here’s a glimpse of the key corporate law update this week.

1. Securities Law

1.1 CSA and CIRO provide guidance for finfluencers and firms on how to work with them and protect investors

On December 11, 2025, the Canadian Securities Administrators (CSA) and Canadian Investment Regulatory Organisation (CIRO) released new guidance for financial content creators or influencers known as “finfluencers.” The guidance aims to help them, and the firms they work with, understand and follow securities laws when posting information about investing online.

Social media is increasingly a source of financial information for Canadians, with finfluencers shaping these conversations. Some finfluencers’ activities can introduce new risks to investors.

The CSA and CIRO want to help those creating content and posting about investing to do so transparently, honestly and legally, including identifying conflicts of interest. The guidance in the staff notice offers concrete examples of how both registrants and finfluencers can understand and comply with the requirements set by securities regulators.

“Finfluencers can have an impact on how people make investment decisions, and this comes with substantial responsibilities,”

said Stan Magidson, CSA Chair and CEO of the Alberta Securities Commission.

“This guidance helps content creators protect themselves and their followers by making sure their content complies with securities laws.”

“Social media is changing how Canadians learn about investing, and that brings new risks,”

said Andrew Kriegler, CIRO President and CEO.

“We want finfluencers to understand that compliance isn’t just about rules, it’s about protecting your reputation and your audience. Requiring finfluencers to follow this guidance helps investors make better, safer financial decisions.”

The CSA and CIRO expect finfluencers, as well as registrants and issuers who work with finfluencers, to become familiar with and follow the rules set out in the guidance. Breaking securities laws can lead to serious penalties and other enforcement actions.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonises regulation for the Canadian capital markets.

The Canadian Investment Regulatory Organisation (CIRO) is the pan-Canadian self-regulatory organisation that oversees all investment dealers, mutual fund dealers, and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to protecting investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people who manage their investments.

Source – Official Guidance

1.2 SC seeks feedback as part of Malaysia’s Corporate Governance Framework Review

On December 12, 2025, the Securities Commission Malaysia (SC) published a Discussion Paper seeking public feedback as part of its review of Malaysia’s corporate governance framework.

The Key areas under review include reinforcing the roles of boards and management in driving long-term value creation and strengthening overall board effectiveness.

This encompasses driving necessary behavioural shifts, enhancing agility in managing emerging risks and adopting new technologies, continuous strengthening of board composition and independence, and building stakeholder trust through timely engagement and access to information.

The review aligns with the upcoming Capital Market Master Plan 4 (CMP4), which positions corporate governance as a key enabler of a resilient, inclusive, and sustainable capital market.

The feedback will guide the upcoming revision of the Malaysian Code on Corporate Governance (MCCG) and the relevant corporate governance framework, ensuring the framework remains forward-looking, relevant and aligned with global best practices.

This Discussion Paper is open for feedback from 12 December 2025 to 6 February 2026.

Source – Official Guidance

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