Content creators who post about finance, or finfluencers, may need to register as advisers or dealers if they encourage followers to rely on them for advice about investing or trading, according to new guidance from the Canadian Securities Administrators (CSA), an umbrella organization for provincial securities regulators. (The Logic)

Talking point: The Ontario Securities Commission has been sounding the alarm about finfluencers for months, releasing research that found more than one-third of retail investors have made financial decisions based on their advice. Many finfluencers can rely on a “general advice” exemption from the requirement to register, the CSA said, but they still have to disclose when they have a conflict of interest in the investments they talk about. As an example, the CSA said a finfluencer who posts about investing concepts or offers a paid course about them could likely rely on the general advice exemption, but offering personalized advice on what stocks to buy for a fee would likely cross the line.