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Canadian Securities Regulators Announce Roundtables to Discuss Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients

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September 22, 2016

Toronto - The Canadian Securities Administrators (CSA) today announced the dates for roundtables to further explore issues raised in CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients, which proposes regulatory action to improve the client-registrant relationship. The deadline for written comments is September 30, 2016.

“At the time the consultation paper was published, we indicated our intentions to convene roundtable sessions to further explore the issues raised in the comment letters received, in order to inform our next steps,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “We strongly encourage stakeholders who have not already done so, to participate in the initiative by providing comments on the consultation paper.”

CSA members have scheduled roundtables on the following dates:

    Ontario Securities Commission                        December 6, 2016, Toronto;

    Nova Scotia Securities Commission                 December 7, 2016, Halifax;

    Autorité des marchés financiers                       December 8, 2016, Montréal;

    Alberta Securities Commission                         December 9, 2016, Calgary;

    British Columbia Securities Commission          Date to be announced, Vancouver.

Additional details regarding the roundtable sessions, and how stakeholders can participate, will be provided closer to the event dates by the respective regulators. CSA members not holding a roundtable session may conduct other forms of stakeholder consultations in their respective jurisdictions.

Published on April 28, 2016, the consultation paper includes proposed targeted reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, as well as potential guidance in a number of areas that would work together to better align the interests of registrants to the interests of their clients, improve client outcomes and enhance various specific obligations that registrants owe to their clients.

In addition, the consultation paper includes a proposed regulatory best interest standard, accompanied by guidance, that would form an over-arching standard and governing principle against which all other client obligations would be interpreted. Only certain jurisdictions are consulting on the proposed regulatory best interest standard for reasons set out in Part 8 of the paper.

The consultation paper, which includes a list of 68 consultation questions, can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336 

Nicole Tuncay
Alberta Securities Commission
403-297-4008

Alison Walker
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176  

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Andrew Nicholson
Financial and Consumer Services Commission,
New Brunswick
506-658-3021

Jane Anderson
Nova Scotia Securities Commission
902-424-0179

Janice Callbeck
Office of the Superintendent of
Securities, P.E.I.
902-368-6288

John O'Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591 

Tom Hall
Office of the Superintendent of Securities
Northwest Territories 
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

 

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