News Release
CSA Requirements to improve disclosure for Investors are now in effect
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Date:
2013-07-16 -
Number:
2013/46
Toronto – The Canadian Securities Administrators (CSA) are delivering on their investor protection commitments with new disclosure requirements that will provide investors with clear and meaningful information about their investments. The amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) are now in effect, with key elements being phased in over three years to allow industry sufficient time to meet the new requirements.
The amendments ensure that all investors receive the same information about the cost and performance of their investments and that the same standard to disclose this information is applied to all firms registered to deal in securities or act as portfolio managers.
“Research shows that investors across Canada lack vital information about the cost and performance of their investments,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “These amendments demonstrate the CSA’s commitment to arm investors with sufficient account information to make informed decisions about their investments.”
Over the next three years, investors can expect:
- starting July 15, 2014, pre-trade disclosure of charges and disclosure of compensation from debt securities transactions in trade confirmations;
- starting July 15, 2015, enhancements to client statements, which will provide position cost information and market value calculated in accordance with a prescribed methodology; and,
- starting July 15, 2016, an annual report on charges and other compensation and an annual investment performance report.
More information on the amendments and what this means for investors and industry is available on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinate and harmonize regulation for the Canadian capital markets.
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Carolyn Shaw-Rimmington | Richard Gilhooley |
Sylvain Théberge | Mark Dickey |
Ainsley Cunningham | Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745 |
Tanya Wiltshire | Dean Murrison |
Janice Callbeck PEI Securities Office Office of the Attorney General 902-368-6288 | Doug Connolly Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594 |
Rhonda Horte | Louis Arki |
Donn MacDougall |
For more information, please call Richard Gilhooley at 604 899 6713.