Client Focused Reforms – Frequently Asked Questions

Reforms to enhance the client-registrant relationship, commonly known as the “Client Focused Reforms”, were published in 2019 and comprise amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its Companion Policy. They relate to a number of areas including conflicts of interest, know-your-product, know-your-client, and suitability obligations. The full set of amendments is available here.

The Canadian Securities Administrators as well as the Canadian Investment Regulatory Organization established the Client Focused Reforms Implementation Committee to consider operational challenges industry stakeholders are facing and how to respond to them to ensure implementation per the phased transition periods.

To this end, the CSA compiled a list of implementation questions received to date and set out responses to provide guidance to registrants. 

These Frequently Asked Questions are available here.

The current version of NI 31-103, which incorporates the CFRs, is available here.