Concerns on the CSA’s regulatory proposals to improve the client-registrant relationship to be discussed in December roundtables
The Sep. 30 deadline for written comments on the CSA consultation paper Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients, which were published for comment in April, is fast approaching. With that in mind, CSA members are already plotting out the next steps by announcing the dates for roundtables where issues raised will be discussed.
"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, CSA chair 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 for the following dates:
Additional details and instructions on how stakeholders can participate will be announced closer to the event dates by the applicable regulators. CSA members who elect not to hold a roundtable discussion may conduct stakeholder consultations through other means within their jurisdiction.
The paper, which was published in April, includes several proposals, including reforms to National Instrument 31-103: Registration Requirements, Exemptions and Ongoing Registrant Obligations, and a proposed regulatory best interest standard accompanied by guidance, which is expected to lead to an over-arching standard and governing principle for all other client obligations to follow.
The IFIC recently submitted their comments, in which they urged regulators to focus on enforcement of existing roles and changes that would improve the investment process without regulating investment outcomes.
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Changes to be made to alternative funds framework?
IFIC speaks out on regulatory reforms
"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, CSA chair 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 for 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 and instructions on how stakeholders can participate will be announced closer to the event dates by the applicable regulators. CSA members who elect not to hold a roundtable discussion may conduct stakeholder consultations through other means within their jurisdiction.
The paper, which was published in April, includes several proposals, including reforms to National Instrument 31-103: Registration Requirements, Exemptions and Ongoing Registrant Obligations, and a proposed regulatory best interest standard accompanied by guidance, which is expected to lead to an over-arching standard and governing principle for all other client obligations to follow.
The IFIC recently submitted their comments, in which they urged regulators to focus on enforcement of existing roles and changes that would improve the investment process without regulating investment outcomes.
Related stories:
Changes to be made to alternative funds framework?
IFIC speaks out on regulatory reforms
