CSA Propose Reforms To The Client-Registrant Relationship Model And A Regulatory Best Interest Standard

The Canadian Securities Administrators (the "CSA") released CSA Consultation Paper 33-404¹ (the "CP 33-404") on April 28, 2016 seeking comments on potential amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103"). The proposals, which are aimed at enhancing the obligations of advisers, dealers, and representatives (collectively, "registrants") towards their clients target specific reforms to registrant conduct and compliance requirements under NI 31-103 and further advance the discussion of the regulatory best interest standard first introduced back in 2012.² The comment period expires on August 26, 2016.

Targeted Client Relationship Reforms