CSA Provide Specified Relief From CRM2 Requirements

On May 21, 2015, the Canadian Securities Administrators issued a staff notice advising that all CSA member provinces have issued parallel orders providing relief from certain amendments related to the implementation of CRM2.

The parallel orders have three important consequences.  First, for firms that are not members of self-regulatory organizations (SROs), the parallel orders confirm that the CRM2 requirements relating to market value, position cost, account statements, additional statements, scholarship plan dealer statements and security holder statements that were to come into effect on July 15, 2015 may now be met starting with statements delivered for the period ending December 31, 2015.  This order codifies relief that was previously announced by the CSA in January.