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ARTICLE · 22 OCTOBER 2019

CSA Publishes Client Focused Reforms: Amendments To NI 31-103

The Canadian Securities Administrators (CSA) recently released finalized amendments (the Amendments) to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant...

CanadaCorporate/Commercial Law

The Canadian Securities Administrators (CSA) recently released finalized amendments (the Amendments) to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and its companion policy. The Amendments are aimed at raising investor confidence in capital markets, prioritizing client interests and improving client-advisor relationships, by aligning client interests with those of registered firms and individuals in a more seamless way.

Background and timelines

The CSA originally proposed amendments to NI 31-103 in June 2018. On October 3, 2019, after a lengthy public consultation period, the CSA released the finalized Amendments. Subject to ministerial approval, the Amendments will take effect in multiple phases during a transitional period. The first phase, relating to conflicts of interest and the associated relationship disclosure information provisions, will require compliance by the end of next year. The

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