CSA Reconsider As Industry Takes Aim At Targeted Reforms

On May 11, 2017, the Canadian Securities Administrators (the CSA) published CSA Staff Notice 33-319 Status Report on CSA Consultation Paper 33-404 Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives Toward Their Clients (the Notice). The Notice provides a high level summary of the CSA's consultation process to date and outlines next steps in respect of a proposed set of regulatory amendments to National Instrument 31-103 (the targeted reforms). The targeted reforms relate to know your client (KYC) and know your product (KYP) requirements, the suitability obligation, conflicts of interest and the use by registrants of business titles and proficiency (among other things).