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ARTICLE · 15 OCTOBER 2019

CSA Releases Client Focused Reforms

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The Canadian Securities Administrators (CSA) released final amendments to National Instrument 31-103, intended to "enhance the client-registrant relationship".

CanadaCorporate/Commercial Law
David Di Paolo
David Di Paolo
Caitlin Sainsbury
Caitlin Sainsbury
Maureen Doherty
Maureen Doherty
Graham Splawski
Graham Splawski
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The Canadian Securities Administrators (CSA) released final amendments to National Instrument 31-103, intended to "enhance the client-registrant relationship". The amendments will come into force on December 31, 2019 provided all outstanding provincial ministerial approvals are obtained. The IIROC and MFDA are expected to amend their respective rules, policies and guidance to be uniform with the CSA amendments, and there will be corresponding amendments to the exemptions for SRO members in Part 9 of NI 31-103.

The key amendments to NI 31-103, which are described in greater detail in the CSA publication linked above, require registrants to:

  • Address material conflicts of interest in the client's best interest

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