Now The Work Begins — "Client Focused" Registrant Reform Rules Published By Canadian Securities Regulators

On October 3, 2019, the Canadian Securities Administrators (CSA) released final rule amendments intended to better align the interests of registrants, including individual registrants, with the interests of their clients. The CSA emphasize that their aim is to create a "new, higher standard of conduct" across all categories of registrants, which will result in registrants putting the interests of their clients first, particularly (but not solely) when managing conflicts of interest and making suitability determinations. Thus, the CSA describe the rule amendments as "client focused reforms" (CFRs).

The amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and the associated Companion Policy will come into force on December 31, 2019 (subject to government approvals), but will become effective over phased-in transition periods of two years ending December 31, 2021. The CSA also expect that the Investment