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ARTICLE · 30 MAY 2017

Regulators Rethink "Best Interest" Standard For Registrants

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On May 11, 2017, the Canadian Securities Administrators (the "CSA") issued CSA Staff Notice 33-319 ("Notice").

CanadaCorporate/Commercial Law
Michael Burns
Michael Burns
Margaret McNee
Margaret McNee
Jason A. Chertin
Jason A. Chertin
Leila Rafi
Leila Rafi
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On May 11, 2017, the Canadian Securities Administrators (the "CSA") issued CSA Staff Notice 33-319 ("Notice"). This Notice outlines the CSA's consultation process and direction moving forward for Consultation Paper 33-404 – Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives Toward Their Clients (the "Consultation Paper"), which in turn describes proposed amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103").

The Notice comes after the CSA received an overwhelming response to its initial request for comment regarding obligations of advisers, dealers and representatives. Among its proposals, the Consultation Paper contemplated detailed reforms targeting areas such as the conflicts of interest, Know Your Client ("KYC"), Know Your Product ("KYP") and suitability obligations as well as the use of titles and proficiency requirements. More controversially, it also

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