On October 3, 2019, the Canadian Securities Administrators (the
“CSA”) issued a Notice of Amendments
(the “Amendments”) to National
Instrument 31-103 Registration Requirements, Exemptions and
Ongoing Registrant Obligations and its companion policy
(together, “NI 31-103”). The
Amendments will come into force on December 31, 2019 and will be
phased in from such date up to and including December 31, 2021.
The Amendments seek to better align the interests of securities
advisers, dealers and representatives
(“registrants”) with the interests of
their clients, and at their core, focus on client interests.
The following is a summary of certain of the key amendments to
NI 31-103:
- Know Your Client
(“KYC”): The Amendments expand the list of
information that a registrant must collect from a prospective
client in order to meets its suitability determination obligations
including with respect to: personal circumstances, investment
knowledge, risk profile and investment
