The CSA Comes Full Circle To Protect The Vulnerable

The Canadian Securities Administrators (the "CSA") have published final amendments (the "Amendments") to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") and its companion policy ("CP 31-103") to enhance protection of older and vulnerable clients.¹ The Amendments provide registrants with tools and guidance to identify and address diminished mental capacity and financial exploitation of clients and seek to improve the protection registrants can afford clients in such circumstances, including involving a trusted contact person ("TCP") or placing a temporary hold on a specific transaction or entire account.

Part of the CSA's mandate is the protection of investors from fraudulent, manipulative or misleading practices.² The CSA acknowledged that seniors are a growing segment of investors in Canada and the associated importance to respond to their needs and priorities in order to fulfill this mandate. As