Changes To NI 31-103 Cost Disclosure And Performance Reports

The Canadian Securities Administrators (CSA) have now implemented amendments to National Instrument 31-103 Registration Requirements Exemptions and Ongoing Registrant Obligations (NI 31‑103) and to its Companion Policy 31‑103 CP as amended (the Policy Statement). This is the second phase of its long standing project on enhancing a registrant's relationship with its clients, called the Client Relationship Model (CRM) Project. This second phase (Phase II) mainly expands cost and registrant compensation disclosure and introduces performance reporting requirements. These changes, while strongly debated with members of the industry as to the time and expense they entail, have not been altered substantially by the CSA since their latest proposal last year, except as to the transition period over which they will be implemented. Certain of these changes will come into application on July 15, 2013, while others will be introduced on July 15, 2014, 2015 and 2016. See the