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ARTICLE · 18 JANUARY 2010

CSA Publishes Final Version Of National Instrument Regarding The Use Of Client Brokerage Commissions

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On October 6, 2009, the Canadian Securities Administrators (the "CSA") released the final version of National Instrument 23-102 – Use of Client Brokerage Commissions ("NI 23-102") and related Companion Policy 23-102CP.

CanadaFinance and Banking
Geoff Clarke
Geoff Clarke
Laura Fetter
Laura Fetter
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On October 6, 2009, the Canadian Securities Administrators (the "CSA") released the final version of National Instrument 23-102 – Use of Client Brokerage Commissions ("NI 23-102") and related Companion Policy 23-102CP. This instrument seeks to clarify when advisers (such as fund managers, portfolio managers or investment managers with discretionary authority) and securities dealers can exchange client brokerage commissions as payment for goods and services (commonly referred to as "soft dollar" arrangements).

NI 23-102 was approved by the Minister of Finance on November 27, 2009. It will come into force on June 30, 2010 (with a six-month transition period for advisers' fulfillment of the disclosure obligations under Part 4 of NI 23-102). Existing soft dollar arrangement policies (Ontario Securities Commission Policy 1.9 ("OSC Policy 1.9") and l'Autorité des marchés financiers Policy Statement Q-20) will cease to be in effect at that time.

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