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ARTICLE · 17 AUGUST 2023

Feeling Conflicted? CSA And CIRO Provide Vital Guidance For Registrants

McMillan LLP
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On August 3, 2023, the Canadian Securities Administrators ("CSA") and the Canadian Investment Regulatory Organization ("CIRO") issued Staff Notice 31-363 – Client Focused Reforms: Review of Registrants...

CanadaFinance and Banking
Michael Burns
Michael Burns
Leila Rafi
Leila Rafi
Jennie Baek
Jennie Baek
William Burke
William Burke
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On August 3, 2023, the Canadian Securities Administrators ("CSA") and the Canadian Investment Regulatory Organization ("CIRO") issued Staff Notice 31-363 – Client Focused Reforms: Review of Registrants' Conflicts of Interest Practices and Additional Guidance (the "Report"), containing the much-anticipated results of a comprehensive compliance sweep of registered dealers, portfolio managers and investment fund managers conducted in 2022. The Report focuses on registrants' implementation of enhanced conflict of interest ("COI") requirements under the Client Focused Reforms (the "CFRs"), effective June 30, 2021. The CFRs introduced significant amendments to registrant conduct obligations under National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") and corresponding rules applying to CIRO members.

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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