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ARTICLE · 03 DECEMBER 2012

Mandatory Dispute Resolution Proposed In Amendments To NI 31-103

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On November 15, 2012, the Canadian Securities Administrators ("CSA") published proposed amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") and the associated companion policy requiring a mandatory dispute resolution procedure.

CanadaFinance and Banking
A. Timothy Baron
A. Timothy Baron
Serge Semenovych
Serge Semenovych
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On November 15, 2012, the Canadian Securities Administrators ("CSA") published proposed amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") and the associated companion policy requiring a mandatory dispute resolution procedure.

The proposed amendments, if adopted, require all registered dealers and registered advisers outside of Québec to use the Ombudsman for Banking Services and Investments ("OBSI") as a service provider for their dispute resolution or mediation services obligations under section 13.16 (dispute resolution service) of NI 31-103. A complaint is defined as one that relates to the trading or advising activity of a registrant, raised within six years of the date when the client knew or reasonably ought to have known of the trading or advising activity, and involves a maximum claim of $350,000.

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