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ARTICLE · 19 JULY 2018

New Rules For Custody Of Client Assets In Force Soon

Davies Ward Phillips & Vineberg LLP
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The rules related to the custody of client assets, including assets of investment funds, will come into force on June 4, 2018.

CanadaFinance and Banking
A. Timothy Baron
A. Timothy Baron
Olivier Désilets
Olivier Désilets
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Last summer, the Canadian Securities Administrators (CSA) published the final version of the amendments to registrants' obligations with respect to the custody of client assets, among other changes, under National Instrument 31-103, Registration Requirements, Exemptions and Ongoing Registrant Obligations. The rules related to the custody of client assets, including assets of investment funds, will come into force on June 4, 2018.

In addition to summarizing the amendments relating to these new custody requirements, we have identified steps that all registered firms should take to ensure these requirements are fulfilled. We recommend that registered firms review their custodial arrangements, their disclosure to clients, their prime brokerage and custodial agreements, and their policies and procedures regarding custody of client assets.

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