Surging To 2021: BLG's 2020 Vision Of The Client Focused Reforms

Through the Client Focused Reforms set out in the revisions to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that came into force on December 31, 2019, the CSA expect registrants to better align their interests with the interests of their clients. Registrants will be expected to put the interests of their clients first, particularly (but not solely) when managing conflicts of interest and making suitability determinations.

The new rules and CSA expectations regarding conflicts of interest and enhanced client disclosures will be effective on December 31, 2020, with the balance of the rule and policy changes becoming effective on December 31, 2021. The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) are taking steps to further amend their rules and associated guidance within these time periods to conform to the Client Focused Reforms.