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ARTICLE · 06 MAY 2014

Dispute Resolution And Mediation Requirements Effective For Registered Securities Dealers And Advisors In Canada –14 Things You Should Know!

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New dispute resolution and mediation requirements recently came into effect for registered securities dealers and advisors in Canada.

CanadaLitigation, Mediation & Arbitration
Brian Koscak
Brian Koscak

New dispute resolution and mediation requirements recently came into effect for registered securities dealers and advisors in Canada, such as exempt market dealers and portfolio managers. This article discusses 14 things you should now about them and the appointment of the Ombudsman for Banking Services and Investments (OBSI) as the provider of those services.

  1. Effective date – Effective May 1, 2014, all new registered dealers and advisors across Canada, except in Quebec, must take reasonable steps to ensure that OBSI will be the independent dispute resolution or mediation service that is made available to a client that has an eligible complaint. For purposes of this article: (a) a registered firm is a registered dealer or advisor that is not a member of an SRO, such as IIROC, and does not include a registered investment fund manager; and (b) a complaint is the type of complaint involving trading or advising activity of a registered firm.

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