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ARTICLE · 03 JANUARY 2024

Proposed Changes For Binding Independent Dispute Resolution Service

Borden Ladner Gervais LLP
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In late November, the Canadian Securities Administrators (the CSA) published a Request for Comment proposing amendments to certain complaint handling provisions of National Instrument 31-103...

CanadaLitigation, Mediation & Arbitration
AUM Law
AUM Law
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In late November, the Canadian Securities Administrators (the CSA) published a Request for Comment proposing amendments to certain complaint handling provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), relating to the independent dispute resolution service for Canadian registered firms. The amendments would be part of a new framework, where an independent dispute resolution service that is a not-for-profit entity would have the authority to issue binding final decisions.

Current framework

Registered firms are required to follow a dispute resolution process that includes making an independent dispute resolution service available to retail clients free of charge. Other than in Québec, the Ombudsman for Banking Services and Investments (OBSI) is the dispute resolution service mandated for Canadian registered firms. However, OBSI does not have binding decision-making power. This has been

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