The Canadian Securities Administrators (CSA) has announced an extension to the commenting period for proposals that would advisors’ obligations towards their clients. The group of regulators also intends to hold roundtable discussions in the fall.
In April, the CSA published a consultation paper considering measures that should be put in place to make sure that advisors always act in their clients’ best interest and prescribe appropriate investment products. The paper also raised the question of whether the use of professional designations should be regulated.
The original deadline for comments was on August 25, but the group announced in a July 25 notice that the comment period would be extended.
"We have received feedback from several stakeholders that it would be beneficial for stakeholders to have additional time to review the Consultation Paper and prepare comments," reads the announcement. "The CSA is committed to having a productive consultation process and receiving specific input on the proposals and alternatives. We therefore are extending the comment period from August 26, 2016 to September 30, 2016."
The CSA also plans to hold roundtable discussions with market participants this fall to tackle the varied issues that are raised in the comment letters.
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