Roundtables on CSA proposals to be held in December

Roundtables on CSA proposals to be held in December

Roundtables on CSA proposals to be held in December The Sep. 30 deadline for written comments on the CSA consultation paper Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients, which were published for comment in April, is fast approaching. With that in mind, CSA members are already plotting out the next steps by announcing the dates for roundtables where issues raised will be discussed.

"At the time the consultation paper was published, we indicated our intentions to convene roundtable sessions to further explore the issues raised in the comment letters received, in order to inform our next steps," said Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers. "We strongly encourage stakeholders who have not already done so, to participate in the initiative by providing comments on the consultation paper."

CSA members have scheduled roundtables for the following dates:
Ontario Securities Commission                                  December 6, 2016, Toronto
Nova Scotia Securities Commission                          December 7, 2016, Halifax
Autorité des marchés financiers                                 December 8, 2016, Montréal
Alberta Securities Commission                                   December 9, 2016, Calgary
British Columbia Securities Commission                    Date to be announced, Vancouver
Additional details and instructions on how stakeholders can participate will be announced closer to the event dates by the applicable regulators. CSA members who elect not to hold a roundtable discussion may conduct stakeholder consultations through other means within their jurisdiction.

The paper, which was published in April, includes several proposals, including reforms to National Instrument 31-103: Registration Requirements, Exemptions and Ongoing Registrant Obligations, and a proposed regulatory best interest standard accompanied by guidance, which is expected to lead to an over-arching standard and governing principle for all other client obligations to follow.

The IFIC recently submitted their comments, in which they urged regulators to focus on enforcement of existing roles and changes that would improve the investment process without regulating investment outcomes.

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