Under section 14.14 of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), advisers and dealers are required to deliver an account statement to their clients at least once every three months. The Ontario Securities Commission in its 2012 annual review of advisers, dealers and investment fund managers found that a common deficiency amongst registrants was that they did not deliver these account statements in accordance with this rule.
The purpose of this bulletin is to help clarify these requirements and assist firms in staying on-side with legislation.
Click the link to read more. > > AUM Law Bulletin Account Statement Recommended Guidelines March 2013