On October 3, the Canadian Securities Administrators (CSA) finalized their client-focused reforms to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) (CFRs or Amendments). The CFRs are the most sweeping changes to NI 31-103’s ongoing registrant obligations since the rule was adopted ten years ago. As we discussed in our June 2018 bulletin article on the 2018 proposals (Proposals), these reforms represent a fundamental shift toward a best interest standard, without actually imposing an all-encompassing obligation for registrants to act in the best interests of their client.
Click the link to access our bulletin summarizing these recent developments. >> AUM Law Special Bulletin – Client-Focused Reforms – October 2019