In April, the Canadian Securities Administrators published for comment Consultation Paper 33-404. This was the CSA’s latest move toward establishing a best interest standard. The paper also proposed standardizing advisor titles.

For more, read: What the CSA’s bombshell proposals mean for you

The comment period for this paper was scheduled to close on August 26, 2016. But comments will now be accepted until September 30, 2016.

Quick facts

Consultation Paper 33-404 includes 10 categories of proposed targeted reforms, covering areas such as conflicts of interest, KYC, KYP, suitability, relationship disclosure, proficiency and titles of client-facing reps. If adopted, the proposed reforms will amend NI 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations.

Referring to the client-registrant relationship, CSA bluntly states in the paper’s introduction that “[t]he status quo must change.”

Across Canada, only Ontario and New Brunswick support the proposed best interest standard. Other provincial commissions are taking a wait-and-see approach; Saskatchewan is interested in receiving and reviewing comments, while B.C. isn’t biting at all.

Click here for more on how the industry has reacted to the CSA’s proposals.

Also read: CSA takes big step toward ban on embedded commissions