CSA announced the dates for roundtables to further explore in its regulatory proposals.
The discussions will be on CSA consultation paper 33-404, Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients.
It aims for new principles for registrants, controversially proposing that they generally “act in the best interests of the client,” placing their client’s interest ahead of their own. It has also proposed that advisors “avoid or control conflicts of interest in a manner that prioritizes the client’s best interests.”
Read: IIROC wants ‘strong, principled’ position on best interest
The proposed best interest standard, accompanied by guidance, would form an over-arching standard and governing principle against which all client obligations would be interpreted. 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.
“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,” Louis Morisset, chair of the CSA and president and CEO of the Autorité des marchés financiers, says in a statement. “We strongly encourage stakeholders who have not already done so, to participate in the initiative by providing comments on the consultation paper.”
The deadline for written comments on the proposals is September 30.
Read: What the CSA’s bombshell proposals mean for you
CSA 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;
- NEW! British Columbia Securities Commission: November 28, 29 and 30, Vancouver.
Also read: CSA extends best interest standard comment period