The Canadian Securities Administrators (CSA) today published for comment amendments to CSA National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require all registered dealers and advisers, outside of Québec, to use the Ombudsman for Banking Services and Investments (OBSI) as the common dispute resolution service (DRS) for the securities industry.

“Mandating all registered dealers and advisers to offer dispute resolution services through the Ombudsman for Banking Services and Investments will establish a level playing field in terms of expectations and costs, and will provide investors with a common, independent and consistent service standard,” says Bill Rice, chair of the CSA and chair and CEO of the Alberta Securities Commission.

The CSA has determined that a common DRS for the securities industry is in the best interest of both investors and registrants, and that OBSI is the appropriate choice.

Under the proposed amendments, investors would benefit from a common DRS standard, an independent DRS provider, enhanced awareness of where to go for DRS services, and consistent expectations in terms of service levels and outcomes.

The comment period is open until February 13, 2013.