CSA release proposed amendments to registration reform rules
The Canadian Securities Administrators (CSA) today published proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions, National Instrument 33-109 Registration Information and related policies and forms.
The proposed amendments are intended to:
- provide clarifications to guidance in the Companion Policy to better reflect the original intent of the rule and to codify staff administrative practice;
- give effect to relief orders, which mostly address issues relating to the transition to the new registration regime;
- add an obligation for registered representatives to understand the structure, features and risks of each security that they recommend;
- include guidance for registrants in meeting the requirement to document complaints and to fairly and effectively respond to them;
- amend the obligation of registered firms to ensure independent resolution or mediation services in certain cases of complaints;
- add obligations for investment fund managers to deliver trade confirmations and account statements to investors who deal directly with them, rather than through a dealer;
- address the impact of IFRS on the valuation of securities for the purposes of NI 31-103;
- remove certain non-harmonized provisions respecting the mutual fund dealer category;
- provide additional exemptions to members of self-regulatory organizations where the
SRO rules adequately cover the same regulatory risks; and
- extend certain exemptions to circumstances that are consistent with the original policy intent of the rule.
The CSA is accepting comments on the proposed amendments until September 30, 2010.
