CSA publish proposed amendments to client reporting

The Canadian Securities Administrators today published a revised set of proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations as well as its Companion Policy to set out requirements for reporting to clients with respect to investment charges, investment performance and client statements. As we discussed in a blog post last year, the CSA published an earlier version of the amendments in June 2011 as part of their Client Relationship Model (CRM) Project.

Ultimately, the changes made to the 2011 version of the proposal reflect comments received, as well as further research and industry consultation undertaken by the CSA. Among other things, the proposed amendments would expand client statements to include additional information, set out a methodology for registrants to use to determine the market value of securities in client reports and require the disclose to clients of such things as the amount of trailing commissions received by registered firm.

The CSA are accepting comments on the proposed amendments until September 14, 2012.

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