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Jun 14, 2012
The Canadian Securities Administrators (CSA) are publishing for a second comment period, proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require registered dealers and advisers to provide investors with clear and meaningful information on the costs and performance of their investments.
This Proposal includes, among other things, requirements for registered dealers and advisers to provide their clients with annual reports that show them:
In June 2011, the CSA initially published the Proposal based on consultation with investors and industry. Approximately 2,000 investors were surveyed and document testing sessions were held to gain better insight into investors’ understanding and expectations related to fees, performance measurement and reporting.
After reviewing public comments on the 2011 Proposal, conducting additional investor research and industry consultation, the CSA are now proposing some enhancements and added requirements to the 2011 Proposal, which include:
“This is an important investor protection initiative that aims to help investors better understand the costs and performance of their investments,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “With the proposed changes, investors will be able to better assess their progress towards meeting their financial goals and the value of the professional advice they receive.”
The Notice, Request for Comment and reports on the investor surveys and document testing will be available on CSA members’ websites. The comment period is open until September 14, 2012.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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