December 17, 2013 Securities

Toronto - The Canadian Securities Administrators (CSA) today published status reports on two recent consultations related to mutual fund fees and the appropriateness of introducing a statutory best interest duty. The coordinated release reflects the interconnectedness of the input received from various stakeholders, following extensive consultations on both topics.

The release of CSA Staff Notice 81-323 (pdf - 125 KB)This link will open in a new windowUpdated on December 17, 2013"CSA Staff Notice,81-323,Status Report,Consultation,CSA Discussion Paper,Request for Comment,81-407,Mutual Fund Fees" Status Report on Consultation under CSA Discussion Paper and Request for Comment 81-407 Mutual Fund Fees (CSA Staff Notice 81-323) and CSA Staff Notice 33-316 (pdf - 162 KB)This link will open in a new windowUpdated on September 25, 2020Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients Status Report on Consultation under CSA Consultation Paper 33-403: The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients (CSA Staff Notice 33-316) follow the receipt of 99 and 93 comment letters, respectively, as well as in-person consultations by several jurisdictions. These consultations elicited a number of common themes from stakeholders, reflecting the connection between the topics discussed.

"We are pleased with the level of engagement and the input we received during our consultation process, and have summarized for stakeholders the various themes we heard in the interest of driving these discussions forward," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "This process identified common issues that must be considered for Canadian regulators to achieve positive outcomes for investors, such as the dynamics of the adviser/client relationship, a need for clear identification of conflicts of interest and addressing a lack of clarity in how advisers are compensated."

The CSA are seeking to coordinate their policy considerations on these initiatives going forward and will work jointly with a view to considering next steps and communicating in the coming months what research initiatives or regulatory actions will be undertaken.

CSA Staff Notice 81-323 and CSA Staff Notice 33-316 are available on various CSA member websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Kevan Hannah
Manitoba Securities Commission
204-945-1513

Wendy Connors-Beckett
Financial and Consumer Services Commission
New Brunswick
506-643-7745

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
PEI Securities Office
Office of the Attorney General
902-368-6288

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
709-729-2594

Rhonda Horte
Office of the Yukon Superintendent of
securities
867-667-5466

Louis Arki
Nunavut Securities Office
867-975-6587

Donn MacDougall
Northwest Territories
Securities Office
867-920-8984

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160