April 15, 2021 CSA

Toronto and Saint John – The Canadian Securities Administrators (CSA) is on track to publish the final amendments that will enhance the protection of older and vulnerable clients across Canada, in early summer 2021.

CSA staff expect the final amendments will be similar to the changes proposed in March 2020 and come into force on December 31, 2021, subject to all necessary approvals.

The amendments are part of the CSA’s strategic goal to enhance investor protection by providing registrants with tools and guidance to address situations involving potential financial exploitation or diminished mental capacity, when working with older and vulnerable clients.

In 2020, the CSA published a request for comment on proposed changes to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations. The CSA received 28 comment letters in response to the publication and has reviewed the comments as part of the overall assessment.

The proposed amendments were developed together with the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA).

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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