Canadian Securities Regulators Publish Guidance for Portfolio Managers Working with Investment Dealers

Securities CSA

Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-347 Guidance for Portfolio Managers for Service Arrangements with IIROC Dealer Members. The notice provides information and guidance for CSA-regulated portfolio managers who enter into custody and trading arrangements with dealer members of the Investment Industry Regulatory Organization of Canada (IIROC).

In recent years, Portfolio Manager – Dealer Member Service Arrangements (PMDSAs) have become more widespread, and during compliance reviews CSA staff have identified concerns with recordkeeping, and the preparation and delivery of client statements. The notice provides guidance on how a portfolio manager may satisfy its recordkeeping and client statement delivery obligations when a PMDSA is in place.

“The notice will help portfolio managers understand and comply with their regulatory obligations when they have these service arrangements,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “We encourage portfolio managers to use the information and guidance in this notice as a self-assessment tool to strengthen their compliance.”

CSA staff will continue to review PMDSAs through ongoing compliance reviews, applying the guidance in this notice during the examination of books and records, client statement practices, agreements and disclosure.

The guidance in this notice replaces the interim guidance on portfolio manager client account statement practices published by the Ontario Securities Commission in 2013.

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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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Nicole Tuncay


British Columbia Securities Commission

Alison Walker


Financial and Consumer Affairs, Saskatchewan

Shannon McMillan


Financial and Consumer Services Commission, New Brunswick

Andrew Nicholson


Manitoba Securities Commission

Jason (Jay) Booth


Nova Scotia Securities Commission

Jane Anderson


Nunavut Securities Office

Jeff Mason


Office of the Superintendent of Securities, Newfoundland and Labrador

John O'Brien


Office of the Superintendent of Securities, Northwest Territories

Tom Hall


Office of the Superintendent of Securities, P.E.I.

Janice Callbeck


Office of the Yukon Superintendent of Securities

Rhonda Horte


Ontario Securities Commission

Kristen Rose