CSA Securities

Toronto – The Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association of Canada (MFDA) today released a joint notice CSA Staff Notice 31-351 (pdf - 92 KB)This link will open in a new window, IIROC Notice 17-0229, MFDA Bulletin #0736-M Complying with requirements regarding the Ombudsman for Banking Services and Investments (OBSI).

The notice highlights concerns about some registered firms' complaint handling systems and participation in OBSI's services, and sets out potential regulatory responses. The notice also outlines staff's concerns regarding the use of an internal "ombudsman" as part of complaint handling systems.

"We expect firms to participate in OBSI's dispute resolution process in a manner consistent with their obligation to deal fairly, honestly and in good faith with their clients and to respond to each customer complaint in a manner that a reasonable investor would consider fair and effective," said Louis Morisset , CSA Chair and President and CEO of the Autorité des marchés financiers.

"Investor confidence in the integrity of Canada's capital markets is built on a foundation of trust, supported by a fair and effective dispute resolution process," said Andrew J. Kriegler, President and CEO of IIROC. "IIROC expects its Dealer Members to deal with client complaints, including during the OBSI dispute resolution process, effectively, fairly and expeditiously."

"Fair and timely handling of client complaints is a fundamental requirement for MFDA Members, both at the time of receipt and during the OBSI dispute resolution process," said Mark Gordon, President and CEO of the MFDA.

The regulators are also continuing to consider options for strengthening OBSI's ability to secure redress for investors, a key recommendation made by the independent evaluator in its 2016 report.

The Joint Regulators Committee (JRC), which is composed of designated representatives of the CSA, IIROC and the MFDA, provides oversight of OBSI and meets regularly with OBSI to discuss governance and operational matters, including the effectiveness of OBSI's services.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

The MFDA is the self-regulatory organization which oversees the operations, standards of practice and business conduct of Canadian mutual fund dealers.

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

– 30 –

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers 

Sylvain Théberge

514-940-2176

Alberta Securities Commission

Hilary McMeekin

403-592-8186

British Columbia Securities Commission

Alison Walker 

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Erin King

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-6288

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

Donna M. Gouthro

902-424-7077

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

John O'Brien

709-729-4909

Office of the Superintendent of Securities, Northwest Territories

Tom Hall

867-767-9305

Office of the Yukon Superintendent of Securities

Rhonda Horte

867-667-5466

Ontario Securities Commission

Kristen Rose

416-593-2336

Investment Industry Regulatory Organization of Canada

Andrea Zviedris
Manager, Media and Public Affairs
416-943-6906

Mutual Fund Dealers Association of Canada

Ken Woodard
Director, Communications and Membership Services
416-943-4602