CSA Securities

Toronto — The Canadian Securities Administrators (CSA) today published a notice that outlines suggested practices that registered firms can consider when engaging with older or vulnerable clients. Clients may be or become vulnerable due to changing needs and risks as they age, an illness or injury, or a physical, cognitive or psychological limitation.

“We’ve heard that registrants are looking for guidance on how to address the issues and changing needs of older or vulnerable clients,” said Louis Morisset, CSA Chair and President and Chief Executive Officer of the Autorité des marchés financiers. “Registrants could be one of the first to recognize the challenges faced by older or vulnerable clients, including potential financial exploitation or diminished mental capacity. This notice outlines suggested practices that firms and representatives can use to address the individual needs of their clients with the objective of protecting them from potential financial harm.”

The notice includes suggestions as to how registrants can identify and respond to situations involving financial exploitation and diminished mental capacity. It also reminds firms of their know-your-client and suitability obligations, and discusses specific practices firms can consider when assessing their policies and procedures in areas such as:

  • account supervision,
  • complaint handling,
  • handling of powers of attorney and limited trading authorizations,
  • communicating with older or vulnerable clients,
  • reporting and escalating of issues, and
  • identifying trusted contact persons.

The notice is part of the CSA’s ongoing work to develop a flexible and responsive regulatory approach to address financial exploitation and diminished mental capacity among older and vulnerable clients. The CSA will continue to monitor these issues and consider additional measures to assist registrants in serving their older or vulnerable clients.

CSA Staff Notice 31-354 Suggested Practices for Engaging with Older or Vulnerable Clients can be found on CSA members’ websites.

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 Investor inquiries, please refer to your respective securities regulator. You can contact them here This link will open in a new window.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca:

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

Brian Kladko

604-899-6713

Financial and Consumer Affairs Authority of Saskatchewan

Shannon McMillan

306-798-4160

Financial and Consumer Services Commission, New Brunswick

Sara Wilson

506-643-7045

Government of Prince Edward Island, Superintendent of Securities

Steve Dowling

902-368-4550

Manitoba Securities Commission

Jason (Jay) Booth

204-945-1660

Nova Scotia Securities Commission

David Harrison

902-424-8586

Nunavut Securities Office

Jeff Mason

867-975-6591

Office of the Superintendent of Securities, Newfoundland and Labrador

Renée Dyer

709-729-4909

Superintendent of Securities, Department of Justice, Government of the 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