• Regulatory Notice (pdf - 104 KB)This link will open in a new windowUpdated on November 21, 2024
• CSA Notice and Request for Comment (pdf - 348 KB)This link will open in a new windowUpdated on November 21, 2024
• Regulation to amend Regulation 13-102 respecting System Fees (pdf - 152 KB)This link will open in a new windowUpdated on November 21, 2024

• Regulatory Notice (pdf - 111 KB)This link will open in a new windowUpdated on November 19, 2024Regulatory Notice for Draft Amendments and Draft Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers.
• CSA Second Notice of Consultation (pdf - 389 KB)This link will open in a new windowUpdated on November 18, 2024CSA Second Notice of Consultation about Draft Amendments and Draft Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers.: Draft Amendments and Draft Changes to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers
• Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (pdf - 157 KB)This link will open in a new windowUpdated on November 18, 2024Draft Regulation to amend Regulation 51-102 to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers.
• Amendments to Policy Statement to Regulation 51-102 (pdf - 143 KB)This link will open in a new windowUpdated on November 18, 2024Changes to Policy Statement to Regulation 51-102 to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers.
• Regulation to amend Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer (pdf - 136 KB)This link will open in a new windowUpdated on November 18, 2024Draft Regulation to amend Regulation 54-101 to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers.
• Amendments to Policy Statement to Règlement 54-101 (pdf - 162 KB)This link will open in a new windowUpdated on November 18, 2024Draft Changes to Policy Statement to Regulation 54-101 to Implement an Access Model for Certain Continuous Disclosure Documents of Non-Investment Fund Reporting Issuers. 
   

Comments received (comments are published in their original language)

• Borden Ladner Gervais | BLG (pdf - 76 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Laura Levine & Yemisi Afolabi)
• Broadridge (pdf - 1 MB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Mike Donawitz & Robert Lombardo)
• Canadian Advocacy Council of CFA Societies Canada (pdf - 418 KB)This link will open in a new windowUpdated on February 14, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents)
• Canadian Bankers Association | CBA (pdf - 175 KB)This link will open in a new windowUpdated on January 10, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents)
• Canadian Coalition for Good Governance | CCGG (pdf - 889 KB)This link will open in a new windowUpdated on February 14, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Amit Prakash)
• Canadian Foundation for the Advancement of Investor Rights | FAIR Canada (pdf - 158 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Jean-Paul Bureaud)
• Davies (pdf - 229 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (David Wilson, Robert Murphy, Yevgeniya Huggins)
• Fidelity (pdf - 274 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Robyn Mendelson)
• Investment Industry Association of Canada | IIAC (pdf - 291 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents)
• Investor Advisory Panel | IAP (pdf - 158 KB)This link will open in a new windowUpdated on February 14, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (James Sinclair)
• Mark J. Bentler (pdf - 193 KB)This link will open in a new windowUpdated on January 29, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents)
• OSLER Hoskin & Harcourt LLP (pdf - 256 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents)
• Securities Transfer Association of Canada | STAC (pdf - 242 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Lara Donaldson)
• Stikeman Elliott (pdf - 329 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Tara Law, Jeff Hershenfield, Simon A. Romano, David Tardif)
• TMX (pdf - 682 KB)This link will open in a new windowUpdated on February 21, 2025Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (Access Model for Certain Continuous Disclosure Documents) (Loui Anastasopoulos)

Canadian securities regulators extend comment periods for the investment fund continuous disclosure modernization and principal distributor model proposals This link will open in a new window

• Regulatory Notice (pdf - 115 KB)This link will open in a new windowUpdated on September 19, 2024
• CSA Notice of Consultation (pdf - 383 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure (pdf - 293 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement to Regulation 81-106 respecting Investment Fund Continuous Disclosure (pdf - 354 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement 11-207 respecting Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions (pdf - 169 KB)This link will open in a new windowUpdated on September 19, 2024Draft amendments to Policy Statement 11-207 relating to Modernization of the Continuous Disclosure Regime for Investment Funds.
• Amendments to Policy Statement 12-202 respecting Revocation of Certain Cease Trade Orders (pdf - 172 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement 12-203 respecting Management Cease Trade Orders (pdf - 163 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 41-101 respecting General Prospectus Requirements (pdf - 198 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement to Regulation 41-101 respecting General Prospectus Requirements (pdf - 162 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 44-101 respecting Short Form Prospectus Distributions (pdf - 137 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (pdf - 160 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement to Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (pdf - 154 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 81-102 respecting Investment Funds (pdf - 170 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement to Regulation 81-102 respecting Investment Funds (pdf - 144 KB)This link will open in a new windowUpdated on September 19, 2024
• Regulation to amend Regulation 81-107 respecting Independent Review Committee for Investment Funds (pdf - 194 KB)This link will open in a new windowUpdated on September 19, 2024
• Amendments to Policy Statement to Regulation 81-107 respecting Independent Review Committee for Investment Funds (pdf - 163 KB)This link will open in a new windowUpdated on September 19, 2024

Comments received (comments are published in their original language)

• Borden Ladner Gervais - BLG (pdf - 297 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds
• Broadridge (pdf - 1 MB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Mike Donowitz et Robert Lombardo)
• Brompton (Ann Wong) et Quadravest (Silvia Gomes) (pdf - 194 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds
• Canada Life Investment Management (pdf - 285 KB)This link will open in a new windowUpdated on February 14, 2025/ Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Stephen Fiorelli)
• Canadian Advocacy Council of CFA Societies Canada (pdf - 456 KB)This link will open in a new windowUpdated on February 12, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds
• Canadian Association of Retired Persons - CARP (pdf - 606 KB)This link will open in a new windowUpdated on January 16, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Bill VanGorder)
• Canadian Bankers Association - CBA (pdf - 120 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds
• Canadian Independent Finance and Innovation Counsel - CIFIC (pdf - 173 KB)This link will open in a new windowUpdated on January 30, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Annie Sinigagliese)
• Chartered Professional Accountants Canada - CPA Canada (pdf - 200 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Rosemary McGuire)
• Desjardins (pdf - 335 KB)This link will open in a new windowUpdated on February 10, 2025: Projet de Règlement modifiant le Règlement 81-106 sur l’information continue des fonds d’investissement -Modernisation du régime d’information continue des fonds d’investissement (Giuseppina Marra)
• FAIR (pdf - 184 KB)This link will open in a new windowUpdated on January 30, 2025 (Jean-Paul Bureaud)
• Fidelity (pdf - 227 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Kristian Adomait, Stefania Zilinskas)
• Franklin Templeton Investments corp. (pdf - 199 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Brad Beuttenmiller)
• Harvey S. Naglie (pdf - 56 KB)This link will open in a new windowUpdated on January 17, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds
• Investment Funds Institute of Canada - IFIC (pdf - 514 KB)This link will open in a new windowUpdated on February 12, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Andy Mitchell) 
• IGM Financial Inc. (pdf - 196 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Rhonda Golberg)
• Investment Industry Association of Canada - IIAC (pdf - 1 MB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds 
• Investor Advisory Panel (pdf - 670 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds - IAP (James Sinclair)
• Invesco (pdf - 306 KB)This link will open in a new windowUpdated on January 30, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Caroline Mingfok, Shalomi Abraham) 
• Kenmar Associates (pdf - 190 KB)This link will open in a new windowUpdated on January 30, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Ken Kivenko)
• Portfolio Management Association of Canada - PMAC (pdf - 273 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Katie Walmsley, Warren M. Rudick)
• Prosper Canada (pdf - 156 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Elizabeth Mulholland)
• Purpose (pdf - 496 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Som Seif)
• Responsible Investment Association - RIA (pdf - 264 KB)This link will open in a new windowUpdated on February 10, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Patricia Fletcher)
• XBRL US (pdf - 858 KB)This link will open in a new windowUpdated on January 30, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (Campbell Pryde)
• YTM Capital (pdf - 175 KB)This link will open in a new windowUpdated on January 30, 2025Draft Regulation to amend Regulation 81-106 respecting Investment Fund Continuous Disclosure - Modernization of the Continuous Disclosure Regime for Investment Funds (David Burbach)

• Regulatory Notice (pdf - 120 KB)This link will open in a new windowUpdated on August 1^st, 2024
• CSA Notice of Consultation (pdf - 262 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 41-101 respecting General Prospectus Requirements (pdf - 144 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 44-101 respecting Short Form Prospectus Distributions (pdf - 115 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Amendments to Policy Statement to Regulation 44-101 respecting Short Form Prospectus Distributions (pdf - 127 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 45-106 respecting Prospectus Exemptions (pdf - 110 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 45-513 respecting Prospectus Exemption for Distribution to Existing Security Holders (pdf - 125 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend National Policy 46-201: Escrow For Initial Public Offerings (pdf - 162 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 51-102 respecting Continuous Disclosure Obligations (pdf - 138 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter Markets (pdf - 128 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation 52-109 respecting Certification of Disclosure in Issuers’ Annual and Interim Filings (pdf - 158 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Amendments to Policy Statement to Regulation 52-109 respecting Certification of Disclosure in Issuers' Annual and Interim Filings (pdf - 143 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 52-110 respecting Audit Committees (pdf - 156 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 58-101 respecting Disclosure of Corporate Governance Practices (pdf - 159 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (pdf - 135 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 62-104 respecting Take-Over Bids and Issuer Bids (pdf - 111 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 71-102 respecting Continuous Disclosure and Other Exemptions Relating to Foreign Issuers (pdf - 127 KB)This link will open in a new windowUpdated on August 1^st, 2024
• Regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (pdf - 127 KB)This link will open in a new windowUpdated on August 1^st, 2024.

• Regulatory Notice (pdf - 101 KB)This link will open in a new windowUpdated on May 30, 2024Regulatory Notice about Regulation to amend Regulation 25-102.
• CSA Notice of consultation (pdf - 312 KB)This link will open in a new windowUpdated on May 30, 2024CSA Notice of Consultation about Draft Regulation to amend Regulation 25-102.
• Regulation to amend Regulation 25-102 (pdf - 170 KB)This link will open in a new windowUpdated on May 30, 2024Draft Regulation to amend Regulation 25-102.
• Changes to Policy Statement to Regulation 25-102 (pdf - 190 KB)This link will open in a new windowUpdated on May 30, 2024Draft Changes to Policy Statement to Regulation 25-102

Comments received (comments are published in their original language)

• Candeal Benchmark Solutions (pdf - 283 KB)This link will open in a new windowUpdated on August 21, 2024 (Ruxandra Smith)

• Notice of consultation (pdf - 108 KB)This link will open in a new windowUpdated on July 18, 2024Notice of consultation relating to amendement to Securities Regulation.
• Regulation to amend Securities Regulation (pdf - 138 KB)This link will open in a new windowUpdated on July 18, 2024Draft amendments to Securities Regulation

• Regulatory and consultation Notice (pdf - 147 KB)This link will open in a new windowUpdated on May 23, 2024Notice of consultation concerning local amendments to Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators
• Regulation to amend Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators (pdf - 142 KB)This link will open in a new windowUpdated on May 23, 2024Draft local amendments to Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators.
• Amendments to Policy Statement to Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators (pdf - 205 KB)This link will open in a new windowUpdated on May 23, 2024Draft of local Amendments to Policy Statement to Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators

Anyone interested in participating in this consultation may do so in writing no later than Jun 14, 2024 by completing the on-line questionnaire or sending a submission or comment letter by using our on-line form or to [email protected]

Issues and Discussion Paper (pdf - 1 MB)This link will open in a new windowUpdated on February 8, 2024Since 2016, the AMF has undertaken various mission-aligned initiatives relating to the digital transformation of the financial sector to, in particular, anticipate regulatory and consumer protection issues. In November 2021, it made a clear statement of its interest in the responsible use of artificial intelligence (AI) by signing the Montréal Declaration for responsible AI development and by publishing the paper Artificial intelligence in finance – Recommendations for its responsible use (the 2021 Report), a report prepared at the AMF’s request by Algora Lab, an interdisciplinary lab of the University of Montréal and the Institut québécois d’intelligence artificielle (Mila). The 2021 Report sets out 10 recommendations to promote the responsible development of AI in finance: three directed toward the AMF and seven toward the industry.

If your are interested by participating in discussion tables or give your comments through an on-line meeting, consult the AI in the financial sector page.

• Regulatory Notice (pdf - 103 KB)This link will open in a new windowUpdated on January 17, 2024Crypto Assets
• CSA Notice of Consultation (pdf - 258 KB)This link will open in a new windowUpdated on January 17, 2024Notice of consultation - crypto asset.
• Regulation to amend Regulation 81-102 (pdf - 128 KB)This link will open in a new windowUpdated on January 17, 2024Crypto Asset. 
• Amendments to Policy Statement 81-102 (pdf - 152 KB)This link will open in a new windowUpdated on January 17, 2024Crypto Asset

Comments received (comments are published in their original language)

• Alternative Investment Management Association (pdf - 221 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs
• Canadian Blockchain Consortium (pdf - 279 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets
• Canadian Web3 Council (pdf - 224 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets
• Borden Ladner Gervais (pdf - 99 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (C. Derk, J. Mansi, J. Brooks, J. Doll, I. Gomez)
• Chartered Professional Accountants of Canada (pdf - 234 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Rosemary McGuire)
• CIBC Mellon Global Securities Services Company Inc., CIBC Mellon Trust Company (pdf - 241 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Richard Anton, Tedford Mason, Ronald C. Landry, Brent Merriman)
• F. Soto (pdf - 101 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets
• Investment Industry Association of Canada (pdf - 270 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Laura Paglia)
• Investor Advisory Panel (pdf - 64 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Ilana Siger)
• Fasken (pdf - 268 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (J. Kruk, J. Halwagi, D. Fuke, M. Ciecha)
• Mouvement Desjardins (pdf - 370 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Giuseppina Marra)
• Purpose Investments Inc. (pdf - 3 MB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Vlad Tasevski)
• Quanta Law Professional Corporation (pdf - 229 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Bekhzod Nazarov)
• Tetra Trust Company (pdf - 169 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Stephen Oliver)
• Wildeboer Dellelce LLP (pdf - 294 KB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets
• 3iQ Corp. (pdf - 1 MB)This link will open in a new windowUpdated on May 15, 2024Avis de consultation des ACVM – Projets de Règlement modifiant le Règlement 81-102 sur les fonds d’investissement et de modification de l’Instruction générale relative au Règlement 81-102 sur les fonds d’investissement concernant les cryptoactifs / CSA Notice of Consultation – Draft Regulation to amend Regulation 81-102 respecting Investment Funds and Draft Amendments to Policy Statement to Regulation 81-102 respectingInvestment Funds pertaining to crypto assets (Pascal St. Jean)

• Regulatory Notice (pdf - 105 KB)This link will open in a new windowUpdated on November 30, 2023Consultation about Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service.
• CSA Notice of Consultation (pdf - 532 KB)This link will open in a new windowUpdated on November 30, 2023CSA Notice of consultation of Regulation to amend Regulation 31-103 concerning Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service.
• Regulation to amend Regulation 31-103 (pdf - 124 KB)This link will open in a new windowUpdated on November 30, 2023Draft Regulation to amend Regulation 31-103 concerning Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service. 
  • Blacklined version (pdf - 2 MB)This link will open in a new windowUpdated on December 11, 2023Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations in force since December 31, 2019
• Amendments to Policy Statement to Regulation 31-103 (pdf - 217 KB)This link will open in a new windowUpdated on November 30, 2023Draft amendments to Policy Statement to Regulation 31-103 concerning Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service.
  • Blacklined version (pdf - 1 MB)This link will open in a new windowUpdated on December 11, 2023Consolidated version of Policy Statement to Regulation 31-103

Comments received (comments are published in their original language)

• Anatol Feldman (pdf - 95 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Andrew Teasdale (pdf - 257 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Arthur Ross (pdf - 154 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Association of Canadian Compliance Professionals (pdf - 237 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Manny DaSilva, Gary Legault)
• Belco (pdf - 583 KB)This link will open in a new windowUpdated on March 19, 2024 (Jonathon Botrie)
• Borden Ladner Gervais (pdf - 247 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Natalia Vandervoort, Melissa Ghislanzoni, Bill Donegan)
• The Canadian Advocacy Council of CFA Societies Canada (pdf - 831 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Canadian Association of Retired Persons (pdf - 231 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Bill Vangorder)
• Canadian Investment Regulatory Organization (pdf - 60 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Jennifer I. Armstrong)
• Organisme Canadien de réglementation d’investissements (pdf - 65 KB)This link will open in a new windowUpdated on March 28, 2024Projet de règlement modifiant le Règlement 31-103 sur les obligations de la société inscrite relatives au service indépendant de règlement des différends (Jennifer I. Armstrong)
• Canadian Investment Regulatory Organization Investor Advisor Panel (pdf - 132 KB)This link will open in a new windowUpdated on March 5, 2024“consultation,projet,règlement modifiant le règlement 31-103,plainte,ombudsman,service de règlement des différends,service indépendant de règlement des différends,OSBI,exécutoire,décision définitive exécutoire,service de médiation,service de médiation visé,commentaire,dispense,québec,protection des investisseurs,investisseurs individuels,clients individuels“
• Comité consultatif des investisseurs de l’Organisme canadien de réglementation des investissements (pdf - 131 KB)This link will open in a new windowUpdated on March 5, 2024“consultation,projet,règlement modifiant le règlement 31-103,plainte,ombudsman,service de règlement des différends,service indépendant de règlement des différends,OSBI,exécutoire,décision définitive exécutoire,service de médiation,service de médiation visé,commentaire,dispense,québec,protection des investisseurs,investisseurs individuels,clients individuels“
• Canadian Securities Administrators Investor Advisory Panel (pdf - 203 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Eric Spink)
• Chris Robinson (pdf - 115 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Coalition of Consumer Advocates (pdf - 409 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Jean-Paul Bureaud et al.)
• Coalition de défenseurs des intérêts des consommateurs (pdf - 497 KB)This link will open in a new windowUpdated on March 5, 2024“consultation,projet,règlement modifiant le règlement 31-103,plainte,ombudsman,service de règlement des différends,service indépendant de règlement des différends,OSBI,exécutoire,décision définitive exécutoire,service de médiation,service de médiation visé,commentaire,dispense,québec,protection des investisseurs,investisseurs individuels,clients individuels“ (Jean-Paul Bureaud et al.)
• David M. Fieldstone (pdf - 569 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Mouvement Desjardins (pdf - 216 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Giuseppina Marra)
• Fidelity Investments (pdf - 204 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (W. Sian Burgess)
• Federation of Mutual Fund Dealers (pdf - 319 KB)This link will open in a new windowUpdated on March 6, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Matthiew Latimer)
• Geller Law (pdf - 288 KB)This link will open in a new windowUpdated on March 20, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Harold Geller)
• Getz Prince Wells LLP (pdf - 4 MB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Dana H. Prince)
• Harvey Naglie (pdf - 186 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Haywood securities inc. (pdf - 179 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Robert C. Blanchard)
• Investment Funds Institute of Canada (pdf - 385 KB)This link will open in a new windowUpdated on March 1^st, 2024 (Andy Mitchell)
• IG Wealth Management (pdf - 193 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Danielle Tetrault)
• Investment Industry Association of Canada (pdf - 968 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Laura Paglia)
• Kenmar Associates (pdf - 628 KB)This link will open in a new windowUpdated on March 20, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Ken Kivenko)
• Ontario Securities Commission Investor Advisory Panel (pdf - 308 KB)This link will open in a new windowUpdated on March 5, 2024 (Ilana Singer)
• Leede Jones Gable (pdf - 152 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Jim Dale)
• M3 Securities (pdf - 160 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Kyle Touet)
• Odlum Brown (pdf - 128 KB)This link will open in a new windowUpdated on March 28, 2024Draft regulation to amend regulation 31-103 pertaining to an independent dispute resolution service (Debra A. Doucette)
• Ombudsman for banking services and investments (pdf - 376 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Sarah P. Bradley)
• Osgoode (pdf - 352 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Brigitte Catellier, Azka Anees, Diana Damiani, Ayisha Mik)
• Pacific Spririt Investment Management inc. (pdf - 264 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (John S. Clark)
• Peter Whitehouse (pdf - 131 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• PI Financial Corp. (pdf - 103 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Richard Thomas)
• Portfolio Management Association of Canada (pdf - 287 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Katie Walmsley, Warren M. Rudick)
• Portfolio Strategies (pdf - 307 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Mark S. Kent)
• Primerica (pdf - 171 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (John A. Adams)
• Private Capital Markets Association of Canada (pdf - 1 MB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Rob Hanson)
• Rick Price (pdf - 262 KB)This link will open in a new windowUpdated on March 5, 2024: “consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients”
• Tri View Capital Ltd (pdf - 315 KB)This link will open in a new windowUpdated on March 5, 2024 (Craig Burrows)
• Worldsource Wealth Management (pdf - 151 KB)This link will open in a new windowUpdated on March 5, 2024“consulfation,draft,regulation to amend regulation 31-103,complaint,ombudsman,dispute resolution services,independent dispute resolution service,OBSI,binding,binding final decision,ombuservice,identified ombudservice,comment,exempt,exemption,quebec,investor protection, retail investors, retail clients” (Natasa Morfesis, Doce Tomic)