For Immediate ReleaseDecember 17, 2013
Toronto – The Canadian Securities Administrators (CSA) today published status reports on two recent consultations related to mutual fund fees and the appropriateness of introducing a statutory best interest duty. The coordinated release reflects the interconnectedness of the input received from various stakeholders, following extensive consultations on both topics.
The release of CSA Staff Notice 81-323 Status Report on Consultation under CSA Discussion Paper and Request for Comment 81-407 Mutual Fund Fees (CSA Staff Notice 81-323) and CSA Staff Notice 33-316 Status Report on Consultation under CSA Consultation Paper 33-403: The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients (CSA Staff Notice 33-316) follow the receipt of 99 and 93 comment letters, respectively, as well as in-person consultations by several jurisdictions. These consultations elicited a number of common themes from stakeholders, reflecting the connection between the topics discussed.
“We are pleased with the level of engagement and the input we received during our consultation process, and have summarized for stakeholders the various themes we heard in the interest of driving these discussions forward,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “This process identified common issues that must be considered for Canadian regulators to achieve positive outcomes for investors, such as the dynamics of the adviser/client relationship, a need for clear identification of conflicts of interest and addressing a lack of clarity in how advisers are compensated.”
The CSA are seeking to coordinate their policy considerations on these initiatives going forward and will work jointly with a view to considering next steps and communicating in the coming months what research initiatives or regulatory actions will be undertaken.
CSA Staff Notice 81-323 and CSA Staff Notice 33-316 are available on various CSA member websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
Carolyn Shaw-RimmingtonOntario Securities Commission416-593-2361
Mark DickeyAlberta Securities Commission403-297-4481
Richard GilhooleyBritish Columbia Securities Commission604-899-6713
Sylvain ThébergeAutorité des marchés financiers514-940-2176
Kevan HannahManitoba Securities Commission204-945-1513
Wendy Connors-BeckettFinancial and Consumer Services CommissionNew Brunswick506-643-7745
Tanya WiltshireNova Scotia Securities Commission902-424-8586
Janice CallbeckPEI Securities Office Office of the Attorney General 902-368-6288
Doug ConnollyFinancial Services Regulation Div.Newfoundland and Labrador709-729-2594
Rhonda HorteOffice of the Yukon Superintendent ofsecurities867-667-5466
Louis ArkiNunavut Securities Office867-975-6587
Donn MacDougallNorthwest TerritoriesSecurities Office867-920-8984
Daniela MachucaFinancial and Consumer AffairsAuthority of Saskatchewan306-798-4160
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