Canadian Securities Regulators Further the Discussion on Statutory ‘Best Interest’ Duty

Toronto – The Canadian Securities Administrators (CSA) announced today the discussion topics and list of panellists for its panel session on July 23, 2013, which will further explore and discuss the issues identified in 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. This session will explore the key topics that emerged from the comment letters received in response to the Consultation Paper, as well as the previous CSA roundtables held on June 18 and June 25, and will further the discussion on the issue.

The panel session will take place from 10:00 a.m. to 12:00 noon on the 22nd floor of the OSC’s offices, located at 20 Queen Street West, Toronto, Ontario. The session will be moderated by James E.A. Turner, Vice-Chair of the OSC.

The panel session will feature four panellists representing stakeholders from the academic, investor, industry, and legal communities:



Anita Anand

Professor & Academic Director, Centre for the Legal Profession and Program on Ethics in Law and Business, University of Toronto

Connie Craddock

Member of the OSC Investor Advisory Panel; retired Vice-President of Public Affairs, IIROC

Jim Kershaw

Senior Vice-President and Regional Manager – Ontario Main – TD Wealth Private Investment Advice

John Fabello

Partner – Litigation, Torys LLP

The panel discussion will focus on the following two topics:

  1. Should dealers (and their representatives) be subject to a best interest standard when providing advice to retail clients? What would the consequences be of introducing such a standard?
  2. What other policy options could securities regulators consider in addition, or as alternatives, to a statutory best interest standard?

For each topic, panellists will each have an opportunity to provide remarks, which will then be followed by an open discussion among the panellists, the moderator and the audience.

Any interested parties wishing to attend the roundtable are asked to send an email with full contact details to by July 18, 2013. Space at the event is limited and it is anticipated that a transcript will be posted to the OSC website following the panel session.

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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