CSA Notice and Request for Comments
CSA Notice and Request for Comment – Registered Firm Requirements Pertaining to an Independent Dispute Resolution Service – Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Proposed Changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations.
On November 30, 2023, the Canadian Securities Administrators (CSA) proposed amendments (the Proposals) to certain complaint handling provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), as well as proposed changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP). The proposals are subject to a 90-day comment period expiring February 28, 2024.
Not all provinces are considering adopting the Proposals. Quebec and British Columbia are not participating in the Proposals for comment on the rule amendments. In Québec, the Autorité des marchés financiers (AMF) already provides a dispute resolution service, along with conciliation and mediation services, to consumers of financial products and services, including retail investors, under its governing legislation. The AMF is participating in the CSA consultation by proposing to maintain the exemption applicable to firms registered in Québec regarding dispute resolution services requirements. In British Columbia, the government is considering legislative changes that may achieve the same outcomes as those intended by the proposed framework. The British Columbia Securities Commission (BCSC) has stated it is interested in feedback on the Proposals and will take comments into consideration when adopting their own legislative changes.
The version of the Proposals published by the BCSC and AMF do not include any of the annexes other than Annex D – Overview and Flowchart of Identified Ombudservice Processes under Proposed Framework.
Click on the following links to view the full CSA Notice and Request for Comment on the Proposals as published by the applicable securities regulator:
- Alberta Securities Commission
- Autorité des marchés financiers
- Canadian Securities Administrators
- British Columbia Securities Commission
- Manitoba Securities Commission
- New Brunswick Securities Commission
- Ontario Securities Commission
- Saskatchewan Financial and Consumer Affairs Authority, Legal Counsel, Securities Division
No link has been provided to provinces and territories who have not posted the Proposals on thier respective website.
To read all comment letters received by the Ontario Securities Commission about the Proposals click here: Read Comment Letters.
