The Canadian Securities Administrators (CSA) issued CSA Staff Notice 33-319 (the Notice) to provide an update on the “Best Interest Standard” and “Targeted Reforms” proposed last year in an important CSA Consultation Paper that we discussed in a previous post.
Most regulators have decided to abandon the Best Interest Standard which would have introduced a “client best interest” standard against which all registrant-client obligations would be interpreted.
The CSA will still proceed with a refined set of Targeted Reforms. Even in the absence of a Best Interest Standard in most jurisdictions, the Targeted Reforms would nonetheless … Continue Reading
Representatives of the Cooperative Capital Markets Regulatory System (“CCMR”) announced last week a number of developments affecting the proposed national securities regulatory framework:
CCMR launch delayed by one year: Previously scheduled to launch operations later this year, the CCMR is now expected to be operational in the Fall of 2016. The federal government reiterated its intention to move forward with the CCMR initiative in the 2015 federal budget announced earlier this week.
Updated draft legislation and regulations will be published for comment this summer: The CCMR published for public comment in September 2014 consultation drafts of … Continue Reading