Client Focused Reforms

Here’s a multi-part series addressing upcoming regulatory changes on Client Focused Reforms set out by the Canadian Securities Administrators.

Ian Tam, CFA 26 February, 2021 | 9:12AM
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Over the past few years, the Canadian Securities Administrators (CSA) have worked on a broad, sweeping set of changes to regulation designed to better the experience of the investor. The CSA is the regulating body designed to protect investors from unfair, improper or fraudulent practices.

The changes in regulation, which touch on some of the same areas as Regulation Best Interest changes in the U.S., came into effect in December 2019. Firms and advisors have until the end of this year to implement the processes required to adhere to the new regulations.

Canadians face an incredibly large spectrum when it comes to the quality of investment advice. It doesn’t hurt to understand what the changes to regulations are, and for you to know your rights are as an investor. To make it simpler, we will address the changes in four parts. Here they are:

Client Focused Reforms Part 1: KYC
This is a multi-part article addressing upcoming regulatory changes on Client Focused Reforms set out by the Canadian Securities Administrators. 

Client Focused Reforms Part 2: KYP
Today we focus on ‘Know your Product‘.

Client Focused Reforms Part 3: Suitability
Today we focus on ‘Suitability Determination‘.

Client Focused Reforms Part 4: Conflict of Interest
What they are, and why they matter

We also spoke to the Ontario Securities Commission (OSC) and asked all the questions you had about getting ready to implement the CFRs. Here's all the details:

The OSC on Client Focused Reforms
Morningstar's Ian Tam sat down with the Ontario Securities Commission's Debra Foubert to ask her your questions on upcoming CFR regulations

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About Author

Ian Tam, CFA  is Investment Specialist at Morningstar Canada. 


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