CSA announce roundtables on ‘best interest’ duty

By Staff | May 2, 2013 | Last updated on May 2, 2013
2 min read

The Canadian Securities Administrators (CSA) announced today that the Ontario Securities Commission (OSC) will host two roundtables to 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.

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The roundtables are part of the CSA’s ongoing effort to explore the potential benefits and competing considerations of introducing a statutory fiduciary, or ‘best interest’, standard for advisers and dealers when they provide advice to retail clients. The Consultation Paper, which was published October 25, 2012, examines whether a statutory best interest standard should be adopted, whether another policy solution would be more effective or whether the current Canadian standard of conduct framework is adequate.

The first of two roundtables will be held on June 18, 2013, from 9 a.m. to 12 p.m. and is geared toward investors and investor organizations. The second roundtable will be held on June 25, 2013, from 9 a.m. to 12 p.m. and is geared toward advisers, dealers and industry organizations. Both roundtables will take place on the 22nd floor of the OSC’s offices located at 20 Queen Street West in Toronto, Ontario.

Interested parties are asked to send an e-mail to bestinterestconsultations@osc.gov.on.ca by Monday, May 13, 2013. Further details, including the final agenda, will be provided closer to the event dates.

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A third, follow-up session is being planned for a date in July and both investors and industry (and each of their related organizations) will be invited to attend. This session will focus the dialogue, building on the previous roundtables, with a panel discussion designed to reflect the diversity of views on this issue. Additional details on this session will be published at a later date.

Other jurisdictions of the CSA may also host roundtables. 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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The staff of Advisor.ca have been covering news for financial advisors since 1998.