News Releases
Canadian Securities Regulators Publish Guidance for Portfolio Managers Working with Investment Dealers
Nov 17, 2016
Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Notice 31-347 Guidance for Portfolio Managers for Service Arrangements with IIROC Dealer Members. The notice provides information and guidance for CSA-regulated portfolio managers who enter into custody and trading arrangements with dealer members of the Investment Industry Regulatory Organization of Canada (IIROC).
In recent years, Portfolio Manager – Dealer Member Service Arrangements (PMDSAs) have become more widespread, and during compliance reviews CSA staff have identified concerns with recordkeeping, and the preparation and delivery of client statements. The notice provides guidance on how a portfolio manager may satisfy its recordkeeping and client statement delivery obligations when a PMDSA is in place.
“The notice will help portfolio managers understand and comply with their regulatory obligations when they have these service arrangements,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “We encourage portfolio managers to use the information and guidance in this notice as a self-assessment tool to strengthen their compliance.”
CSA staff will continue to review PMDSAs through ongoing compliance reviews, applying the guidance in this notice during the examination of books and records, client statement practices, agreements and disclosure.
The guidance in this notice replaces the interim guidance on portfolio manager client account statement practices published by the Ontario Securities Commission in 2013.
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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For more information:
Kristen Rose
Ontario Securities Commission
416-593-2336
media_inquiries@osc.gov.on.ca
Alison Walker
British Columbia Securities Commission
604-899-6713
Jason Booth
The Manitoba Securities Commission
204-945-1660
Jane Anderson
Nova Scotia Securities Commission
902-424-0179
Jeff Mason
Nunavut Securities Office
867-975-6591
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
306-798-4160
Nicole Tuncay
Alberta Securities Commission
403-297-4008
Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca
Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021
Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288
Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466
Tom Hall
Office of the Superintendent of Securities,
Northwest Territories
867-767-9305