Client Focused Reforms: Information and Resources
The Canadian securities regulators have introduced requirements on registered firms and individuals that are primarily based on the principle that client interests should come before that of the advisor.
This page is your source for important information related to the implementation of the Client Focused Reforms.
On December 31, 2019, the Client Focused Reforms (CFRs) were enacted across Canada through the adoption of amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. The conflict of interest amendments took effect on June 30, 2021, and all remaining changes, including the provisions related to know-your-client, know-your-product, suitability, and relationship disclosure information took effect on December 31, 2021.
We recognize that the implementation of the CFRs required significant work on the part of registrants. Registrants and all stakeholders are encouraged to visit the CSA’s CFRs implementation page and resource page for additional resources.
CFRs Policy Documents and Supporting Information
- NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Consolidated Version
- Companion Policy NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations - Consolidated Version
- CSA Notice of Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and to Companion Policy 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations Reforms to Enhance the Client-Registrant Relationship (Client Focused Reforms)