Client Focused Reforms: Information and Resources

This page is your source for important information related to the implementation of Client Focused Reforms. It will be updated as new information becomes available so check back often.

On December 31, 2019, 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

We recognize that implementation of the CFRs will require significant work on the part of registrants and we have worked with other members of the Canadian Securities Administrators (CSA) to provide registrants time to implement the phased-in reforms. 

To help us understand the operational challenges with implementation, registrants and all stakeholders are encourage to visit the CSA’s CFR implementation page and resource page to provide feedback and for additional resources.


Key dates

June 30, 2021: Conflict of interest amendments take effect

December 31, 2021: All remaining changes, including relationship disclosure provisions, take effect


CFR Frequently Asked Questions


CFR 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

ASC Blanket Order 31-354 Temporary Exemption from Client Focused Reforms Relationship Disclosure Information Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, 2020 ABASC 48

ASC Blanket Order 31-533 Temporary Exemption from Client Focused Reforms Conflict of Interest Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, 2020 ABASC 47

CSA Notice 31-357 Blanket Orders/Class Orders in respect of Certain Client Focused Reforms Provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations

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)