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 Policy Documents and Supporting Information
CSA Notice 31-360 Blanket Orders/Class Orders in respect of Transitional Relief Related to the Deferred Sales Charge
ASC Blanket Order 31-537 Transitional Relief under National Instrument 31-103
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)
