Requirement to make OBSI available to clients

Delivered by e-mail

March 12, 2014

Requirement to make OBSI available to clients

This is to bring to your attention that the rule requiring the provision of independent dispute resolution services to clients of all registered dealers and registered advisers has recently been published and approved and will come into force on May 1, 2014.

The substance and purpose of the rule is to ensure that the Ombudsman for Banking Services and Investments (OBSI) is made available as the common service provider in respect of eligible complaints in all CSA jurisdictions other than Québec.

The amendments will come into force on May 1, 2014. Firms that are already registrants before that date will have the benefit of transition periods ending August 1, 2014.

All such registered dealers and registered advisers should have joined OBSI as “Participating Firms” by August 2, 2014. Although this rule does not apply to firms that are solely registered in the category of Commodity Trading Manager, we encourage you to consider becoming an OBSI Participating Firm as a best practice.

For more information about becoming an OBSI Participating Firm, please click https://www.obsi.ca/en/news-a-publications/e-news-archive/340 or contact Mr. Tyler Fleming, Director, Stakeholder Relations and Communications at 416-218-4244 or email [email protected]

Legislative approvals

On February 4, 2014, the Minister of Finance approved amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that were published by the Ontario Securities Commission on December 19, 2013.

The Commission also adopted corresponding amendments to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations and these were also published by the Commission on December 19, 2013.

All other CSA jurisdictions have adopted the same amendments and subject to locally required approvals, it is expected that the amendments will come into effect on the same timetable in each of these jurisdictions.

The full text of the amendments is available on the Commission’s website at: http://www.osc.gov.on.ca/en/SecuritiesLaw_ni_20131219_31-103_amendments.htm