CSA Notice: 33-402 - Principles and Practices for the Sale of Products and Services in the Financial Sector

The Joint Forum of Financial Market Regulators is releasing for consultation a document entitled Principles and Practices for the Sale of Products and Services in the Financial Sector.

The document is the result of the Joint Forum's efforts to develop, in a uniform, forward-looking way, standards of professionalism and fair conduct that Canadian consumers should be able to expect in their dealings with financial intermediaries. The Joint Forum's goal in articulating these standards is to obtain the endorsement of key industry associations across the financial services sector. This will result in benefits for consumers by ensuring that consumers receive a consistent level of service and protection across the financial sector without imposing burdensome regulatory requirements.

In order to proceed with the Practice Standards project, the Joint Forum seeks the input of industry and consumer stakeholders. The following documents form part of this consultation package :

• Cover Letter
• Backgrounder
• Principles and Practices for the Sale of Products and Services in the Financial Sector
• A Consumer's Guide to Financial Transactions
• Industry Examples
  - Securities
  - Property and Casualty Insurance
  - Life Insurance
  - Deposit Agent
  - Loan Broker
  - Financial Planning.

Copies of these documents are available on the websites of various members of the Canadian Securities Administrators. You can also obtain them by contacting Stephen Paglia, Senior Policy Analyst, Joint Forum Project Office (phone: (416) 590-7054, e-mail: [email protected]).

We invite interested parties to provide written comments or suggestions on these proposals, including expressions of support if you agree with them.

Please send your submissions to:

Stephen Paglia
Senior Policy Analyst
Joint Forum Project Office
Joint Forum of Financial Market Regulators
5160 Yonge Street, 17th Floor, Box 85
North York, Ontario M2N 6L9
e-mail: [email protected]

The deadline for submitting comments to the Joint Forum is May 29, 2003. Please note that we cannot keep your submissions confidential because legislation in certain provinces requires us to publish a summary of written comments received during the comment period.

Please note that regulators in Quebec are not participating in this project but they are monitoring the Joint Forum's work in this area.

The Joint Forum was founded in 1999 by the Canadian Council of Insurance Regulators, the Canadian Association of Pension Supervisory Authorities and the Canadian Securities Administrators, and also includes representation from the Canadian Insurance Services Regulatory Organizations and the Bureau des services financiers in Quebec. The mandate of the Joint Forum is to pro-actively facilitate and coordinate the development of harmonized, cross-sectoral and cross-jurisdictional solutions to financial services regulatory issues.


March 6, 2003