For Immediate Release
July 16, 2013

CSA Requirements to Improve Disclosure for Investors Are Now In Effect

Toronto – The Canadian Securities Administrators (CSA) are delivering on their investor protection commitments with new disclosure requirements that will provide investors with clear and meaningful information about their investments. The amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) are now in effect, with key elements being phased in over three years to allow industry sufficient time to meet the new requirements. 

The amendments ensure that all investors receive the same information about the cost and performance of their investments and that the same standard to disclose this information is applied to all firms registered to deal in securities or act as portfolio managers.

“Research shows that investors across Canada lack vital information about the cost and performance of their investments,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “These amendments demonstrate the CSA’s commitment to arm investors with sufficient account information to make informed decisions about their investments.”

Over the next three years, investors can expect:

• starting July 15, 2014, pre-trade disclosure of charges and disclosure of compensation from debt securities transactions in trade confirmations;
• starting July 15, 2015, enhancements to client statements, which will provide position cost information and market value calculated in accordance with a prescribed methodology; and,
• starting July 15, 2016, an annual report on charges and other compensation and an annual investment performance report.

 

More information on the amendments and what this means for investors and industry is available on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinate and harmonize regulation for the Canadian capital markets.

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For more information:

Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361	Mark Dickey Alberta Securities Commission 403-297-4481
Sylvain Théberge Autorité des marchés financiers 514-940-2176	Richard Gilhooley British Columbia Securities Commission 604-899-6713
Ainsley Cunningham The Manitoba Securities Commission New Brunswick 204-945-4733	Wendy Connors-Beckett Financial and Consumer Services Commission, 506-643-7745
Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586	Daniela Machuca Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Janice Callbeck The Office of the Superintendent of Securities, P.E.I. 902-368-6288	Doug Connolly Service NL 709-729-4189
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Office of the Superintendent of Securities Government of the Northwest Territories 867-920-8984