News Release
IFIC Makes Submission to CSA on Enhanced Protection of Older and Vulnerable Clients
July 20, 2020 (Toronto) – The Investment Funds Institute of Canada (IFIC) today filed its submission to the Canadian Securities Administrators (CSA) responding to its request for comments on Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Changes to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations to Enhance Protection of Older and Vulnerable Clients.
“We commend the CSA on its efforts to provide regulatory guidance on issues of financial exploitation and diminished mental capacity of older and vulnerable clients,” said Paul Bourque, President and CEO, IFIC. “There is a growing need for support in these areas, and future guidance will assist our members in providing the best possible service to these clients.”
IFIC made specific recommendations, including providing a safe harbour for representatives and dealers who rely on the temporary hold provisions to protect their clients, and clarifying that collecting information about a trusted contact person should be separated from the existing “know your client” requirement.
IFIC also recommended that the CSA develop a course on financial exploitation and diminished mental capacity in partnership with elder law experts to ensure that there is a consistent national understanding of these important topics.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.
For more information, please contact:
Pira Kumarasamy
Senior Manager, Communications and Public Affairs
pkumarasamy@ific.ca
416-309-2317
