TORONTO, Nov. 15, 2012 /CNW/ - The Canadian Securities Administrators
(CSA) today published for comment amendments to National Instrument
31-103 Registration Requirements, Exemptions and Ongoing Registrant
Obligations, which would require all registered dealers and advisers, outside of
Québec, to use the Ombudsman for Banking Services and Investments
(OBSI) as the common dispute resolution service (DRS) for the
The CSA has determined that a common DRS for the securities industry is
in the best interest of both investors and registrants, and that OBSI
is the appropriate choice. OBSI is an independent, not-for-profit
organization with extensive experience, having served as the DRS
provider for self-regulated organization members and other registrants
for the past 10 years.
"Mandating all registered dealers and advisers to offer dispute
resolution services through OBSI will establish a level playing field
in terms of expectations and costs, and will provide investors with a
common, independent and consistent service standard," said Bill Rice,
Chair of the CSA and Chair and CEO of the Alberta Securities
Under the proposed amendments, investors would benefit from:
a common DRS standard;
an independent DRS provider;
enhanced awareness of where to go for DRS services; and,
consistent expectations in terms of service levels and outcomes.
The CSA has been working with OBSI as it reviews its processes to ensure
it will continue to provide effective services for new registrant
The CSA is seeking public comment on proposed amendments to NI 31-103.
To comment, please refer to the CSA member websites. The comment
period is open until February 15, 2013.
In Québec, the mediation regime administered by the Autorité des marchés
financiers will continue to apply.
The CSA, the council of the securities regulators of Canada's provinces
and territories, coordinates and harmonizes regulation for the Canadian
SOURCE: Canadian Securities Administrators
For further information:
Ontario Securities Commission
Alberta Securities Commission
Autorité des marchés financiers
British Columbia Securities
Manitoba Securities Commission
New Brunswick Securities Commission
Nova Scotia Securities Commission
Financial and Consumer Affairs Authority
PEI Securities Office
Office of the Attorney General
Financial Services Regulation Div.
Newfoundland and Labrador
Office of Yukon Superintendent
Nunavut Securities Office