CSA Canadian Securities Administrators

For Immediate Release
March 28, 2013

Canadian Securities Regulators Implement Disclosure Requirements For Investment Costs And Performance

Toronto – The Canadian Securities Administrators (CSA) are implementing new requirements to ensure all investors receive essential information about the costs and performance of their investments. The new requirements apply to all firms registered to deal in securities or act as portfolio managers. The new requirements are set out in amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103).

The CSA are taking these important steps as research by the CSA, among others, shows that many investors currently do not receive this vital information. Providing investors with clear and meaningful information about the costs and performance of their investments will enable them to assess their progress toward their investing goals and the value of professional advice they receive.

“If Canadians have the right tools to better understand the costs and performance of their investments, they will be able to make more informed investment decisions,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “Under the new requirements, all dealers and advisers will provide the same essential information to investors, which presents an opportunity to enhance their relationship with their clients.”

Investors can expect new cost disclosure that includes:  

Investors can expect a new annual investment performance report that includes:

The new requirements under NI 31-103 also include enhancements to account statements.

The amendments will take effect on July 15, 2013, to allow time for ministerial approvals that are required in some jurisdictions. They will then be phased-in over three years, so that firms can develop, test and implement the necessary systems, as well as compile the information they will need in order to generate the new reports to clients.

The Notice of Amendments is available on CSA members’ websites.

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

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For more information:

Mark Dickey
Alberta Securities Commission

Carolyn Shaw-Rimmington
Ontario Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Richard Gilhooley
British Columbia Securities Commission

Ainsley Cunningham
The Manitoba Securities Commission

Wendy Connors-Beckett
New Brunswick Securities Commission

Tanya Wiltshire
Nova Scotia Securities Commission

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan

Janice Callbeck
The Office of the Superintendent of
Securities, P.E.I.

Doug Connolly
Financial Services Regulation Division of
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent
of Securities

Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories Securities Office