The Portfolio Management Association of Canada (PMAC), through its Industry, Regulation and Tax Committee, is pleased to have the opportunity to submit the following comments regarding the Canadian Securities Administrators Consultation Paper 33-403: The Standard Of Conduct For Advisers And Dealers: Exploring The Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients (the “Consultation Paper”) which discusses the desirability and feasibility of introducing a statutory best interest duty (referred to in this submission as a “fiduciary duty”) to address potential investor protection concerns regarding the current standard of conduct that advisers and dealers in Canada owe to their clients.
