TORONTO, October 3, 2019 — The Portfolio Management Association of Canada (PMAC) welcomes the final publication of nationally harmonized amendments to National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103).
“These changes go a long way to better align the standard of conduct across the industry with investors’ expectations,” says Katie Walmsley, President of PMAC. “While many of these obligations have always existed for portfolio managers, the scope of the amendments will ultimately impact all retail investors, by enhancing transparency requirements, client communication, and the management of conflicts of interest.”
PMAC is pleased that IIROC and MFDA will make corresponding amendments to ensure the rules, policies and guidance are consistent for investment dealers and mutual fund dealers.
“It is clear that the amendments are intended to provide more versatility, respecting the realities of the market and reflecting different registration and client categories, versus the earlier one-size-fits-all approach,” Walmsley further comments.
PMAC looks forward to working with the CSA and the industry implementation committee to assist firms in operationalizing these important changes.
About PMAC:
The Portfolio Management Association of Canada represents over 275 investment management firms that manage more than $2.5 trillion in assets for private individuals, foundations, universities and pension plans. The Association advocates for the highest standards of unbiased portfolio management in the interest of investors served by members.
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FOR FURTHER INFORMATION:
Contact Margo Rapport
Rapport Communications
Email: margo@margorapport.com
Phone: 416-895-5672