As part of its Client Relationship Model Project, the CSA has recently published proposed amendments to National Instrument 31-103 Registration Requirements and Exemptions intended to ensure that investors are provided with key information about their account and product-related charges. Under the proposed amendments, registered firms would be required to provide clients with: (i) an annual summary of account-related and product charges; (ii) the original cost of each security added to account statements; and (iii) annual account performance reporting. Annual account performance reporting would include disclosure of net amount invested, change in value, percentage returns and a description of the use and limitations of benchmarks. According to the notice, most of the new requirements would be phased in over two years following their implementation. The CSA is accepting comments on the proposals until September 23, 2011.
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