Overcoming Compliance Burdens with the right technology

What is NI 31-103 and NI 81-101? Why should You be concerned?

also known as:

• Point of Sale Reform - Stages 1 and 2 already implemented (January 2011 )

• Stage 3 - coming soon • Client Relationship Model Amendments (CRM2) – Effective July 15, 2013

and will be phased in over 3 year period  • They will result in a significant change to many advisors’ businesses,

both positive and negative.

A Summary of Legislative Changes

What will be required by advisors?

• Account Opening – Relationship Disclosure Information (RDI)

• Pre-trade – Charges related to transactions• Post-trade – Summary of actual charges

associated with the purchase or sale of a security.

• Quarterly – Account Statements• Annually – Reporting on charges and

compensation and investment performance

Why are the regulators doing this?

According to CSA’s research:-• Investors currently do not receive this vital

information• Providing them with information about costs and

performance will enable them to:• Assess their progress toward their investing

goals• Determine the value of professional advice

they receive

Do these amendments to 31-103 apply to all advice channels?

The requirements will apply to the following with a direct relationship with retail investors:

• MFDA Dealers

• IIROC Dealers

• Banks

• Credit unions and Investment Counselors

How should I prepare for these changes?

1. Document Everything

2. Deliver all Disclosure and POS Documents

3. Use appropriate technology (Laptops, Tablets & Smartphones)

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