Regulatory Alerts2023-11-30
Draft Regulation to amend Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The securities regulatory authority amends Regulation 31-103 to prohibit registered firms from describing their complaint handling procedures or personnel as independent or using terms like ombudsman. The amendment introduces definitions for complaints and identified ombudservices, requiring firms to make such services available to clients and mandating membership, cooperation, and compliance with final decisions. These obligations apply to complaints received after the regulation's effective date, subject to a $350,000 claim limit for non-individual permitted clients.
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