Regulatory Alerts2025-07-15
CSA Notice of Consultation 25-314: Proposed Oversight and Refinements for OBSI Binding Authority
The Canadian Securities Administrators propose an enhanced oversight framework for the Ombudsman for Banking Services and Investments (OBSI) to govern its new binding dispute resolution authority. The proposal mandates that external decision makers conduct Stage 2 reviews for complaints involving recommendations of $75,000 or more to address concerns regarding impartiality and procedural fairness. Additionally, the CSA seeks comments on the oversight structure, which includes designation orders and a Memorandum of Understanding, while maintaining the current six-year limitation period for complaints.
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