Regulatory Alerts2025-06-26
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CSA Notice and Request for Comment: Draft Amendments to Regulation 31-103 Prohibiting Chargebacks in Investment Fund Distribution
The Canadian Securities Administrators propose amendments to Regulation 31-103 to prohibit dealing representatives from using chargebacks when distributing investment fund securities. This ban aims to eliminate inherent conflicts of interest where representatives might prioritize retaining upfront commissions over client interests by discouraging early redemptions. The draft amendments apply to all registered representatives and dealers distributing securities of reporting issuers, with a 90-day public comment period concluding on September 24, 2025.
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