Regulatory Alerts2019-08-22
CSA Staff Notice 31-356 – Guidance on Compliance Consultants Engaged by Firms Following a Regulatory Decision
Canadian Securities Administrators staff issued this notice to guide registered firms on engaging independent compliance consultants when required by a regulatory decision to address compliance deficiencies. The document outlines the consultant's role in developing and implementing remediation plans, along with the specific criteria CSA staff use to approve or accept proposed consultants. It further details the firm's due diligence responsibilities, the required format for compliance plans and progress reports, and the process for final attestation upon completion of the engagement.
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