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Globe says OSC, others agree to delay disclosure rules

2015-01-29 09:01 ET - In the News

Also In the News (C-*ASC) Alberta Securities Commission
Also In the News (C-*BCSC) BC Securities Commission
Also In the News (C-*QSC) Quebec Securities Commission

The Globe and Mail reports in its Thursday edition provincial securities regulators have agreed to a request from brokers to delay an interim target for implementing new investor disclosure rules, but have told the industry they will not shift the final full implementation date in 2016. The Globe's Janet McFarland writes the umbrella group Canadian Securities Administrators will change a target for the long-awaited Client Relationship Model Phase 2 (CRM2) rules from July 15, to Dec. 31. However, the regulators said the final deadline to fully implement new rules will remain July 16, 2016. The rules will require brokerage firms and mutual fund dealers to give investors detailed information about the annual performance of their portfolios and the fees they have paid on their investments. Brokers, represented by the Investment Industry Association of Canada, sent a request to regulators in December asking them to delay both the interim and final deadlines.

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