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Letter Summary:
The Canadian Securities Administrators (CSA) set out a proposed regulatory framework for an independent dispute resolution service whose decisions would be binding.
Under the proposed framework, it is expected that the Ombudsman for Banking Services and Investments (OBSI) would be the designated or recognized independent dispute resolution service for the investment industry. The proposed regulatory framework also includes proposed rule amendments to certain complaint-handling provisions under Canadian securities law.
Overview of the Council’s Comments:
The CAC provided feedback on specific consultation questions and highlighted their long-standing call to grant OBSI the authority to issue binding decisions in respect of investor complaints. Additionally, the CAC stressed the importance of OBSI remaining an independent decisionmaker with an emphasis on how important it will be for OBSI to monitor the effectiveness of this framework as it comes into place, and to report to the public on this score.