The Investment Dealers Association of Canada and the Autorité des marchés financiers are working on a way to harmonize their oversight of client complaints.

In the meantime, the IDA is seeking authority to release statistical reports of complaints data to the AMF.

The IDA notes that since December 2002, firms with clients in Quebec have had an obligation to file an annual report to the AMF regarding client complaints received in the calendar year. For the years 2002 and 2003, the AMF was been assessing the format for these reports. The AMF was also consulting with the IDA on a way to avoid duplication of this reporting, considering IDA obligations under its Policy 8 and the ComSet complaint-reporting database.

It notes that the AMF and the IDA are still discussing a proposal that would permit members to comply with both Policy 8 and the statutory requirement by reporting client complaints through ComSet. This may require some minor changes to ComSet and to Policy 8, it says.

In the meantime, for 2004, the AMF and the IDA have agreed that members could fulfill their obligations by sending to the AMF a statistical report based on complaints (number, nature and responsible officer) reported through ComSet. The AMF is ready to accept that the IDA issue the complaints report on behalf of its members in compiling complaints filed by them in ComSet.

The IDA notes that its members have the duty to file with the AMF. If the report is not issued by the IDA on a member’s behalf, the firms must report directly to AMF the number and nature of complaints reported by them in ComSet, plus the name of the compliance person responsible for the report.

The IDA is encouraging its members to complete the consent or file their reports as soon as possible. It says the AMF has agreed to provide some leeway with respect to the filing date due to the novelty of this situation.