The Portfolio Management Association of Canada has selected the ADR Institute of Canada to provide mediation and arbitration services for PMAC member firms and their clients.
This service is designed to assist PMAC members (who are all registered portfolio managers) in complying with the requirement in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
NI 31-103 requires that registered firms provide independent dispute resolution services, such as mediation or arbitration, at their expense, for their clients to resolve complaints. The obligation must be met by September 28.
PMAC says members may choose to participate in the ADR Canada-PMAC Dispute Resolution Program to meet this requirement.
“We believe this is an optimal solution for all parties,” says Katie Walmsley, PMAC president. “We want to ensure that investors can choose a mediator or arbitrator from a roster of local, qualified independent professionals and that the mediation or arbitration process adheres to nationally accepted standards and best practices.”
Mediators and arbitrators on the roster are independent suppliers, who do not work for ADR Institute, PMAC or PMAC members. These dispute resolution professionals are retained for their experience and qualifications as mediators and their industry knowledge and experience.
ADR Canada is a national non-profit organization that provides national leadership in developing and promoting dispute resolution services in Canada and internationally.