The Ontario Securities Commission (OSC) has set a date for the third of three roundtables on the possibility of adopting a statutory best interest standard for financial advisors.
The Canadian Securities Administrators (CSA) said Wednesday that the OSC will host a panel discussion on July 23 to bring together investors and the industry to examine issues set out in the CSA paper that was published late last year.
Fiduciary duty debate: Toward a new standard?
The OSC had already planned roundtables for June 18 and June 25, with the first session geared toward investors, and the second one focusing on the industry perspective. It also planned to hold a third meeting to bring the two sides together, but only set a date for that third session today.
The CSA notes that the panel discussion is part of its “ongoing effort to explore the potential benefits and competing considerations” of introducing a statutory fiduciary standard for advisors and dealers when they provide advice to retail clients. It says this third session “will focus the dialogue, building on the roundtables in June, with a panel discussion designed to reflect the diversity of views on this issue.”
The session will take place at the OSC’s offices in Toronto, with the final agenda to be provided closer to the date.
Prospective attendees are asked to signal their interest by July 8.