The Quebec securities regulator will host a session to discuss the CSA’s consultation paper
The independent advisory group that represents investor interests at the OSC is calling for policy reform, enforcement action and a new best interest standard
The association is opposed to the idea of banning embedded commissions and is asking advisors and clients to contact their MPPs and make their voices heard
The elimination of embedded commissions could make the financial services sector less desirable for young adults or widen the advice gap for the mass affluent, some suggest
The CSA's paper envisages a sweeping ban on trailer fees
But PMAC stands behind the CSA’s concerns with these compensation arrangements and says regulators are “taking a bold step forward”
Although regulators have yet to make a decision on the matter, they’re formally considering whether to mandate a “direct pay” structure
The association notes that the CSA’s and the self-regulatory organizations’ rules already address compensation-related conflicts of interest
The regulators will now release the paper on Jan. 10, 2017, which will go then go out for a longer than usual comment period of 150 days