The Globe and Mail quotes Montreal lawyer Élise Renaud in an article on the client-focused reform.
Many firms were already doing this type of work with clients, but the new reforms formalize the process and ensure it’s well documented, says Élise Renaud, partner and member of the investment management group at Fasken Martineau DuMoulin LLP in Montreal.
“The challenge for firms is to apply these broad concepts the CSA has developed – ensuring that firms [and advisors] will act in the best interests of their clients when it comes to addressing material conflicts of interest – to their own business models,” she says. “The CSA is providing guidance to the firms, but many are still finding it difficult to implement the proper processes considering the specificities of each firm’s business model.”
