Investment Regulation
Investment Complaints
OBSI has signed a Memorandum of Understanding (MOU) with the Canadian Securities Administrators that provides for securities regulatory oversight of OBSI as well as a framework for cooperation and communication. The oversight framework provides standards for OBSI to meet with respect to:
- governance
- independence and standard of fairness
- processes to perform functions on a timely and fair basis
- fees and costs
- resources
- accessibility
- systems and controls
- core methodologies for dispute resolution
- transparency in respect of material changes to OBSI's operations or services, including material changes to its terms of reference or by-laws
- information sharing with the CSA, including regarding issues that appear to affect multiple clients of one or more firms
- protocol for handling systemic issues
A Joint Regulators Committee (JRC) has been established, which includes representatives of the CSA's designates (Alberta Securities Commission, British Columbia Securities Commission, Autorité des marchés financiers, and Ontario Securities Commissions), IIROC and the MFDA. OBSI meet with the JRC on a regular basis to discuss governance and operational matters, as well as significant issues that could impact the effectiveness of the dispute-resolution system.
CSA Resources
- CSA News Release: Canadian Securities Regulators Mandate OBSI's Dispute Resolution Service for Registered Dealers and Advisers
- CSA Notice of Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (Dispute Resolution Services)
- CSA Email Blast: Requirement to make OBSI available to clients
Compliance Questions or Concerns
If you have a question or concern about OBSI's Memorandum of Understanding with the Canadian Securities Administrators (for investment complaints), please contact the Chief Compliance Officer.
Please click here for more information about compliance complaints.
Please note that the Chief Compliance Officer cannot review the decision or outcome of an investigation. The Chief Compliance Officer may only review whether OBSI has properly followed its policies and procedures as well as obligations under the federal External Complaint Body regulations (for banking complaints) and Memorandum of Understanding with the Canadian Securities Administrators (for investment complaints).