The Canadian Securities Administrators (CSA) is developing a proposal for comment that contemplates providing the Ombudsman for Banking Services and Investments (OBSI) with the authority to make awards that are binding on firms.
CSA members continue to develop the proposal and anticipate issuing it for public comment in the coming year. The contemplated framework aims to balance investors’ need for an accessible procedure with the need for fairness, proportionality, and efficiency.
OBSI’s mandate from the CSA as an independent dispute resolution service for investments has been in place since 2014. OBSI also serves a similar function for banking, having been approved as an External Complaints Body by the federal government.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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