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What Is CRM2 and How Does It Affect Me?
As an investor in Canada, you may be aware that the Canadian Securities Administrators (CSA) has been gradually introducing a comprehensive reform package aimed at enhancing transparency, increasing investor protection and raising industry standards. As part of this regulatory effort, a new set of requirements was launched in 2013 under an initiative known as Client Relationship Model, Phase 2, or CRM2.

The purpose of CRM2, which is being phased in over a three-year period, is to enable investors to assess more objectively the value of the relationship they have with their financial advisors and to better gauge how the advisor's advice is helping them.

Key CRM2 Dates and Requirements

Beginning July 15, 2014
Your financial advisor or GP Wealth Management must:
  • Provide pre-trade disclosure of all charges you will be required to pay when you purchase or sell an investment
  • Provide trade confirmation disclosure of compensation received from debt security transactions
Beginning December 31, 2015
Expanded account statement reporting was introduced to include the requirements to:
  • Provide the market value for each security using a prescribed methodology
  • Provide specified information about the cost of each position (either book value or original cost)
Beginning July 15, 2016
All registered firms are required to provide their investors with enhanced accounts statements that include two new annual reports:
  • Performance Report - an annual investment performance report explaining how your investments have performed over specific periods of time
  • Charges and Compensation Report - an annual report on charges and other compensation, showing in dollars how much the dealer or adviser was paid for the products and services supplied

Our first enhanced account statements created under the new CRM2 regulatory inatitive will be delivered to our investors in early January, 2017. The account statement will include Performance Reporting and a Charges and Compensation Report covering account activity for 2016.

We fully support the financial industry's CRM2 regulatory reforms and believe our investors will benefit significantly from the advances in transparency and client communications.

For more information on what CRM2 means for you, contact your Financial Advisor or Investor Services.

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