A working group of the Joint Forum of Financial Market Regulators has developed 15 recommendations for harmonizing securities and insurance regulations to keep pace with the changes. The working group will consult with consumer and industry representatives. The work will include adapting the best practices in the various Canadian regulatory regimes for use in the others.
Consumer protection is the focus of the regulators' priorities.
Our priority is to ensure that the regulation of both mutual funds and individual variable insurance contracts strengthens protection for consumers and continues to be responsive to marketplace developments. The recommendations have been posted on the websites of Canadian securities and insurance regulators. The Joint Forum has concluded that, apart from the areas highlighted in its 15 recommendations, the regulation of both products is essentially the same. The recommendations indicate areas where harmonization is warranted. Recommendations three to five deal with disclosure regulation and address consumer information and education issues.