On September 24, 2015, the Canadian Securities Administrators (CSA) published guidance for portfolio managers on providing advice using online platforms.  The CSA’s overarching message is that portfolio managers that provide advice using online platforms are subject to the same obligations as any other portfolio manager. 

CSA Staff Notice 31-342 Guidance for Portfolio Managers Regarding Online Advice provides insight in a number of areas that may be of interest to advisers offering services online or contemplating a move to an online platform.  These areas include: know-your-client obligations as they relate to online advisers; composition of investment portfolios; due diligence reviews and compliance reviews by CSA staff of a portfolio manager’s plans for providing online advice; and terms and conditions that may be imposed on registration.