Impact of Point of Sale (POS) Amendments and Phase 2 of the Client Relationship Model (CRM2)

The Canadian Securities Administrators (CSA) conducted a multi-year research project to measure the impacts of Phase 2 of the Client Relationship Model (CRM2) and the Point of Sale (POS) amendments on investors and the industry. The CRM2 amendments to National Instrument 31-103 and the POS amendments to National Instrument 81-101 were designed to provide investors with key, plain language information about their investment funds, and increase transparency about investment costs and performance.

Impacts of CRM2 and POS on Investor Knowledge, Attitudes, and Behaviour

August 27, 2020

This research measured what investors know and think about fees and the performance of their investments, and how they interact with advisers. The research package is in two parts:

CSA Summary Report on trends found in the survey results over the four years of the study.
3-year Tracking Study Report on results of each question in the study for all four years (2016 to 2019).

Impact of CRM2 on Industry and Investor Behaviour

April 25, 2024

These research reports examined investment fund industry and investor behaviour following the implementation of the CRM2 Amendments. The reports look at trends in investment fund fees and risk-adjusted, gross performance over 2013-2020, which includes the period before and after the Amendments took effect.