Email Blast - CSA Staff Notice 31-356 provides guidance when engaging a Compliance Consultant

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Today, we published guidance for registered firms when they are required by a regulatory decision to hire a compliance consultant to help remediate the firms’ significant compliance deficiencies identified from an investigation or compliance review.  
The purpose of the notice is to:

  • help firms identify, evaluate and engage appropriate consultants to assist them in effectively addressing their compliance deficiencies;
  • provide transparency on our process and criteria for approving consultants;
  • outline our expectations for a consultant’s engagement, including their role, and the format and content for reporting; and
  • improve the oversight and remediation processes of firms subject to a regulatory decision.
The notice may also be useful for any registered firms that want to voluntarily engage a consultant to help them improve or assess their compliance systems, including guidance on a firm’s due diligence for hiring a consultant.