# Client Focused Reforms (CFRs)

> The Client Focused Reforms are Canadian securities rules, in force since 2021, that require registered advisors and firms to put the client's interest first when deciding what suits them and to address material conflicts of interest in the client's best interest.

Canonical page: https://find.wellspent.co/glossary/client-focused-reforms/
Also called: CFRs, client-focused reforms, NI 31-103 amendments

The CSA amended National Instrument 31-103 in two stages. Conflict-of-interest rules took effect on June 30, 2021, and stronger know-your-client, know-your-product, suitability and relationship disclosure rules on December 31, 2021.

Before recommending or making any investment, a registered advisor has to weigh your situation and the product's features and costs, including ongoing costs such as an MER, and decide the action puts your interest first. Firms must understand the investments they sell. In a review of 105 firms, published in December 2025, the CSA and CIRO reported their findings and issued more guidance.

The reforms apply to people registered with a securities regulator; they don't reach an unregistered planner's advice. They are conduct rules for registrants rather than the fiduciary duty US investment advisers owe, so it's still worth asking any advisor whether they'll act as a fiduciary for you.

## Sources

- [Canadian Securities Administrators, Putting investors first: how Client Focused Reforms affect you](https://www.securities-administrators.ca/investor-tools/putting-investors-first-how-client-focused-reforms-affect-you/)
- [Ontario Securities Commission, Joint CSA/CIRO Staff Notice 31-368 Client Focused Reforms review (December 10, 2025)](https://www.osc.ca/en/securities-law/instruments-rules-policies/3/31-368/joint-csaciro-staff-notice-31-368-client-focused-reforms-review-registrants-know-your-client-know)
- [BC Securities Commission, CSA and CIRO provide findings and guidance from latest phase of Client Focused Reforms reviews (2025)](https://www.bcsc.bc.ca/about/media-room/news-releases/2025/88-csa-and-ciro-provide-findings-and-guidance-from-latest-phase-of-client-focused-reforms-reviews)

## Related terms

- [Know your client (KYC)](https://find.wellspent.co/glossary/know-your-client.md)
- [Canadian Securities Administrators (CSA)](https://find.wellspent.co/glossary/csa.md)
- [Canadian Investment Regulatory Organization (CIRO)](https://find.wellspent.co/glossary/ciro.md)
- [Fiduciary](https://find.wellspent.co/glossary/fiduciary.md)