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NRD: A Study of Economic Benefits to the Financial Services Industry

The CSA commissioned a study in 2001 to determine the total economic benefits of NRD to the Canadian financial services industry. The major finding was that the total benefits to the industry are expected to be $85 million over a five year period.

Click the following link to view the final report of the study, or continue reading this page for the highlights.

  Study of Economic Benefits (46kb)

The NRD Benefits Study is a PDF document and will require Adobe Acrobat Reader to view.

Key Results
  • $85 million of economic benefits industry-wide.
    Based on the survey responses of 131 registrant firms, the total economic benefits of the National Registration Database to the Canadian financial services industry will be $85 million over a five year period.

  • Most benefits attributable to cost savings and efficiency gains.
    Cost savings and/or efficiency gains are at the root of the individual NRD features expected by survey respondents to deliver the greatest economic benefits. That is, firms anticipate that these features will either reduce their cash expenditures related to the registration process, lower their labour costs, or free up their employees' time for other activities.

  • Large firms anticipate a greater share of total benefits.
    Large firms (more than 500 registrants) expect to realize more than 50% of the $85 million of total benefits.

  • Small firms anticipate greater benefits per registrant.
    Small firms (one to 50 registrants) predicted significantly higher benefits when expressed on a "per registrant" basis. Their share of the $85 million amounts to $2,200 of benefits per registrant, compared to $264 for each registrant at large firms.


The Office of the Chief Economist of the OSC conducted the study in the summer of 2001. In the study, survey respondents were asked to determine the economic benefits of a number of NRD features, by estimating each feature's impact on the entire firm's performance, in comparison to the present registration process. The responses were aggregated to enable a meaningful discussion of the benefits of each feature, and of the NRD as a whole.

Over 700 registrant firms were contacted using registration information from several provinces. A total of 131 firms responded, representing over 47,000 registrants, or nearly half the registrant population of Canada (excluding Quebec). A sample this comprehensive should have an error rate of less than 1%.