Dealers, Advisers and Investment Fund Managers
New Registration Regime
On September 28, 2009, a new Canada-wide registration regime came into force for firms and individuals who sell securities, offer investment advice or manage investment funds.
National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), and related rules and amendments, aim to harmonize, streamline and modernize registration requirements across Canada.
See NI 31-103 for details about the new requirements. Here are some of the key changes to the registration process:
Categories of registration
Overall, the number of firm and individual categories has been reduced. However, a few new categories have been introduced. New categories for firms are investment fund manager, exempt market dealer, restricted dealer and restricted portfolio manager. New categories for individuals are ultimate designated person, chief compliance officer and associate advising representative.Exemptions
Many exemptions have changed under the new registration regime. See NI 31-103 for available exemptions. In general, you can continue to rely on discretionary relief granted before the new registration regime came into force if the relief is from a requirement that is substantially similar to a requirement in NI 31-103.New forms
Firms and individuals must use the new forms under National Instrument 33-109 Registration Information to apply for registration and make changes to their registration under the Securities Act (Ontario). They must use the forms under OSC Rule 33-506 (Commodity Futures Act) Registration Information for registration under the Commodity Futures Act.Applying in more than one province or territory
The requirements and procedures for applying for registration in more than one province or territory have been replaced by the “passport and interface” system. Firms and individuals who want to register in more than one province or territory now only have to deal with Ontario if it is their principal regulator. For applications where Ontario is not the principal regulator, the firm or individual will deal with the principal regulator and Ontario will decide to opt in or opt out of the principal regulator’s determination.Changing registration information
The required notification period has changed from five days to seven days.For more information:
- National Instrument 31-103 Registration Requirements and Exemptions
- CSA Staff Notice 31-311 Proposed National Instrument 31-103 Registration Requirements and Exemptions – Transition into the New Registration Regime
- CSA Staff Notice 31-312 The Exempt Market Dealer Category under NI 31-103 Registration Requirements and Exemptions
- National Instrument 33-109 Registration Information
- OSC Rule 33-506 (Commodity Futures Act) Registration Information
- Multilateral Instrument 11-102 Passport System
- National Policy 11-204 Process for Registration in Multiple Jurisdictions
- National Registration Database Information
- New transitional relief for exempt market dealers
- New transitional relief for international dealers
- NRD freeze ended. NRD 2.0 implemented.
