Industry


Initial Requirements

Firms and individuals must meet certain requirements in order to be registered and to maintain their registration. These requirements are based on three fundamental principles:

  • Proficiency. Individuals must meet proficiency requirements as set out in Part 3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Individuals who do not demonstrate that they meet minimum proficiency standards may not be fit for registration. Firms that do not have registered individuals with the necessary proficiency may not be fit for registration.

  • Integrity. Firms and individuals must conduct themselves with integrity, which includes honesty and good faith, particularly in dealing with clients. Firms and individuals who have a history of non-compliance with regulatory and legal requirements may not be fit for registration.

  • Solvency. Firms must maintain solvency by meeting the capital and insurance requirements required to conduct their obligations on a daily basis. Firms and individuals with a history of insolvency may not be fit for registration.

For more information, see Firm Requirements and Individual Requirements.


Firm Requirements

The initial registration requirements for a firm are set out in the following forms:

Firms must also meet any specific requirement required of a registered firm in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), including any requirements specific to the category of registration the applicant is applying under. Firms must also be prepared to comply with NI 31-103 in all respects, upon registration.

Among other items, all firms must confirm that they have met the working capital and insurance requirements as set out in NI 31-103 and the Commodity Futures Act (Ontario) by attaching audited financial statements and insurance declarations to their application form.

For more information, see Firm Applications for guidance on how to prepare and file an application.
A firm registered as an investment dealer or futures commission merchant is generally required to be a member of the Investment Industry Regulatory Organization of Canada (IIROC).

A firm registered as a mutual fund dealer is generally required to be a member of the Mutual Fund Dealers Association of Canada (MFDA).

We may ask for other information to help us make a complete assessment of the firm’s fitness for registration.


Individual Requirements

In order for individuals to be registered, they must first be sponsored by a firm that is registered or seeking registration with the OSC.

The initial registration requirements for individuals are set out in the following forms:

Individuals must also meet any specific requirement required of a registered individual in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and National Instrument 33-109 Registration Information (NI 33-109), including any requirements specific to the category of registration the applicant is applying under. Firms must also be prepared to comply with NI 31-103 and NI 33-109 in all respects, upon registration.

For more information, see Individual Applications.

Individuals must meet certain education and experience requirements in order to be registered. These requirements depend on which category of registration an individual is applying for. See Part 3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations for the requirements for each category.

We may ask for other information to help us make a complete assessment of the individual’s fitness for registration.

Exemptions from registration requirements, such as proficiency, may be granted in certain circumstances. For more information, see Asking for Relief.


For more information: