Final National Registration Rule Introduces Major Changes To Canadian Securities Laws

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Final National Registration Rule Introduces Major Changes To Canadian Securities Laws

On Friday, July 17th, 2009, the Canadian Securities

Administrators (CSA) published the final version

of National Instrument 31-103 – Registration

Requirements and Exemptions (NRR) and

Companion Policy 31-103CP (Policy) along with

certain consequential amendments to other securities laws. Subject

to ministerial approval requirements, the NRR will come into force

on September 28, 2009 (effective date). In

Ontario, certain registration requirements set forth in the NRR

will be implemented via changes to the Securities Act

(Ontario); however, the registration requirements in Ontario will

remain substantially similar to the NRR requirements. The NRR is

the final result of a five-year project to harmonize, streamline

and modernize the registration regime in Canada's ten provinces

and three territories. The NRR is intended to reduce the regulatory

burden for the securities industry by streamlining procedures and

providing for permanent registration, while providing for more

comprehensive investor protection by setting out highe...

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