Keeping Reforms In Sight: Understanding The New Canadian Registration Requirements

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Keeping Reforms In Sight: Understanding The New Canadian Registration Requirements

CANADIAN SECURITIES REGULATORS RELEASE FINAL REGISTRATION

RULE

After over five years of consultation, on July 17, 2009, the

Canadian Securities Administrators (CSA) released, in final form,

National Instrument 31-103 Registration Requirements and

Exemptions and various related instruments, including

amendments to or revocations of various national and local existing

instruments. National Instrument 31-103 and the related instruments

will come into force on September 28, 2009, subject to governmental

approvals. The various amendments to provincial securities

legislation enacted over the past few years that are necessary to

allow National Instrument 31-103 to be implemented, including

Schedule 26 to Bill 162 in Ontario, are also expected to be

proclaimed in force on the same timetable.

National Instrument 31-103, the various provincial securities

legislative amendments and the related instruments will put in

place Canada's first-ever comprehensive registration regime for

financial services firms and individuals. These instruments contain

significant new requirements that, to varying degrees, will impact

virtually every financial services firm carrying on business in

Canada. While much of National Instrument 31-103 is identical

across all of the provinces and territories of Canada, there remain

significant areas where the CSA could not reach agreement and

accordingly, industry participants will be subject to different

regulation depending upon the province and territory within which

they operate.

Although the CSA explain they have made no material changes to

the version of National Instrument 31-103 last released for comment

in February 2008 (which would have necessitated a...

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