Registration Reform in Canada: CSA publish final rule
The Canadian Securities Administrators have just published National Instrument 31-103 Registration Requirements and Exemptions (31-103) in final form. 31-103, which results from a comment and review process that started in early 2007, is expected to be in force on September 28, 2009, with varying transition periods for implementation of different aspects of the rule. 31-103 regulates dealers, advisers and investment fund managers and is intended to harmonize and streamline registration requirements and exemptions across all Canadian jurisdictions. Some of the more material changes in approach include the effective elimination of the dealer registration exemption for trading in the exempt market in Canada and the imposition of a new registration requirement for investment fund managers.
The new registration regime has significant implications for Canadian and non-Canadian market participants, particularly those now doing business in any Canadian jurisdiction on an unregistered or exempt basis.
We will be providing a comprehensive review of the new regime and its impact on particular types of market participants and their business activities in the coming days.
Mark your calendars for the upcoming complimentary breakfast seminars in our Toronto and Montreal offices:
Registration Reform in Canada: The Finish Line is Here
Toronto: August 13, 2009
Montreal: August 25, 2009
The Practical Impact of the New Registration Regime in Canada: A Road Map for Implementation
Toronto: August 20, 2009
Montreal: September 1, 2009
