Registration Reform in Canada: The Finish Line is Here

Posted on July 20, 2009

Canada’s new registration rule was published by the Canadian Securities Administrators in final form on July 17, 2009. 

The new regime is expected to be in force September 28, 2009 with transition periods for implementation of aspects varying.  The new regime, which has been several years in the making, is intended to harmonize, streamline and modernize registration requirements and exemptions across all Canadian jurisdictions.  It regulates dealers and advisers, effectively eliminating the dealer registration exemption for trading in the exempt market in Canada, and imposes a new registration requirement for investment fund managers. 

The new regime has significant implications for Canadian and non-Canadian market participants, particularly those now doing business on an unregistered or exempt basis. 

More details of the regime and its impact on particular types of market participants and their business activities are available by clicking the relevant topic set out below.

Update: New amendments to NI 31-103 came into effect on July 11, 2011. For more information, see our recent update on the subject.

OVERVIEW OF CANADA'S NEW REGISTRATION REGIME

Impact on Limited Market Dealers & Unregistered Dealers Trading in the Exempt Market

Impact on Investment Fund Managers

Impact on Portfolio Managers & Investment Counsel

Impact on International Dealers & Non-Canadian Dealers Trading in the Exempt Market

Impact on International Advisers

Impact on Investment Dealers & Mutual Fund Dealers

Impact on Issuers Generally

Impact on Investment Funds

Impact on Private Equity and Venture Capital Funds

Impact on Non-Canadian Investment Funds Privately Placing Securities in Canada

New Compliance Requirements for Registrants

Registering in Multiple Jurisdictions

Quebec’s Derivatives Act

Trading or Advising in Commodity Futures

COMBINED DOCUMENT INCLUDING ALL ABOVE SECTIONS

USEFUL LINKS (EN) | USEFUL LINKS (FR)
 

ARCHIVED SEMINARS
 

 Aug. 13 - Registration Reform in Canada: The Finish Line is Here 

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Aug. 20 - The Practical Impact of the New Registration Regime in Canada: A Road Map for Implementation

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Canadian Securities Law Online - August 6, 2009 3:57 PM
On July 17, 2009, the Canadian Securities Administrators (the CSA) published their final proposal for National Instrument 31-103 - Registration Requirements and Exemptions (31-103). Subject to governmental and other local approval requirements, 31-103 ...
Canadian Securities Law Online - August 17, 2009 5:24 PM
Kenneth G. Ottenbreit and Terry Doherty Recent rulemaking across Canada and proposed rules in Quebec (if adopted) will have a significant impact on the cross-border trading activities of non-Canadian dealers, advisers, futures commission merchants (FCM...
Canadian Securities Law Online - September 17, 2009 1:20 PM
The Investment Industry Regulatory Organization of Canada (IIROC) announced yesterday the approval of amendments to its Dealer Member Rules related to the implementation of registration reform. Proposed amendments were originally published for comment ...
Canadian Securities Law Online - September 18, 2009 1:40 PM
Staff of the Canadian Securities Administrators (CSA Staff) today published CSA Staff Notice 31-312 (the Staff Notice), which summarizes the key requirements and transition process for the new exempt market dealer (EMD) registration category under Nati...
Canadian Securities Law Online - September 21, 2009 1:24 PM
On September 18, the Ontario Securities Commission (OSC) announced that Ontario's Minister of Finance has approved National Instrument 31-103 Registration Requirements and Exemptions and related consequential amendments.The amendment and restatement of...
Canadian Securities Law Online - September 28, 2009 11:00 AM
The long-awaited day has finally arrived, as the new registration regime officially comes into force today. The new regime, which has been several years in the making, is intended to harmonize, streamline and modernize registration requirements and exe...
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