CSA remind registrants of obligations regarding outside business activities
The CSA released a notice today reminding registrants that outside business interests must not impede or impair their compliance obligations, including with respect to conflicts of interest provisions under NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and, where applicable, MFDA and IIROC requirements. According to the notice, CSA staff will consider a number of issues related to outside business interests when evaluating a registrant's application for registration, change in registration or considering continuing fitness for registration, such as whether the individual would be able to properly service clients and whether the outside business activity presents a conflict of interest that can be appropriately managed. The notice also reminds registered firms of their supervisory responsibilities.
For more information, see CSA Staff Notice 31-326. For an overview of the recent changes to NI 31-103, see our post of July 11.
