Canadian Securities Regulators Release Comprehensive Registration Rule For Comment

This Investment Management Advisory was written by Prema K.R. Thiele, Julie Hesse, Laurie J. Cook, Fred Enns and Rebecca A. Cowdery

The Canadian securities regulators (CSA) have published for comment long-awaited proposed new rules designed to put in place a revised, nationally harmonized and streamlined registration regime for firms and individuals. The comment period for proposed National Instrument 31-103 Registration Requirements ends on June 20, 2007.

Proposed NI 31-103 is an ambitious set of rules that will significantly alter the status quo for registrants in Canada. It represents the CSA’s first-ever comprehensive national reformulation of the Canadian registration regime. The rules under proposed NI 31-103 cover the requirements for firms and individuals to be registered with the various securities commissions in Canada, as well as certain more controversial elements associated with the regulation of registrants in Canada, such as regulation of referral arrangements and