Canadian Securities Regulators Propose Registration for Non-Resident Investment Fund Managers

In draft amendments to National Instrument 31-103 Registration Requirements and Exemptions published for comment in October 2010, the Canadian Securities Administrators (CSA) set out proposed rules that would require registration of both international and Canadian-based investment fund managers as "investment fund managers" (IFM) in potentially multiple Canadian jurisdictions. The draft amendments supplement the current requirements that Canadian IFMs register as an IFM in the province or territory where they have their head office. At the present time, international IFMs are not required to register in this category of registration, pursuant to transition provisions contained in NI 31-103 that expire on September 28, 2011.