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ARTICLE · 20 MAY 2015

Conditional Exemption From Registration For U.S. Broker-Dealers

Norton Rose Fulbright Canada LLP
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The Ontario Securities Commission recently published proposed OSC Rule 32-505 – Conditional Exemption from Registration for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario.

CanadaFinance and Banking
Michael Bunn
Michael Bunn
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The Ontario Securities Commission (OSC) recently published proposed OSC Rule 32-505 – Conditional Exemption from Registration for United States Broker-Dealers and Advisers Servicing U.S. Clients from Ontario (the Rule).

The Rule provides exemptions from the relevant dealer and adviser registration requirements in Ontario for U.S. broker-dealers and U.S. advisers that are trading to, with, or on behalf of, U.S. clients, or acting as advisers to U.S. clients, but that trigger the requirement to register as a dealer or adviser in Ontario because they have offices or employees in Ontario.

In order to rely on the exemption contained in the Rule, certain conditions and filing requirements must be met. The Rule is expected to come into force on July 7, 2015.

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