Final Version Of National Registration Requirements Rule Expected By Mid-July 2009

National Instrument 31-103 "Registration Requirements" (NI 31-103) is expected to be published in final form on July 17, 2009 and, subject to government approvals, come into effect on September 28, 2009. This massive regulatory reform package will affect virtually everyone operating in the Canadian securities financial services market-place.

CSA Staff Notice 31-311 issued on June 12, 2009 [available here] describes the Canadian Securities Administrators' expected timing. CSA Staff Notice 31-311 also discusses a number of issues concerning the implementation of NI 31-103 including

• Deadlines for filing registration applications under existing regulations to ensure processing time prior to NI 31-103 implementation. These dates are June 26 (firms), July 15 (individuals registered with advisers) and August 14 (for individuals registered with other registrants). It is not clear whether the CSA will process applications for registration under existing regulations if