National Instrument 31-103: Registration Requirements And Exemptions

On July 17, 2009, the Canadian Securities Administrators published National Instrument 31-103: Registration Requirements and Exemptions (NI 31-103 or the Instrument), which is expected to come into force on September 28, 2009. The Instrument seeks to create a unified registration regime across the country, and to regroup all of the registration requirements and exemptions that formerly existed in various other instruments. NI 31-103 also innovates in many ways, notably by adding new registration categories and removing others, and by adopting the "business trigger" criteria for determining whether registration is or is not required.

Who Must Register?

Firms must register "if they are in the business of trading in, or advising on, securities, or if they act as an underwriter or manage an investment fund". Individuals must register "if they trade, underwrite or advise on behalf of a registered dealer or adviser, or act as the ultimate designated person or