National Instrument 31-103: The First Six Months – What’s Next?

In many ways given the breadth of the regulatory changes, it's been a relatively smooth first six months of working with National Instrument 31-103 Registration Requirements and Exemptions. All registrants registered on September 28, 2009 were "mapped" over to the new registration categories and new firm and individual applicants since that date have been successfully registered in the new categories of registration. The "passport" system for processing registration applications by the principal regulator of a registrant – Multilateral Instrument 11-102 Passport System and National Policy 11-204 Process for Registration in Multiple Jurisdictions – has proven to be a boon to industry participants, including their counsel, in the absence of a national Canadian regulator.