Branches and Branch Managers
The Branch Manager
Section 6.2 of BCP 31-601 states that every dealer or adviser in BC must employ a branch manager to ensure that the branch, its employees comply with the Act & Regulations. If a branch has less than 4 registered individuals, it doe not require a branch manager.
A branch manager must have completed the appropriate branch managers course. A branch manager is responsible for the supervision of a branch office of a dealer or adviser who proposes to trade in or advise on securities.
Red Flags - the following may be considered Red Flags in an investigation or
examination:
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where any one branch manager is supervising more than 5 branches;
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where the rep /to/ branch manager ratio is greater than 15:1;
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where branches that a manager are supervising are geographically disbursed throughout several different cities;
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where there are no branch audits or monitoring performed;
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more minor- where there are no backup officers in place.
Notification Required: BCP 31-601 states that a registered dealer has an ongoing obligation to notify immediately the changes in prescribed information including: changes in business address, the addresses of its branch offices, or its address forservice.
ABOUT BRANCHES
| Definition: |
A branch is any location including a residence, where the dealer conducts business, alone or through one or more salespeople. The chief place of business, or head office is not considered a branch. |
| Must be provided to Commission: |
A list of all branches used by dealer. If a branch is opened or closed, Commission should be notified within 5 days. |
|
Official Branch – qualified branch manager required |
4 or more reps work at branch. Required: |
| Sub-Branch - (2 or 3 reps) |
at the sub-branch, with 2 or 3 reps, we need to know who will supervise these staff. |
| Home office - (1 rep) |
no forms or registration of this location required. Need to know what branch this rep reports to and is supervised by. |