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About National Instrument 31-103 Registration Requirements and Exemptions

Refer to section 3 - Registration Requirements and Related Matters for current policies, instruments and forms related to registration.

Adoption of Amendments to National Registration Rule

  • BCN 2012/22 - Notice of Adoption of Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers and Amendments to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations

    This notice announces the adoption of Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers and consequential amendments to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations, relating to the registration of investment fund managers.  These will come into force on September 28, 2012.

  • BCN 2011/18 - Adoption of Amendments to National Instrument 31-103 Registration Requirements and Exemptions and Amendments to National Instrument 33-109 Registration Information

    This BC Notice announces the adoption, effective July 11, 2011, of amendments to National Instrument 31-103 Registration Requirements and Exemptions, related forms and Companion Policy 31-103CP and amendments to National Instrument 33-109 Registration Information, related forms and Companion Policy 33-109CP.

Advance Notice of Adoption of Amendments to National Registration Rule

  • CSA Notice - CSA Notice of amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to cost disclosure, performance reporting and client statements, which will come into force on July 15, 2013.

Requests for Comment

  • CSA Notice - Notice and Request for Comment on Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations

    In the attached notice, the Canadian Securities Administrators are publishing for comment proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and its companion policy, relating to dispute resolution services.  The comment period expires on February 15, 2013.

  • BCN 2012/13 - Notice and Second Request for Comment - Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its Companion Policy [BCN]

    On June 14, 2012, the Canadian Securities Administrators published for comment proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and its companion policy. The proposed amendments are part of the CSA's Client Relationship Model project. They relate to cost disclosure, performance reporting and client statements. The comment period ends on September 14, 2012.

Frequently Asked Questions about NI 31-103

  • CSA Staff Notice NI 31-103, published February 5, 2010, compiles staff notices containing FAQs about NI 31-103 Registration Requirements and Exemptions and Related Instruments that the CSA has published from time to time. It includes FAQs from CSA Staff Notice 31-314 and CSA Staff Notice 31-313.
  • CSA Staff Notice 31-314, published February 5, 2010, supplements CSA Staff Notice 31-313, and also answers common questions and helps those working with these instruments to understand and comply with them. The questions addressed in this notice relate specifically to financial reporting requirements during the first year under the new registration regime.
  • CSA Staff Notice 31-313, published on December 18, 2009, provides a compilation of frequently asked questions (FAQs) from the enquiries the Canadian Securities Administrators (CSA) received concerning NI 31-103 and NI 33-109, in order to assist those working with these instruments.

Adoption of National Registration Rule

On September 28, 2009, the Canadian Securities Administrators adopted NI 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirements and Exemptions, related documents, and consequential amendments to national and multilateral instruments.

Advance Notice of National Registration Rule

On July 17, 2009, the Canadian Securities Administrators announced their intent to adopt NI 31-103 Registration Requirements and Exemptions and related documents on September 28, 2009. In British Columba, adoption is conditional on the Minister of Finance's approval.

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Staff Notices about National Registration Rule

  • CSA Staff Notice 31-333, published February 7, 2013, is a follow-up to CSA Staff Notice 31-327 - Broker-Dealer Registration in the Exempt Market Dealer Category published on September 2, 2011 and CSA Staff Notice 31-331 - Follow-up to Broker-Dealer Registration in the Exempt Market Dealer published on July 12, 2012. The purpose of this notice is to inform firms currently conducting brokerage activities while registered in the exempt market dealer or in the restricted dealer category that the Investment Industry Regulatory Organization of Canada (IIROC) does not intend to proceed with the Restricted Dealer Member Proposal published on July 12, 2012.  The CSA remains of the view that IIROC should regulate firms that conduct brokerage activities. Therefore, we intend to publish proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations later in 2013 in order to prohibit exempt market dealers from conducting brokerage activities.
  • CSA Staff Notice 31-332, published January 17, 2013, provides applicants for Advising Representatives (ARs) or Associate Advising Representatives (AARs) registration with a summary of decisions about relevant investment management experience. The Canadian Securities Administrators expects applicants to consider the information in this notice when deciding whether to apply for AR or AAR registration, and when preparing an application.
  • CSA Staff Notice 31-331, published July 12, 2012, is a follow-up to CSA Staff Notice 31-327 - Broker-Dealer Registration in the Exempt Market Dealer Category published on September 2, 2011. The purpose of CSA Staff Notice 31-331 is to introduce an Investment Industry Regulatory Organization of Canada (IIROC) Concept Paper published as IIROC Notice 12-0217.
  • CSA Staff Notice 31-330, published July 5, 2012, announces orders that extend certain transition provisions in Part 16 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
  • CSA Staff Notice 31-329, published September 28, 2011, announces a number of orders that provide interim relief from certain provisions of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
  • CSA Staff Notice 31-328, published September 16, 2011,  announces the revocation of certain blanket orders that are no longer necessary due to recent NI 31-103 amendments.
  • CSA Staff Notice 31-327, published September 2, 2011, announces that staff of the Canadian Securities Administrators will be examining policy issues relating to firms registered as exempt market dealers that are carrying out brokerage activities and in the interim will consider registering these firms in the restricted dealer category with terms and conditions.
  • CSA Staff Notice 31-326, published July 15, 2011, reminds registrant of their obligation to ensure outside business activities do not impair or impede the performance of their regulatory obligations, including compliance with the conflicts of interest provisions under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.
  • CSA Staff Notice 31-321, published November 5, 2010, announces the approval of two omnibus/blanket orders providing exemptions in certain circumstances from the requirements of National Instrument 31-103 - Registration Requirements and Exemptions to establish whether a client is an insider and to identify those who own or control more than 10% of a corporate. The orders become effective on November 5, 2010.  Copies of the specific orders are available on the BCSC website.
  • CSA Staff Notice 31-319, published September 10, 2010, announces the approval of two omnibus/blanket orders providing temporary exemptions for members of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association from the obligations to provide the relationship disclosure information prescribed by National Instrument 31-103 - Registration Requirements and Exemptions. The orders become effective on September 28, 2010.  Copies of the specific orders are available on the BCSC website.
  • CSA Staff Notice 31-317 (Revised), published July 30, 2010 with a corresponding reporting form, is a notice which has been revised to clarify that certain exempt dealers and advisers must comply with the monthly reporting and other requirements relating to terrorist financing and certain United Nations Act sanctions. It provides information on the new consolidated reporting form, the submission of monthly reports that may be filed by e-mail, and summary of the laws which impose the requirements.
  • CSA Staff Notice 31-315 - published February 26, 2010, announces the approval of a number of omnibus/blanket orders to address a number of unanticipated issues related to the introduction of National Instrument 31-103 - Registration Requirements and Exemptions that need to be addressed immediately.  The orders become effective on February 26, 2010. Copies of the specific orders are available on the BCSC website.
  • CSA Staff Notice 31-311, published June 12, 2009, provides practical information to assist registered dealer and adviser firms with their transition to National Instrument 31-103 Registration Requirements and Exemptions (anticipated for fall 2009). It also sets out transition periods and considerations for investment fund manager and exempt market dealer firms that will need to be registered under NI 31-103 but are not registered today.
  • CSA Staff Notice 31-310, published April 3, 2009, provides an update on the timetable for publishing and implementing proposed NI 31-103 Registration Requirements.
  • CSA Staff Notice 31-309, published on November 14, 2008, updates the status of proposed NI 31-103 Registration Requirements.

News Releases

  • News Release 2013/20 - Canadian Securities Regulators implement disclosure requirements for investment costs and performance
  • News Release 2012/87 - Canadian Regulators Publish Consultation Paper on a Statutory Best Interest Duty
  • News Release 2009/49 - National registration regime implemented: Canadian securities regulators announce new registration rules and streamlined process for dealers and advisers [CSA]
  • News Release 2009/35 - Canadian securities regulators implement a new national registration regime [CSA]
  • News Release 2009/27 - Canadian regulators provide guidance on transition to new registration regime [CSA]
  • News Release 2008/22 - Canadian regulators propose enhancements to registration regime [CSA]
  • News Release 2007/13 - Canadian Regulators Seek Comment on Proposed Changes to Registration Regime [CSA]

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