LPS 3-38 - Registration Of Non-Residents - Securities Act [Rescinded]
| Published Date: | 1987-01-16 |
|---|---|
| Effective Date: | 1987-02-01 |
| Rescinded Date: | 1996-01-01 |
1.0 IMPLEMENTATION
1.1 This Local Policy Statement has been revised solely to conform with the Securities Act S.B.C. 1985 c.83 and the Regulations thereto. Other than consequential amendments, there have been no changes of a substantive nature to this policy. It becomes effective upon proclamation of the Act on February 1, 1987.
2.0 CONDITIONS
An applicant who wishes to be registered in British Columbia and who is not a resident of British Columbia must comply with the following conditions:
2.1 The applicant's employer must be registered in British Columbia.
2.2 The applicant and his employer must be resident of a province or territory of Canada.
2.3 The applicant and his employer must be registered and in good standing under the securities legislation of their home jurisdiction.
2.4 The applicant's employer must be a member of one of the following self-regulatory organizations: Toronto Stock Exchange, Alberta Stock Exchange, Montreal Exchange, Vancouver Stock Exchange, and the Investment Dealers Association of Canada.
2.5 The applicant must have passed the Canadian Securities Course. While no special course is being prescribed for registration of non-residents in British Columbia, applicants are put on notice that they will be held responsible for compliance with the Act of British Columbia, the Regulations thereto and any applicable Local Policy Statements. In addition, registrants will be held responsible for knowledge of the Vancouver Stock Exchange By-Laws and Rules, as well as the By-Laws and Rules of the Pacific District of the Investment Dealers Association of Canada.
3.0 FORM 4
When the conditions in Section 2.0 have been complied with, the applicant may apply by completing Form 4. This office will accept a certified true copy of the most recent form, provided it is originally signed by the applicant. The applicant must also include a statement certifying that there is no change in the information on the applicable form since it was signed, dated and submitted to the regulatory authority in the home jurisdiction. An address for service in British Columbia must also be provided. This will normally be the branch office of the employer in British Columbia. Payment of the full fee will be required regardless of the number of accounts or trading the applicant intends to do.
4.0 REGISTRATION
When registration is granted, this office will notify the securities regulatory authority in the applicant's home jurisdiction, with a request that we be notified immediately if any investigation or disciplinary action is taken against the applicant. Should the registration of the applicant or his employer be suspended or cancelled in his home jurisdiction, similar action will automatically take place in British Columbia.
5.0 BREACHES
Inasmuch as this office will find it impractical to lay charges for breaches of the Act, we will be dependent upon the securities authorities within the home jurisdiction for investigation and necessary action. To the same extent, we will rely on the self-regulatory organizations to take action on other disciplinary matters.
DATED at VANCOUVER, B.C., this _____________ day of_________ 19__.
Jill Bodkin
Chairman
B.C. Securities Commission