22-502 Registration by the Investment Industry Regulatory Organization of Canada [BCI]

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22-502 [BCI](2)
Published: 2009-09-25
Effective: 2009-09-28

Concurrently Published

Document
BCN 2009/15 BCN 2009/15 Adoption of National Instrument 31-103 Registration Requirements and Exemptions, Companion Policy 31-103CP Registration Requirements and Exemptions, BC Interpretation Note 33-706, BC Instrument 33-517 Registration and Prospectus exemption for persons registered under the Mortgage Brokers Act, and consequential amendments to national and local instruments [BCN - Lapsed]

Contents
  1  Interpretation
  2  Delegation of powers and duties of the  Executive Director
  3  Application
  4  Powers and duties under sections 35 to 36 of the Act
  5  Powers under section 35(2) of the Act
  6  Powers under section 38 of the Act
  7  Registration information filings
  8  Records

Interpretation
1. In this instrument:

Act” means the Securities Act;

permitted individual” has the same meaning as in National Instrument 33-109 Registration Information;

prescribed fee” means the appropriate fee set out in section 22 of the Securities Regulation.

Delegation of powers and duties of the Executive Director
2. Pursuant to section 184(2)(e) to (i) of the Act, the Investment Industry Regulatory Organization of Canada may exercise the powers conferred, and perform the duties imposed, by sections 4 to 6.

Applications to be made to IIROC
3. For registration in category listed below, or reinstatement of or amendment to registration in a category listed below, the applicant must submit the application to the Investment Industry Regulatory Organization of Canada:

(a) an investment dealer;

(b) the chief compliance officer of an investment dealer;

(c) a dealing representative of an investment dealer;

(d) an ultimate designated person of an investment dealer.

Powers and duties under sections 35 to 36 of the Act
4. (1) On application by an applicant that is a member of the Investment Industry Regulatory Organization of Canada, and on payment of the prescribed fee, the Investment Industry Regulatory Organization of Canada may,

(a) subject to subsection (2), register an investment dealer, chief compliance officer, ultimate designated person or dealing representative of an investment dealer if the Investment Industry Regulatory Organization of Canada considers the applicant to be suitable for registration in the capacity applied for,

(b) subject to subsection (3) refuse to grant a registration referred to in paragraph (a) if the Investment Industry Regulatory Organization of Canada considers the applicant to be unsuitable for registration,

(c) reinstate or amend a registration referred to in paragraph (a), and

(d) subject to subsection (3), restrict a registration under paragraph (a) or a reinstatement or amendment of registration under paragraph (c), by imposing conditions on the registration, including but not limited to conditions restricting

(i) the duration of registration, and

(ii) the registration to trades in specified securities or exchange contracts or to a specified class of securities or class of exchange contracts.

(2) Before exercising a power under subsection (1)(a), the Investment Industry Regulatory Organization of Canada must satisfy itself that the applicant has followed the proficiency and qualification requirements set out in the bylaws, rules or other regulatory instruments or policies established by the Investment Industry Regulatory Organization of Canada and that those bylaws, rules or other regulatory instruments or policies have been

(a) filed with the commission before they take effect, and

(b) subject to subsection (3), not objected to by the commission.

(3) If the Investment Industry Regulatory Organization of Canada files a bylaw, rule or other regulatory instrument or policy in accordance with subsection (2) (a) and the commission does not give a written notice of objection within 30 days of filing, the bylaw, rule or other regulatory instrument or policy is deemed to have not been objected to by the commission.

(4) The Investment Industry Regulatory Organization of Canada must not exercise a power under subsection (1)(b) or (d) without giving the applicant an opportunity to be heard.

Powers under section 38 of the Act 
5. The Investment Industry Regulatory Organization of Canada, with respect to its members, may exercise the executive director's powers under section 38 of the Act.

Registration information filings
6. A person within any of the following categories must submit the information required by National Instrument 33-109 Registration Information to the Investment Industry Regulatory Organization of Canada:

(a) an investment dealer submitting information about a permitted individual;

(b) an investment dealer;

(c) dealing representative of an investment dealer;

(d) a  chief compliance officer or an ultimate designate person of an investment dealer; or

Records
7. (1) The Investment Industry Regulatory Organization of Canada must keep for at least 7 years

(a) every application it receives under this instrument,

(b) records of every decision it makes under this instrument about registration including any reasons the Investment Industry Regulatory Organization of Canada provides to an applicant, and

(c) every notice a dealer files under section 8.

(2) The Investment Industry Regulatory Organization of Canada must permit the public to inspect at the Investment Industry Regulatory Organization of Canada’s place of business any document required to be kept under subsection (1), except applications it receives under section 3 and any reasons for refusal of registration given to an applicant under section 4(1)(b).


Amended September 28, 2009