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Securities Law

NIN 90/07 - Dual Employment of Individuals Employed by Financial Institutions and Securities Registrants [NIN - Rescinded]

Published Date: 1990-03-09
Effective Date: 1990-03-07
By NIN#88/48, the Commission published "Principles of Regulation - Full Service and Discount Brokerage Activities of Securities Dealers in Branches of Related Financial Institutions" (the "Principles"). The Principles were jointly released by the Canadian Securities Administrators. The Principles state that in certain provinces including British Columbia, a registered individual employed by a dealer related to a financial institution is not permitted to be employed concurrently by the financial institution or to conduct activities on behalf of the financial institution. The Commission has reconsidered the issue and is now prepared to permit dual employment in these circumstances, provided that dually employed individuals meet the requirements for registration under the Securities Act set out in Interim Local Policy Statement 3-22 and provided that dealers related to financial institutions and their dually employed salesmen comply with the requirements of the Principles.

Dated at Vancouver, British Columbia, this 7th day of March 1990.

Douglas M. Hyndman