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Securities Law

NIN 95/18 - Draft National Policy Statement No. 54 Expedited Registration System for Advisers [NIN - Rescinded]

Published Date: 1995-04-21
Effective Date: 1995-04-20
The Canadian Securities Administrators (the "CSA") are publishing for comment Draft National Policy Statement No. 54 (the "Draft Policy"). The purpose of the Draft Policy is to simplify the process for registration as an adviser in more than one province or territory. It applies to both corporate and individual advisers.

The Draft Policy proposes a system whereby an applicant could apply for registration in more than one province or territory by using the forms and meeting the requirements of the securities regulatory authority in its principal jurisdiction. The applicant must also comply with all the initial requirements in Québec. The principal jurisdiction is the province or territory in which the adviser has its principal place of business.

The securities regulatory authority of a non-principal jurisdiction could opt out of the expedited registration process for a specific application. This would likely occur only where the jurisdiction had concerns about the applicant or the application.

On completion of registration procedures, the securities regulatory authority in the principal jurisdiction would issue an expedited registration document as evidence that the applicant has been registered in the principal jurisdiction and most non-principal jurisdictions. The securities regulatory authorities in the Northwest Territories and Québec would issue their own registration certificates within a short period after the expedited registration document is issued.

The expedited registration process would apply to renewals of registration as well as to amendments of registration, except in the Northwest Territories. Advisers would have the same anniversary date in each jurisdiction, and could renew their registration in each jurisdiction at the same time.

After becoming registered under the Draft Policy, advisers could, with certain exceptions, satisfy the requirements of all jurisdictions by complying with the requirements of the securities regulatory authority of the principal jurisdiction. Advisers must comply with conflict of interest rules of the jurisdictions that have such rules. Advisers registered in Québec must comply with all local requirements.

The Draft Policy waives, on certain conditions, the office, residency and records requirements of the securities regulatory authorities in non-principal jurisdictions other than Québec.

The Ontario Securities Commission has recently acquired the authority to make rules. Other securities regulatory authorities are seeking similar authority. Because certain procedures must be followed when making rules, those securities regulatory authorities with rule-making power may have to redraft certain parts of the Draft Policy into a new format and republish for comment. Until this rule-making process is complete, the Draft Policy cannot be implemented in Ontario.

Request for Comments

The CSA invite comment on the Draft Policy. Please submit 12 copies of any comment letter by June 30, 1995 to:

Capital Markets Committee
c/o Barbara Shourounis
Saskatchewan Securities Commission
850 - 1914 Hamilton Street
Regina, Saskatchewan
S4P 3V7

Comment letters submitted in response to requests for comments are placed in the public file in certain jurisdictions. They form part of the public record unless confidentiality is requested. Comment letters will be circulated among the securities regulatory authorities for purposes of finalizing the Draft Policy whether or not confidentiality is requested.

Accordingly, although letters for which confidentiality is requested will not be placed in the public file, freedom of information legislation may require the securities regulatory authorities in certain jurisdictions to make the comment letters available. Persons submitting comment letters should be aware that the press and members of the public may be able to obtain access to any comment letter.

For further information please contact any of the following:

Barbara Shourounis
Saskatchewan Securities Commission
(306) 787-5842
Ross McLennan
British Columbia Securities Comission
(604) 660-0001 (Greater Vancouver)
1-800-373-6393 (all other regions of British Columbia)
Daniel Laurion
Commision des valeurs mobilières du Québec
(514) 873-5009 extension 266

DATED at Vancouver, British Columbia, on April 20, 1995.

Douglas M. Hyndman