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Securities Law

NIN 98/16 - Repeal and Replacement of Local Policy Statement 3-22 (Registration Requirements) [NIN - Rescinded]

Published Date: 1998-03-27
Effective Date: 1998-04-15
Effective April 15, 1998, the Executive Director is revoking Local Policy Statement 3-22, dated December 7, 1995 ("LPS 3-22") and adopting the revised Local Policy Statement 3-22, dated March 24, 1998 ("Revised LPS 3-22"). Like LPS 3-22, Revised LPS 3-22 sets out the principal requirements for registration in British Columbia for a dealer, underwriter or adviser and for registration as an individual acting on behalf of a dealer or adviser.

Revised LPS 3-22 clarifies the registration requirements currently set out in LPS 3-22 and addresses a number of items not currently addressed in LPS 3-22. These include:
  • guidelines regarding the acceptability of non-prescribed forms;
  • guidelines regarding the acceptability of predecessor courses;
  • a summary of an applicant’s or registrant's right to an opportunity to be heard and right to a hearing and review of unfavourable decisions;
  • discussion of whether payment of a commission or fee from or to a non-registrant indicates registrable activity;
  • regulatory requirements regarding trading in the "exempt market";
  • proficiency requirements for persons proposing to trade in commodity pool securities;
  • additional requirements for trading in foreign exchange contracts;
  • registration requirements for "foreign advisers";
  • clarification of the Executive Director's position regarding the acceptability of "independent contractor" relationships between dealers and their salespersons;
  • clarification of the Executive Director’s position regarding applicants for registration who intend to hold themselves out as "financial p1anners"; and
  • clarification of the Executive Director’s position that compliance officers of dealers that are not members of a self-regulatory organization be resident in British Columbia.

The Executive Director is also publishing, concurrently with this Notice and Revised LPS 3-22, BOR#98/3, that permits persons that are registered to trade in exchange contracts to trade in commodity pool securities without additional registration requirements.

The Executive Director is also rescinding NIN#89/3, which is being replaced by section 3.9 of Revised LPS 3-22.

Registrants and applicants for registration that require information not set out in Revised LPS 3-22 should contact the Supervisor, Registration Division of the Commission at (604) 899-6692. Persons phoning from within British Columbia can call toll-free (1- 800-373-6393).

DATED at Vancouver, British Columbia, on March 24, 1998

Michael J. Watson
Acting Executive Director

Ref: LPS 3-22