Securities Law

31-103CP - Registration Requirements and Exemptions [CP - Rescinded] - For financial years beginning on or after January 1, 2011

Published Date: 2010-12-30
Effective Date: 2011-01-01
Rescinded Date: 2011-07-11

Concurrently Published:

Part 1 Definitions and fundamental concepts

1.1 Introduction
1.2 Definitions
1.3 Fundamental concepts

Part 2 Categories of registration for individuals

2.1 Individual categories
2.2 Client mobility exemption – individuals

Part 3 Registration requirements – individuals

Division 1 General proficiency requirements
3.3 Time limits on examination requirements

Division 2 Education and experience requirements
3.4 Proficiency – initial and ongoing
3.11 Portfolio manager – advising representative
3.12  Portfolio manager – associate advising representative

Division 3 Membership in a self-regulatory organization
3.16 Exemptions from certain requirements for SRO-approved persons

Part 4 Restrictions on registered individuals

4.2 Associate advising representatives – pre-approval of advice

Part 5 Ultimate designated person and chief compliance officer

5.1 Responsibilities of the ultimate designated person
5.2 Responsibilities of the chief compliance officer

Part 6 Suspension and revocation of registration – individuals

6.1 If individual ceases to have authority to act for firm
6.2 If IIROC approval is revoked or suspended
6.3 If MFDA approval is revoked or suspended
6.6 Revocation of a suspended registration – individual
Part 7 Categories of registration for firms

7.1 Dealer categories
7.2 Adviser categories
7.3 Investment fund manager category

Part 8 Exemptions from the requirement to register

Division 1 Exemptions from dealer and underwriter registration
8.5 Trades through or to a registered dealer
8.6 Adviser – non-prospectus qualified investment fund
8.19 Self-directed registered education savings plan

Division 2 Exemptions from adviser registration
8.25 Advising generally

Division 3 Exemptions from investment fund manager registration
8.28 Capital accumulation plan exemption

Division 4 Mobility exemption – firms
8.30 Client mobility exemption – firms

Part 9 Membership in a self-regulatory organization
9.3 Exemptions from certain requirements for SRO members

Part 10 Suspension and revocation of registration – firms

Division 1 When a firm’s registration is suspended
10.1 Failure to pay fees
10.2 If IIROC membership is revoked or suspended
10.3 If MFDA membership is revoked or suspended

Division 2 Revoking a firm’s registration
10.5 Revocation of a suspended registration – firm
10.6 Exception for firms involved in a hearing
Part 11  Internal controls and systems

Division 1 Compliance
11.1 Compliance system
11.2 Designating an ultimate designated person
11.3  Designating a chief compliance officer

Division 2 Books and records
11.5 General requirements for records
11.6 Form, accessibility and retention of records

Division 3 Certain business transactions
11.8 Tied selling
11.9 Registrant acquiring a registered firm’s securities or assets
11.10 Registered firm whose securities are acquired

Part 12 Financial condition

Division 1 Working capital
12.1 Capital requirements

Division 2 Insurance
12.4 Insurance – adviser
12.6  Global bonding or insurance

Division 4 Financial reporting
12.10 Annual financial statements and interim financial information
12.14 Delivering financial information – investment fund manager
Part 13 Dealing with clients – individuals and firms

Division 1 Know your client and suitability
13.2 Know your client
13.3 Suitability

Division 2 Conflicts of interest
13.4 Identifying and responding to conflicts of interest
13.5 Restrictions on certain managed account transactions
13.6 Disclosure when recommending related or connected securities

Division 3 Referral arrangements
13.7 Definitions – referral arrangements
13.8 Permitted referral arrangements
13.9 Verifying the qualifications of the person or company receiving the referral
13.10 Disclosing referral arrangements to clients

Division 5 Complaints
13.15 Handling complaints
13.16 Dispute resolution service

Part 14 Handling client accounts – firms

Division 2  Disclosure to clients
14.2 Relationship disclosure information
14.4 When the firm has a relationship with a financial institution

Division 3 Client assets
14.6 Holding client assets in trust

Division 4 Client accounts
14.10 Allocating investment opportunities fairly

Division 5 Account activity reporting
14.14 Client statements
AppendicesAppendix A - Contact information
Appendix B - Terms not defined in NI 31-103 or this Companion Policy
Appendix C - Proficiency requirements for individuals acting on behalf of a registered firm