Securities Law

31-103CP - Registration Requirements and Exemptions [CP Advance Notice - Lapsed]

Published Date: 2009-07-17
Effective Date: 2009-09-28
Rescinded Date: 2009-09-25

Concurrently Published:

Table of Contents


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      
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      
12.4      Insurance - adviser
12.6      Global bonding or insurance
     Division 4      
Financial reporting
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      
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


Appendix 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