Securities Law

31-312 - The Exempt Market Dealer Category under National Instrument 31-103 Registration Requirements and Exemptions [CSA Staff Notice - Rescinded]

Published Date: 2009-08-07
Effective Date: 2009-08-07
Rescinded Date: 2013-02-21

National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103) expands the requirement to register to include exempt market dealers (EMDs). In Ontario and in Newfoundland and Labrador, the EMD category replaces the category of limited market dealer (LMD). In all other jurisdictions, this is a new category of registration. NI 31-103 is expected to come into force on September 28, 2009 (the Implementation Date).

This notice summarizes the key requirements and transition process for the new EMD category. The information contained in this notice is applicable to: 1) LMDs registered under the existing registration regime in Ontario and Newfoundland and Labrador, 2) firms trading in reliance on the registration exemptions in National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) prior to the Implementation Date in jurisdictions other than Ontario and Newfoundland and Labrador, and 3) EMDs seeking registration after the Implementation Date under the new registration regime set out under NI 31-103.  This notice is not intended to be a substitute for reading NI 31-103, which was published on July 17, 2009. We encourage you to read NI 31-103 thoroughly and to seek legal advice when necessary.