In late December 2021, the Canadian Securities Administrators (CSA) published the final amendments to National Instrument 33-109 Registration Information (NI-33-109), its related Companion Policy CP 33-109 (CP 33-109) and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI-3103) and the related Companion Policy CP-103 (CP-103) (the Amendments).
The goal of the Amendments is to establish a more efficient registration and oversight process for firms, individuals and regulators by simplifying and streamlining certain regulatory requirements. The changes also provide firms and individuals with greater clarity on the information required as part of the registration process, while improving the quality of information received by regulators.
The Amendments are not intended to change the nature of the registration process, the requirement to register, or the assessment of suitability for registration.
Provided all ministerial approvals are obtained, the Amendments will come into force on June 6, 2022. The CSA will not require registrants to update their registration information as of the effective date of the Amendments. Instead, registrants will be required to update their information by the earlier of (i) when the registrant next has a change in registration information to report on or after the June 6, 2022 effective date or (ii) June 6, 2023. The final amendments include guidance relating to updating registration information.
Highlights include:
- Establishing a new framework for reporting outside activities to regulators
- Codifying existing requirements regarding outside activities that are positions of influence
- Extending some deadlines to report changes in registration information
- Implementing a new rule to reduce multiple filings of the same information
- Amending certain registration requirements to reduce common errors
- Clarifying the language on certain forms
- Updating and improving the privacy notice to provide greater clarity on how personal information is collected and used by the CSA and SROs
- Implementing a new requirement to report the business titles and professional designations used by registered firms and individuals
The amendments to National Instrument 33-109 Registration Information, and related changes to its companion policy, as well as consequential amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and changes to its companion policy can be found on CSA members’ websites.
For more information, please call Barbara Hendrickson at BAX Securities Law (416)601-1004.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
