Specifically, such substantive amendments to National Instrument 31-103 Registration
Requirements, Exemptions and Ongoing Registrant Obligations and
related instruments, companion policies, OSC rules and forms would,
among other things, restrict the activities that exempt market
dealers may conduct and prohibit exempt market dealers from
conducting brokerage activities (a proposal
first discussed earlier this year), and prohibit registrants
from relying on registration exemptions to conduct activity that is
permitted by their category of registration. Changes to the
exempt market dealer category would also clarify the limited
circumstances in which exempt market dealers are able to underwrite
The proposed amendments would also: (i) provide an exemption for
sub-advisers and exempt registered sub-advisers from certain
registrant obligations; (ii) clarify the exemption for trades made
through a registered dealer to confirm that the exemption is not
available if the person or company relying on the exemption
solicits or contacts any purchaser in relation to the trade; and
(iii) give effect to blanket rulings and OSC staff positions in
regards to the international dealer and international adviser
The CSA also proposed harmonizing the blanket
exemptions previously provided from the dealer registration
requirement for trades in short-term debt by specified financial
institutions. Other changes include clarifying and
enhancing certain proficiency requirements for registrants and
providing guidance relating to registrants serving as corporate
directors or with outside business activities. The companion
policy is also proposed to be amended to clarify, among other
things, the application of the business registration trigger
to start-up issuers and to venture capital activities.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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