Today, the OSC published OSC Rule 32-505Conditional Exemption from
Registration for United States Broker-Dealers and Advisers
Servicing U.S. Clients from Ontario.
OSC Rule 32-505 provides an exemption from the dealer and
adviser registration requirements, subject to certain conditions,
for certain U.S. broker-dealers and U.S. advisers. Such
entities that trade to, with, or on behalf of, clients that are
resident in the U.S. or that act as advisers to clients resident in
the U.S. but that trigger the registration requirement in Ontario
because they have offices or employees in Ontario will be exempted
from the dealer and adviser registration requirements. The
exemption is not available to broker-dealers that trade to, with or
on behalf of persons or companies that are resident in Ontario or
to advisers that act as advisers to Ontario residents. One of
the conditions of OSC Rule 32-505 is that broker-dealers and
advisers relying on this exemption must complete Form 32-505F1
Information Report for United States Broker-Dealers and
Advisers Servicing U.S. Clients from Ontario and submit it to
OSC Rule 32-505 follows parallel blanket orders issued by all members
of the Canadian Securities Administrators except Ontario on March
26, 2015. Blanket orders are not authorized under Ontario
securities law and therefore, in order to harmonize with the
parallel blanket orders, the OSC has issued OSC Rule 32-505 which
is substantially similar to the parallel blanket orders issued by
the CSA. OSC Rule 32-505 is published pursuant to section
143.2(5)(b) on an expedited basis without an opportunity for
comment by stakeholders.
OSC Rule 32-505 will come into force no later than July 7, 2015
unless the Minister of Finance returns the rule to the OSC for
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
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.
While most are well aware that the sale of a business is generally a complex process, even sophisticated business owners are surprised by just how much cost and effort is required to complete the sale.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).