Canada: Final Version Of National Registration Requirements Rule Expected By Mid-July 2009

Last Updated: June 22 2009
Article by BLG's Investment Management Group

Most Read Contributor in Canada, September 2016

National Instrument 31-103 "Registration Requirements" (NI 31-103) is expected to be published in final form on July 17, 2009 and, subject to government approvals, come into effect on September 28, 2009. This massive regulatory reform package will affect virtually everyone operating in the Canadian securities financial services market-place.

CSA Staff Notice 31-311 issued on June 12, 2009 [available here] describes the Canadian Securities Administrators' expected timing. CSA Staff Notice 31-311 also discusses a number of issues concerning the implementation of NI 31-103 including

  • Deadlines for filing registration applications under existing regulations to ensure processing time prior to NI 31-103 implementation. These dates are June 26 (firms), July 15 (individuals registered with advisers) and August 14 (for individuals registered with other registrants). It is not clear whether the CSA will process applications for registration under existing regulations if they are filed after these deadlines.
  • Transition timelines for many of the new requirements, which range from 3 – 24 months from the effective date.
  • The National Registration Database will be frozen from September 25 to October 12, 2009, which means paper registration-related filings will have to be made during that time.
  • The plan to move existing registrants to the new registration categories under NI 31-103. During the freeze period existing firm and individual registrants will be converted to the applicable categories under NI 31-103.

The amendments to the Securities Act (Ontario) that are necessary in order to implement NI 31-103 in Ontario have also taken a step closer to fruition. Ontario Bill 162, which in Schedule 26 contains the amendments to the Securities Act (Ontario) that are necessary in order to implement NI 31-103 in Ontario, received Royal Assent on June 5, 2009. The relevant provisions will come into force on a date to be proclaimed, which presumably will coincide with the implementation of NI 31-103. A copy of Bill 162 in final form is available [here].

In Québec, the proposed legislative amendments to the Securities Act (Québec) that are necessary in order to implement NI 31-103 were part of Bill 8 which was tabled in the National Assembly on March 11, 2009. It is expected that the National Assembly will adopt Bill 8 by the end of June.

Keeping Reforms In Sight Save The Dates!

BLG's Investment Management Group has monitored the progress of NI 31-103 since the CSA first established the registration reform project in 2004. Our eight-part series of advisories – Keeping Reforms in Sight – were first published in March 2007 following the publication of the first version of NI 31-103 and then updated and republished in April 2008 when NI 31-103 was published for further comment. The second set of our advisories is available [here].

In order to assist our clients in keeping on top of the significant changes to the Canadian regulatory landscape represented by NI 31-103, we will be publishing a third series of advisories in our series Keeping Reforms in Sight. These advisories will include an updated National Instrument 31-103 At a Glance, which will outline the essential features for each registration category, as well as the transition to the new regime. Other advisories will include What's New for each of the key registration categories and an outline of the implications of NI 31-103 for non-Canadian advisers and dealers.

Please watch for your invitation to BLG's seminars – Keeping Reforms in Sight – The Finale:

  • Toronto – August 19
  • Vancouver – September 10
  • Calgary – September 11
  • Montréal – September 15

These lively and interactive educational seminars will feature BLG's experts in registrant regulation and will provide you with the information you need to get ready to implement NI 31-103.

About BLG

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.

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