Regulatory Alerts2021-07-01
Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Canadian Securities Administrators issued this policy to interpret and apply the provisions of Regulation 31-103 regarding registration requirements, exemptions, and ongoing obligations for securities registrants. The document defines 'permitted clients' and outlines specific exemptions from registration and disclosure requirements for transactions involving these sophisticated investors. It further establishes fundamental concepts for the registration regime, including the 'business trigger' test used to determine if trading or advising activities require registration based on factors such as frequency, compensation, and solicitation.
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