Regulatory Alerts2021-12-31
Policy Statement to Regulation 31-103 Respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Canadian Securities Administrators issued this policy statement to interpret and apply the provisions of Regulation 31-103 regarding registration requirements, exemptions, and ongoing obligations for registrants. The document provides detailed guidance on the definition of permitted clients, including asset thresholds and suitability waivers, while outlining disclosure delivery protocols and the fundamental business trigger tests for dealer and adviser registration. It further clarifies specific exemptions for international dealers, financial institutions, and venture capital firms, and establishes fitness standards for registered firms and their sponsored individuals.
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