Regulatory Alerts2013-01-17
CSA Staff Notice 31-332: Relevant Investment Management Experience for Advising Representatives and Associate Advising Representatives
The Canadian Securities Administrators issued this notice to clarify the relevant investment management experience required for registration as an Advising Representative or Associate Advising Representative under Regulation 31-103. Staff decisions indicate that client relationship management, corporate finance, mutual fund sales, and general consulting experience often do not demonstrate the specific securities research and analysis skills necessary for Advising Representative status. Consequently, applicants with such backgrounds are frequently approved only as Associate Advising Representatives or denied registration if they cannot prove discretionary portfolio management or detailed security-specific analysis experience.
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