Regulatory Alerts2022-06-01
Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Canadian Securities Administrators issued this consolidated 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 determining whether trading or advising activities constitute a business purpose requiring registration, including specific analyses for securities issuers, venture capital firms, and incidental activities. It further clarifies the definition of permitted clients, outlining asset thresholds and the resulting exemptions from suitability determinations, specific disclosures, and qualified custodian requirements.
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