Regulatory Alerts2026-01-01
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. It provides detailed guidance on the definition of permitted clients, including asset thresholds and suitability waivers, while clarifying the business trigger tests for determining when trading or advising activities require registration. The document further outlines fundamental concepts such as firm fitness, due diligence responsibilities, and specific exemptions for sectors like venture capital and securities issuers.
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