Regulatory Alerts2023-01-01
Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Canadian Securities Administrators issued this policy statement to provide interpretive guidance on Regulation 31-103 regarding registration requirements, exemptions, and ongoing obligations for securities registrants. It clarifies the definition of permitted clients and outlines specific exemptions from suitability determinations, disclosure requirements, and custodial rules when dealing with such clients. The document further details the fundamental concepts of the registration regime, including the business trigger test for trading and advising, and provides examples for issuers, venture capital firms, and incidental activities.
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