Regulatory Alerts2019-03-15
Draft Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
Regulators amended Policy Statement 31-103 to clarify that relevant securities industry experience may include work at firms relying on registration exemptions, such as licensed mortgage brokers. This change allows experience in mortgage brokerage or agency roles to count toward registration categories if directly relevant to the application. Regulators retain the authority to impose specific terms and conditions on individuals or sponsoring firms to limit activities in these cases.
AMENDMENTS TO POLICY STATEMENT TO REGULATION 31-103 RESPECTING REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS
- Section 3.3 of Policy Statement to Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations is amended by inserting, after the last bullet under “Relevant securities industry experience”, the following paragraph: “In limited circumstances, relevant securities industry experience may include experience obtained during employment at a firm that has relied on a registration exemption. For example, experience obtained at a registered or licensed mortgage broker, mortgage brokerage, mortgage agency or mortgage dealer under applicable legislation may be considered relevant if the experience can be demonstrated to be relevant to the category applied for. In these circumstances, the regulator may also impose terms and conditions on the individual or the registered firm sponsoring the individual in order to limit their specific activities.”.
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