Regulatory Alerts2026-07-04
Added · Updated
Policy Statement to Regulation 31-103 Respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations
The Canadian Securities Administrators (CSA) issued this Policy Statement to interpret and apply Regulation 31-103, which governs registration requirements, exemptions, and ongoing obligations for registrants in the securities industry. It provides guidance on fundamental concepts such as the requirement to register, the "business trigger" for trading and advising activities, and the criteria for fitness for registration, including specific factors for determining business purpose. The document also clarifies definitions like "permitted client" and outlines additional requirements for registrants concerning disclosure, notices, and client communication, emphasizing clear and meaningful presentation.
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