Contact: Paige Ward
General Counsel & Vice-President, Policy
December 19, 2013
For Distribution to Relevant Parties within your Firm
Proposed Amendments to Registration Rules
On December 5, 2013, the Canadian Securities Administrators (“CSA”) issued for public
comment proposals to amend the current regulatory framework for dealers, advisers and
investment fund managers. The proposals relate to the Instruments listed below as well as to
related Forms and Policies:
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing
Registrant Obligations (“NI 31-103”) and its Companion Policy;
National Instrument 33-109 Registration Information and its Companion Policy; and
National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards
and its Companion Policy.
NI 31-103 came into effect on September 28, 2009 and introduced a new national registration
regime. Since that time, the CSA has monitored the operation of NI 31-103 and has had a
continuing dialogue with stakeholders with respect to questions and concerns related to the
Instrument. The proposed amendments aim to make general improvements to the registrant
framework and introduce specific measures to deal with the problems which have been
identified. The objective of the amendments is to promote stronger investor protection by
resolving ambiguities and clarifying the CSA’s intentions.
The proposed amendments include the addition of an experience component to the proficiency
requirements for the chief compliance officer of dealer firms (including mutual fund dealers).
Additional guidance is also proposed for the companion policy to 31-103 relating to conflicts of
interest in relation to registered representatives that serve on the board of reporting issuers or
have outside business activities.
Please note that comments must be submitted to the CSA by the March 5, 2014 deadline.
To view the CSA Notice and proposals, please click on the link below. Note that the document is